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NCBA - National Cooperative Business Association
01/27/2026 | Press release | Distributed by Public on 01/27/2026 16:23
A new loan product is helping power Brooklyn’s worker cooperatives
"We're trying to help create a regional food infrastructure that's resilient and not dependent on anybody," Brooklyn Packers Co-Founder Steph Wiley, center, said.
When Steph Wiley and his cousin Shawn Santana launched Brooklyn Packers in 2016 as a cooperative, they were looking for a more resilient, democratic way to build a local food system.
But like many worker-owned cooperatives, Brooklyn Packers has faced a familiar barrier: access to capital. Conventional lending practices, especially the widespread requirement for personal guarantees, don't fit democratic ownership structures.
That's beginning to change, as a Brooklyn credit union pilots a new loan product designed specifically for worker co-ops-part of a broader shift in how lenders think about risk, ownership and opportunity.
Calling all cooperators - Join a volunteer council today!
UW Center for Cooperatives welcomes proposals for CCMA 2026 breakout sessions through February 27
In a recent article, Next City's Senior Economic Justice Correspondent Oscar Perry Abello explores how Brooklyn Cooperative Federal Credit Union is reworking small business lending to meet the realities of worker ownership.
NCBA - National Cooperative Business Association published this content on January 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on January 27, 2026 at 22:23 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]