The Jubilee Fund advocates economic opportunity for all members of society, through ethical and socially responsible financing of community economic development initiatives.
The Jubilee Fund sees a future in which equitable economic opportunities are available to all members of society.
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| Smiles at Neechi Foods |
Jubilee Fund Breaks New Ground
Neechi Foods Co-op Members
There is a lot of good humour and spirit among the worker-members of Neechi Foods Co-op; far more than can be explained by the aroma of freshly baked bannock! But the smiles were especially big after they learned that the Jubilee Fund in November 2006 had agreed to help the Co-op re-structure its finances in preparation for future expansion.
The Co-op, which is owned and operated by its staff, struggled hard to keep its grocery and Aboriginal specialty store alive during the collapse of their surrounding, North-End neighbourhood during the 1990s. Things were made worse by climate changes that undermined the Co-op’s “winter road” and wild blueberry seasons. Co-op members maintained a cash break-even existence; but only by cutting their own wages, postponing badly needed building improvements and taking on excess debt.
In the mid-‘90s W. H. (Bill) Loewen saw a match between his ideals and Neechi’s Community Economic Development leadership and provided a substantial loan to the Co-op on generous terms. Six years later he offered to convert his loan into gifted equity. Neechi contacted the Jubilee Fund to see if it would consider helping to make this happen. It took awhile, but eventually the Jubilee Fund adopted an “Equity Investment Framework”, which includes a provision for “flow-through equity donations”, and then, in November 2006, Jubilee agreed to accept funds used by Neechi to retire Bill’s loan and to donate them back to Neechi Foods Co-op as “contributed capital”. In so doing, the Jubilee Fund became one of the first charitable organizations in Canada to utilize CED guidelines
adopted by the CRA’s Charities Branch. With sales up and operations moving well past break-even, the Co-Op is now working on expansion plans, knowing that its financial structure just got a lot better thanks to Bill Loewen and the Jubilee Fund.
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