Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Capital on the Frontier Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Frontier Finance Best Practices Geographies
Slack Agent of Impact Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe Log In

Evergreen Cooperatives launches fund to catalyze employee ownership

ImpactAlpha, November 13 – Evergreen Cooperatives builds worker-owned businesses, giving low-income, low-skilled workers access to new economic opportunities. The Cleveland-based cooperative employs 250 people across its three businesses: an industrial laundry, an urban greenhouse, and an energy efficiency contractor.

Now in its tenth year, Evergreen Cooperatives is raising a fund to help existing businesses convert to a cooperative model, reports Next City. The Fund for Employee Ownership will cover the costs of buying-out business owners who want to sell their businesses or retire. It will then work to train employees to become the next owners and convert the business to an Employee Stock Ownership Plan model—the official structure for a cooperative.

Carmen Rojas: Building a 21st-century economy that works for working people

Evergreen Cooperatives’ fund is supported by the nonprofit Democracy Collaborative and has secured $5 million in convertible debt from an undisclosed investor. The fund is targeting the 63% of U.S. private businesses owned by Baby Boomers who may be looking for a succession plan.

On the employee side, the fund will target industries that employ “low-income people often with barriers to employment such as a criminal record,” NextCity reports.

You might also like...