WHAT IS NON-EXTRACTIVE FINANCE?Cooperation Richmond is a member of a national Financial Cooperative of local, non-extractive, revolving loan funds. Each local fund operates independently, but shares resources, services, knowledge and skills with each other. We are committed to providing working capital to enterprises that build local wealth through community and worker ownership without the burden of collateral or extractive debt typical of conventional finance. The loans we give through this process are paid back when the projects succeed and we provide not only the capital, but the coaching to give us all the greatest chance of success. This allows us to make investment with those of our community who are exclude from conventional finance or, worse, are exploited by it. Our loans are designed to leave the enterprise better off, not worse, than when they started, because we believe that financial capital should be a tool of the people and the people must never be a tool of financial capital or those who currently have unfair control over it.
OUR FOCUSCooperation Richmond focuses support for low-income residents and residents of color in Richmond and West Contra Costa County, in particular, those who have been most harmed by and excluded from the dominant economy. We focus our limited resources on Black, Immigrant, Indigenous and poor white folks seeking to build economic power.
PRINCIPLE OF RADICAL INCLUSIONThe Financial Cooperative seeks to be radically inclusive. This means that the Financial Cooperative lends and facilitates lending to people who are typically excluded from access to finance. This will require that technical assistance, necessary to assure the proper planning and success of the project, is made available to the projects.
DEAL BREAKERSCooperation Richmond does not work with groups who categorically exclude people based on immigration status, current or former credit status, criminal record/formerly incarcerated and/or prior or currently houselessness.
COOPERATION RICHMOND WILL ALSO ONLY WORK WITH GROUPS COMMITTED TO THE 7 PRINCIPLES OF COOPERATION. 1. Do not use immigration status as a criteria for categorical exclusion2. Do not use credit or credit history as a criteria for categorical exclusion3. Do not use former criminal record or time served as a criteria for categorical exclusion4. Do not use houselessness as a criteria for categorical exclusion