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How to Start (and Run) a Bank That Puts People and Planet Over Profits

Oscar Perry Abello

May 17, 2021 |

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Over 3000 Words

Response Location: United States, San Francisco, California

San Francisco-based New Resource Bank was launched with environmental sustainability lending as its niche. But it pursued easier profits for a time, risking its survival and mission until a new CEO turned its fortunes around with a laser focus on the original mission, bolstered by learning its borrowers' businesses intimately. The bank doubled in size and merged with a larger bank, making itself a model for mission-driven lending in such businesses as solar, wind energy, and organic foods – and by attracting institutional depositors and investors as interested in social change as they are in profits.

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This Real Estate Co-Op is Looking for Investors Who Want to Put Community First

Oscar Perry Abello

April 13, 2021 |

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1500-3000 Words

Response Location: United States, Oakland, California

The 2012 federal JOBS Act (Jumpstart Our Business Startups) took some time to gain traction, but in recent years it has democratized the financing of worker-owned co-ops and other community-based entities that ordinarily would be frozen out of capital markets. By making possible what is called a direct public offering, the law has made it easier to finance businesses that promise greater social benefits than just profit maximization, by opening investment opportunities to a more diverse and egalitarian mix of investors.

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This Revenue Stream is Working Wonders for Community Health, But Some States Want to Take it Away

Oscar Perry Abello

March 31, 2021 |

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1500-3000 Words

Response Location: United States, New York

Community health care centers across the U.S. are funded by the 340B drug discount program, which requires "pharmaceutical companies to provide up-front discount pricing on certain medications to qualified private entities in exchange for having their drugs be eligible for coverage under Medicaid and Medicare Part B." Because access to the 340B revenue streams is dependent on state legislatures, however, the future of the program is unknown.

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How Chinatown's Community Bank Has Survived Crisis After Crisis

Oscar Perry Abello

March 30, 2021 |

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1500-3000 Words

Response Location: United States, New York, New York

Community banking empowers marginalized communities that are not able to secure financing for homes and businesses through traditional financing. Establishing community banks allows members of these communities to bypass structural and institutional barriers in order to invest in themselves. Abacus Bank has a long history of advocating for businesses and families in Chinatown.

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Guaranteed Income in Jackson Designed By Black Moms for Black Moms, Showing Results for Black Moms

Oscar Perry Abello

March 23, 2021 |

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Over 3000 Words

Response Location: United States, Jackson, Mississippi

Beneficiaries of a guaranteed income program in Mississippi have received monthly cash payments that they are free to spend however they need to. Known as Magnolia Mothers, the program has allowed mothers to pay off debt, invest in business, avoid predatory loans, and consider educational opportunities that can help increase their income and quality of life.

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This Ride-Hailing Platform Wants to be Better for Everyone, Starting with Drivers

Oscar Perry Abello

March 09, 2021 |

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1500-3000 Words

Response Location: United States, New York, New York

An equitable alternative to Uber and Lyft is giving drivers ownership of a ride-hailing platform with many perks that aren’t available to workers in the gig economy. The Drivers Cooperative is providing drivers with lower interest vehicle loans, better insurance rates, and a pilot program to test their own ride-hailing app.

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The Bakery That's Owned by an Idea

Oscar Perry Abello

February 16, 2021 |

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1500-3000 Words

Response Location: United States, Oakland, California

Firebrand Artisan Breads hires people with high barriers to employment, such as people experiencing homelessness or who were formerly incarcerated. The higher-than-minimum-wage starting salary, paid time off, and insurance benefits provide sustainable and secure employment to people whose life circumstances make it harder to get a job. In order to raise capital while maintaining their employment model, the owner worked with lawyers to become a perpetual purpose trust, an alternative ownership model that allows the company to sell shares to private investors while ensuring their principles remain in place.

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Worker-Owned Cooperatives are Building Their Own Investment Network

Oscar Perry Abello

January 28, 2021 |

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1500-3000 Words

Response Location: United States

Cooperatives are getting the funding they need through a “nationwide network of loans funds and incubators that specialize in supporting and investing in cooperative businesses.” Coops lack access to traditional funding and are typically member funded. The new source of funding has allowed historically marginalized Black and Hispanic communities the opportunity to create coops where workers share ownership equally.

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Baltimore is Democratizing the Economy, One Pint at a Time

Oscar Perry Abello

January 26, 2021 |

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1500-3000 Words

Response Location: United States, Baltimore, Maryland

A worker-owned cooperative in Baltimore is giving employees an “alternative to exploitation in traditionally-structured enterprises.” Employees at ice cream maker Taharka Brothers can eventually qualify for ownership, which enables them to weigh in on big decisions and share in profits when the business does well.

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When Drivers are in the Drivers' Seat for Taxi and Ride-Hail Companies

Oscar Perry Abello

January 21, 2021 |

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1500-3000 Words

Response Location: United States

Driver cooperatives are providing an alternative for gig workers who use ride-hailing apps to make a living. Though the pay isn’t high, drivers are paid fairly for the time they spend working, have stable schedules and employment, and know their complaints and suggestions will be heard and implemented.

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