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Dear John, Senator John Hickenlooper (D-CO) introduced the Capital for Cooperatives Act to level the playing field for cooperatives to equitably access SBA financing. This act addresses the SBA’s inaction, ensuring that cooperative businesses are able to access the capital necessary to start or expand their businesses, create jobs, and support economic opportunity, particularly amongst diverse ethnic, geographic, and socio-economic communities. | |
Cooperatives are a rising force for good and unity for the emerging American Stakeholder Economy and a traditional mainstay of rural communities and urban areas alike. Cooperatives are an integral part of the US economy with nearly 30,000 U.S. cooperatives operating at 73,000 places of business throughout the U.S. They own more than $3 trillion in assets, generating over $500 billion in revenue and over $25 billion in wages. In the wake of the Covid-19 pandemic, small businesses require adequate and equitable access to capital more than ever before. Under current SBA policy, arbitrary regulations are preventing these cooperative businesses from securing key 7(a) guarantee loans. | |
The American Sustainable Business Council is working closely with the National Cooperative Business Association, Social Venture Circle, and 1worker1vote to advance this Act. Please join us as your voice is needed in pushing this legislation forward. Sign on to this letter to show your support for the Capital for Cooperatives Act. | |
