Next City – Making a More Democratic Economy, One Revolving Loan Fund at a Time

From Next City:

But at a city council meeting this past September, Berkeley City Council approved changes to the requirements for its small business loan fund, adding an alternative to a conventional personal guarantee, making it more friendly for worker-owned cooperatives. It may seem like a small victory, but it’s just one part of a much broader push led by worker-owned cooperative members themselves to reshape the economy around them, business by business, city by city, lender by lender “It’s an uphill battle, even here, but I see our work as proving that it’s possible and showing what things can look like elsewhere,” says Yassi Eskandari, attorney and policy director at the Sustainable Economies Law Center (SELC). “The more cities adopt something like this, the easier it becomes for other cities to do the same.”

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