Across New England, established small businesses- most of them healthy and viable – are closing (rather than being sold) as owners age and retire. These established businesses drive local prosperity and ensure vibrant local economies.
To retain quality jobs and anchor successful businesses in communities, more state and federal programs are supporting the conversion of legacy businesses to employee ownership.
In response, MCBC is hosting this important convening to provide practical advice on resources available to bank and non-profit lenders as well as how to source and underwrite these transactions.
Who should attend
This event invites community development corporations, community development financial institutions (CDFIs), credit unions, and regional banks from across New England to explore the economic potential of employee ownership.
Sessions will highlight the current ecosystem of state and federal resources, feature owners who have sold their business to their employees, and explain the mechanics of financing transactions.
10:15-10:30am Welcome and Introduction
10:30- 11:00am U.S. Small Business Administration on the Main Street Employee Ownership Act
Ili Spahiu, Assistant District Director for Lender Relations, Massachusetts District Office
11:00-12:00pm State-level Initiatives to support cooperative and employee owned businesses
Moderator Joshua Daly, RI Small Business Development Center Director, Southern Region
12:00-1:00pm Lunch & Keynote Speaker
1:15-2:00pm Pipeline Development & Regional Resources
Moderator: Jennie Msall, ICA Group
2:00-2:45pm Underwriting & Risk Factors
A case study of $3.7 million in financing from two CDFIs & a national bank to preserve a grocery store, hardware store and pharmacy located in a rural coastal town in Maine
Moderator: Maggie Cohn, Cooperative Fund of New England
Registration fee: Free