Bill (et al),
Thank you for your message, particularly with respect to CFNE
. It is an excellent model and one that we
should try to replicate in other areas. Does anybuddy know if there is a
similar organization in the Pacific Northwest? Other areas?
I have my money in a credit union, but I would guess that their portfolios
(i.e. home, auto, consumer loans) are somewhat different than a CDLF such as
My idea, in addition to a loan program, are local/regional equity unions
(www.yahoogroups.com/group/MUNSCCDO), sort of a mutual fund which is
dedicated to the development of community (consumer) and worker cooperatives
to improve the equity and goods and services availability situations in
neighborhoods and regions. The return that you get on your investment would
be the improvement of your local and regional environment. Direct and
immediate financial return on investment would not be the foremost priority.
This may be a hard sell. Perhaps it could be set up as a 501(c)(3) and
investments could be written off. I don't know.
What do folks think of this idea (i.e. equity unions)? Has anybuddy ever
heard of such a thing? Aside from the Yugoslav socialist model and
Mondragon, I'm not sure if there are many models for such. Does anybuddy
know of one? I think it may be a new idea, a variant of the aforementioned
Working for peace and cooperation,
----- Original Message -----
From: "Bill Ellis" <tranet@...>
Sent: Sunday, February 08, 2004 12:03 PM
Subject: Re: [Reg_Coop_Comm_Dev]Re: Investment Clubs
> > From: Steve Habib Rose <habib@...>
> > Subject: Re: investment-clubs
> > For those who are interested in general resources on Socially
> > Investing, see:
> > http://www.socialinvest.org/
> > [snip]
> Its time to move beyond SRI (Social Responsible Investing).
> Its time to create a fund for loans to community owned corporations and
> cooperatives by tithing capital.
> Many middle and lower income people cannot afford to GIVE much financial
> support to alternative organizations. But many of us have savings we've
> away for a rainy day or our old age. We don't need it now but are not in
> position to GIVE it away.
> I for example have savings of some $100,000 or so. From its income I can
> afford perhaps $200.00 a year for worthy causes. But by 'loaning' 10% of
> capital ($10,000.00) I can support a good deal more. And still have the
> money in reserve should I get old or sick. But I would like to share the
> risk by making loans as part of a much larger fund.
> There are many Community Development Loan Funds (CDLFs). But nearly all
> that I've found are concerned with making loans to low income
> to make them part of the economic system. They do not limit their loans
> community ownership.
> "Community ownership" was spelled out in "Going Local" by Michael Shuman.
> He used the The Green Bay Backers as one example of a locally owned
> corporation the stock of which could be sold only to citizens of the
> municipality. The Corporation served the city so the "bottom line" was a
> false measure of its value.
> Currently I have all my saving in SRIs (of which I was a founding member
> back in the 1970s). Capital tithing goes beyond SRIs. I have found one
> loan fund, The Cooperative Fund of New England (CFNE), that comes close to
> meeting my criteria for capital tithing. So 10% or more of my saving is
> invested in CFNE.
> CFNE, makes loan from money loaned to it to cooperatives -- food co-ops,
> housing co-ops learning co-ops, and any other co-ops that is owned by the
> people it serves.
> I see a movemnt for tithing capital as the major next step in socially
> appropriate investing. It could free billions of dollars for social
> Why not start one, or establish co-op "windows" in exist CDLFs?
> Members of this list could decide which co-ops to finance.
> A Coalition for Self-Learning
> Bill Ellis, General Coordinator
> POBox 567
> Rangeley, ME 04970 USA
> PEOPLE ARE NOT THE PROBLEMS, THEY ARE THE SOLUTIONS
> IF THE PEOPLE LEAD, THE LEADERS WILL FOLLOW.
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