On Wednesday August the 28th the City Council is having a public hearing on the budget. One of potential line items on the budget is $75,000 to create educational material and hire somebody for a year to work on worker co-op conversions. For more updates please check out our Facebook Event for this action.
One reason this budget resolution is so important is that the recently passed Federal Main Street Employee Ownership Act. will finally allow cooperatives to access funding from the Small Business Association that was previously inaccessible. All the current infrastructure for providing SBA loans lacks knowledge about cooperatives. So, approving the budget item would be a huge step to adding to the systems that will allow Cooperatives to get access to the SBA loans.
Please check out this podcast to hear Andrea Harrington, a lawyer for Texas Rio Grande Legal Aid, discussing the Maintstreet Employee Ownership Act with the ACBA board.