Locals of the World Unite!
V.2, N.53
The world’s most impressive community and worker-owned businesses operate as teams. Think Mondragon, the largest worker cooperative in the world, an alliance of 81 self-governing co-ops based in the Basque Region of Spain that employs 71,000 people and runs 12 research-and-development centers. Or producer cooperatives like Ace Hardware or Land-O-Lakes. Or the Zingerman’s Community of Businesses in Ann Arbor, MI, now with nearly 20 interconnected local businesses. These collaborations bring down costs and improve sales through joint hiring, joint purchasing, joint financing, joint bidding on contracts, and joint marketing and branding.
Our first story this week, from ImpactAlpha, is about the Obran Cooperative in Baltimore, MD, which has established a worker-owned holding company that is acquiring, strengthening, and supporting other worker-owned enterprises across the country. Among its portfolio are Courier Corporation of Hawaii and Apollo Home Health Care in California. It expects its family of companies to hit $100 million in total revenue over the next year, and Acumen America recently invested half a million dollars into Obran.
Our other stories reinforce this theme:
The Network for Developing Conscious Communities met last month in St. Paul, MN, to help build a stronger infrastructure supporting African-American cooperatives.
The new Labor government in the United Kingdom plans to devolve power to municipalities and facilitate their collaboration in problem-solving and finance. A recent Harvard study showed that equalizing the spread of skills to cities besides London could grow the UK economy by £70 billion per year.
Creating new places where the growing legions of home-based employees can work could greatly increase their productivity and success rate. The WeWork model aimed to do this and failed spectacularly because of its high costs, but a more obvious and low-cost option is to place these centers in public libraries.
The Puerto Rican diaspora community supports local businesses with an experimental local currency, both in the homeland and in predominantly Puerto Rican neighborhoods in New York City, such as East Harlem and Loisaida.
Last but not least, a big CONGRATULATIONS to one of the pioneers in worker-ownership innovation Hillary Abell, who has just assumed the role of Division Chief for Employee Ownership, a new entity inside the Department of Labor.
Finally, an administrative note. Many of you will get a personal note from me asking you to support The Main Street Journal through sponsorship, donation, or subscribing to our weekly MSJ Extra! But no need to wait! If you like what you’re reading, please consider upgrading and donating below. Also, contact us directly to discuss sponsorship opportunities.
~ Michael Shuman, Publisher
NEWS
First Worker-Owned Cooperative Conglomerate, ImpactAlpha (June 25)
A New Wave of Black Cooperatives, Nonprofit Quarterly (June 24)
Devolution: Key to a Just Transition, fDi Intelligence (July 16)
Why Cities Should Invest in “Second Places” - Where We Work, The Philadelphia Citizen (July 18)
Community Currency Art Project in Puerto Rico, Nonprofit Quarterly (June 17)
Department of Labor Announces Division of Employee Ownership, US Federation of Worker Cooperatives (July 24)
Jump to a Section:
✔️ News from NC3
✔️ Partner News & Voices
✔️ Events
✔️ Jobs Board
✔️ Asks
WHAT YOU MISSED IN LAST WEEK’S MSJ EXTRA!
SPONSOR CORNER
The National Coalition for Community Capital (NC3) is dedicated to educating, advocating, and activating community capital—and serves as MSJ's fiscal sponsor. Thank you for being a part of a growing movement! Contact NC3 for support integrating local investing in your work: info@nc3now.org.
NC3 UPDATES AND ANNOUNCEMENTS
Announcing the Fall Entrepreneurial Finances Workshop Series: NC3 has partnered with the Skowhegan Center for Entrepreneurship to offer a series of presentations and conversations with finance experts to help entrepreneurs understand their financial options. Community Capital will be featured in the second workshop so that all participants understand how support from your community can be integral to the success of the rest of your capital stack. Ensure you have a seat with us and register today!
NC3 in the New York Times: NC3's leadership presented the why and how of community capital in Traverse City, MI, several years before the Commongrounds project came to be. There, we worked with community members who became the cooperative's leadership team and community investors - read the article here. "In an era where soaring housing costs and gentrification threaten the fabric of communities, innovative approaches are essential. The recent New York Times article sheds light on a transformative trend: communities taking development into their own hands. Faced with the challenge of providing affordable housing for its workforce, Traverse City, MI, exemplifies the power of grassroots initiatives in tackling pressing societal issues." - Sydney Davis, NC3's ERC Fellow.
PARTNER NEWS & VOICES
Transforming Spaces: A Vision for Regenerative Development, Superpowers for Good (July 25)
Crafting an Affordable Housing Coalition in Cincinnati, Shelterforce (July 10)
California Tops Crowdfunding Genome’s Best State for Startups, Crowdfund Capital Advisors (July 8)
Democratic Public Ownership, Critical Takes on Corporate Power (July 8)
To “B” or Not To “B” a Benefit Corporation, ImpactPHL (July 1)
NEW INVESTMENT OPPORTUNITIES
Our complete list of recently posted investment opportunities has moved to MSJ Extra! As a teaser, here is an offering from our list. (Please note that our listing of these opportunities is not an endorsement. Remember that all investments are risky, so click on the hyperlinks and read all the details carefully before investing.)
Trashy Chips (Los Angeles, CA) - Wefunder: Nutritious chips made from leftover veggie scraps to combat climate change and create sustainable food systems.
NOTABLE NEW RESOURCES
Community Capital Live: Boston Impact Initiative, Mindful Marketplace (July 31)
Capital-Raising for Mission-Driven Businesses, The Kassan Group (July 25)
A Successful Owner Chooses an Innovative Exit, 21 Hats (July 9)
MSJ EVENTS
Community Capital Live: Olivia Watkins of Black Farmer Fund - Virtual Event: August 14, at 2 pm ET
Community Capital Live: Micha Josephy of Cooperative Fund of the Northeast - Virtual Event: August 28, at 2 pm ET
MORE EVENTS
We the Land - In-Person Event (Northampton, MA): August 2 - 4
Feminine Futures - In-Person Event (UK): September 1 -2
Prosperity Summit: Mobilizing Our Collective Power Toward Economic Justice for All - In-Person Event (National Harbor, MD): September 4 - 6
United We Work: 2024 Worker Co-op Conference - In-Person Event (Chicago, IL): September 12 - 14
Entrepreneur Finance Workshop Series - Virtual Event: Starts September 17, at 2 ET
National Center for Employee Ownership Fall Forum - In-Person Event (Indianapolis, IN): September 18 -20
JOBS BOARD
Boston Impact Initiative: Impact Investing Education Programs Director
Common Future: Controller, Fund Development Manager, and Impact Investments Manager
Mission Driven Finance: Fund Management and Client Services Director
Project Equity: Head of Finance and Administration and Manager of the Project Management Office
ASKS
We introduce a new section called “Asks” in this issue. If you or your community has a project on local investment that needs help, please let us know. We invite our readers to assist each other.
Jenny Kassan (Opportunity Main Street) is looking for accredited investors to support building a Community Investment Hub in Baltimore. Contact jenny@opportunitymainstreet.com for more information.
Wendy Wasserman, a wonderful communications expert and strategic thinker (and one of the people we turned to when launching The Main Street Journal), is looking for small businesses or organizations facing communications challenges that may need a little extra help or support. Contact her at wendy.wasserman@gmail.com if this is you.
IF YOU LIKE THE MAIN STREET JOURNAL…
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BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group?
Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. We aim to identify dozens, then hundreds, then thousands of Main Street Champions like you in every corner of the globe. Together, we can move our hard-earned savings from Wall Street to Main Street into our own communities. Fill out the intake survey below to join this growing cohort!
CHAMPIONS BY STATE
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SOME OF MSJ’s VINTAGE ISSUES
About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with grants from the Heron Foundation, Wallace Global Foundation, and the Bondi Foundation. We welcome feedback about everything, from our design to content. Please send ideas to Jen Risley at jen@main-street-journal.com.
Our Team:
Michael Shuman – Publisher
Jen Risley - Editor
Wendy Wasserman - Strategic Advisor
PARTNERS
Abrams+Angell | American Independent Business Alliance | Candide Group | Capital for Change | Capital Institute | Community-Vision Solutions | Council Fire | Crowdfund Better | Crowdfund Capital Advisors | Democracy Collaborative | Exit to Community Collective | Fair Food Network | Impact Finance Center | ImpactPHL | Initiative for Local Capital | Institute for Local Self-Reliance | The Kassan Group | Mission Driven Finance | National Coalition for Community Capital | Natural Investments | Neighborhood Associates | Neighborhood Economics | New Majority Capital | Next Egg | Nonprofit Quarterly | Ownership America | Ownership Matters | Partnership for Southern Equity | PathLight Law | Project Equity | Project for Public Spaces | Prospera Partners | Raise Green | Revalue | Rising Tide Capital | Schumacher Center for a New Economics | Shelterforce | Slow Money | SOCAP | Sun Valley Institute for Resilience | The Super Crowd Inc. | Transform Finance | Uwharrie Bank | Village Well | Zebras Unite
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Jen Risley at jen@main-street-journal.com.