Million pounds raised to develop co-ops

OVER £1 million has been raised to fund the growth of co-operatives.A recent share issue by Co-operative and Community Finance (CCF) for its Industrial Common Ownership Fund has...

OVER £1 million has been raised to fund the growth of co-operatives.
A recent share issue by Co-operative and Community Finance (CCF) for its Industrial Common Ownership Fund has raised the money, which will be lent to co-ops across the UK.
The fund’s aim is to create and protect jobs, boost local economies, and convert environmental concern into action.
Launched in September 2007, the share issue was the third to be held for the ICO Fund.  
The share issue officially closed on March 31st and thanks to the investors, its financial target has been met enabling it to continue to support the growth of the co-operative sector.
Alain Demontoux of CCF told the News: “We are delighted the 2007 issue has surpassed all expectations. Not least because we have managed to increase the size of the fund on previous years that will allow for higher levels of lending in the future. That is particularly relevant in light of our record lending year in 2007. 
“Our thanks go to all our investors old and new and in particular the Co-operative Group and other retail co-operative societies who have continued to support this fund.”
From the £1m raised by previous share issues CCF has loaned around £3.3 million to over 150 co-operatives — tripling its positive impact for enterprises and their communities. 
Around 1,500 jobs have been created, sustained and supported within the Movement. 
Some of the many co-operatives to have benefited include Ecosulis Ltd — an innovative ecological business that protects wildlife and the environment; Safe Kids Walking — an award-winning enterprise that promotes walking to school, road safety initiatives; and active lifestyles, and GreenCity Wholefoods — a workers’ co-operative in Glasgow that supplies retailers and restaurants throughout Scotland with over 4,000 different vegetarian and GM-free products.
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