This project is a collaboration between the US Federation of Worker Cooperatives (USFWC), Network of Bay Area Worker Cooperatives (NoBAWC) (NoBAWC involvement currently suspended pending membership review), and North American Students of Cooperation (NASCO). We are organizing a proposed “Worker Cooperative Federal Credit Union” (unchartered) that will serve members of the three associations. We in the process of applying for a federal charter. We currently do not have an active charter and are not federally insured.
The primary purpose of the proposed “Worker Cooperative Federal Credit Union” will be financing worker cooperatives. Worker cooperatives are businesses that are worker owned and democratically managed by their members. The proposed credit union will provide the following services to worker cooperatives:
1) The proposed credit union will provide financial services for worker cooperatives and their members. Its primary purpose will be providing business loans and lines of credit to worker cooperatives. It will also provide personal loans for members’ capital contributions, as well as general consumer lending to individuals.
2) The credit union will provide technical assistance for its members in collaboration with other cooperative support and development organizations. This may include financial, legal, or organizational assistance.
3) The credit union will support education and awareness about worker cooperatives. It will help highlight the benefits of worker ownership and democratic management in the workplace.