Worker-Owners Cheer Creation of $1.2M Co-op Development Fund in NYC

In a victory for new economy advocates, the New York City Council passed a budget last week that will create a $1.2 million fund for the growth of worker-owned cooperative businesses. The investment is the largest a municipal government in the U.S. has ever made in the sector, breaking new ground for the cooperative development movement.

Melissa Hoover, executive director of the U.S. Federation of Worker Cooperatives and the Democracy at Work Institute, hails the New York City Council’s move as “historic.” “We have seen bits and pieces here and there, but New York City is the first place to make an investment at that level,” she says.

Read the full article at In These Times