Cooperative Fund of New England

CONTACT:

P. O. Box 3413
Amherst, MA 01004-3413
910-395-6008
www.cooperativefund.org

Rebecca Dunn, Executive Director

DESCRIPTION:

CFNE is a U.S. Treasury-certified Community Development Financial Institution, providing low-interest loans and related technical assistance to charities, cooperatives, and democratically owned and managed businesses throughout New England — e.g., charter schools, employee-owned businesses, group homes for disabled persons, health centers, and others. The only one of its kind in the region, CFNE was founded in 1975 by a group of Boston social entrepreneurs led by George Pillsbury and David Crocker with $26,500 in capital, originally to help food cooperatives. In 30 years CFNE has broadened its purview and expanded its capital to $5 million, made $11.7 million in loans to 345 different borrowers, with a 98% repayment rate, a write-off rate of 1.7%, and no delinquencies. Last year it made 29 loans worth $1.3 million to 20 institutions across New England; among other results these loans produced 54 new housing units and more than 150 new and retained jobs. In 2004 CFNE was named “most cost-effective” among 400 similar organizations nationwide by its trade group, the National Community Capital Association. If financial services to charitable institutions interests you, CFNE is one of the best there is.

(2006: HUMAN SERVICES: Well-Being)