Comment : Workers Cooperative Credit Union; might it be helpfull?

There is already a Cooperative Credit Union for the staff of the corporate consumer cooperative and there is no reason that at least consideration should not be given to set up a credit union for the community made up of workers and associates of worker cooperatives. This could be a means of encouraging savings into a mutual fund which builds up investments to provide loans to co-operatives and their members.   There are approximately 3000 people working under the worker cooperative category to this might be added some co-ownership enterprises which fit into the worker cooperative criterion. This number might be boosted by supporters or those with some links with worker cooperatives. The worker cooperative code might be used as a guide.

   A worker cooperative credit union  could be a pathway for any group of people who wanted to set up a worker cooperative. Their savings might leaver loans for start-up capital and further loans.  Any embryonic cooperative might also be allowed to open an account, as  associations can now now open accounts with credit unions. A WCCU can bring aspiring  worker co-operators into association with other cooperatives which is a good way to pass on know how.  The WC  credit union can work in close collaboration with Co-operative and Community Finance ( ICOF) and other fund and banking type organizations.

In the USA there is a steering group trying to set up the Workers Co-operative Federal Credit Union: see link

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