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PUBLIC TESTIMONY
Testimony by Melat Seyoum, Director of Political Affairs and Strategic Partnerships at New York City Network of Worker Cooperatives (NYC NOWC)
6:52:05
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Melat Seyoum from NYC NOWC testified before the NYC Council Committee on Finance, requesting continued support for the expansion of worker ownership in the next year's budget. She highlighted the success of the Worker Cooperative Business Development Initiative in creating new cooperative businesses and jobs, particularly benefiting BIPOC women and immigrants.
- The initiative has created 197 new cooperative businesses and over 1,200 new jobs since its inception.
- NYC NOWC is asking for an enhanced funding of $5.09 million to support long-term economic recovery for cooperative businesses.
- The initiative has provided over $10 million in grants and loans to cooperatives during the pandemic with a budget of $3.8 million.
Melat Seyoum
6:52:05
Thank you.
6:52:07
Good afternoon, honorable chairperson and distinguished members of the New York City Council Committee on Finance.
6:52:12
My name is Medat Siyum, and I'm the director of political affairs and strategic partnerships at the New York City Network of Worker Owned Cooperatives, also known as NCNOC.
6:52:22
We are the local trade association representing worker cooperative businesses and democratic workplaces in New York City Metropolitan Area.
6:52:29
I'm here alongside my colleagues from the Working World, Center for Family Life, and our advocacy council members representing 11 other organizations that make up the worker cooperative business development initiative.
6:52:42
We are here asking New York City Council to continue supporting the expansion of worker ownership in next year's budget and firmly into the future.
6:52:51
Since the inception of the initiative, we have created over 197 new cooperative businesses and over 1,200 new jobs that are not only providing higher hourly wages, but also building wealth and assets for individuals who are overwhelmingly BIPOC women and immigrants.
6:53:08
We have seen firsthand how the initiative has served to bolster our sector, strengthening existing cooperative businesses and creating new ones.
6:53:18
The initiative partners have collectively worked to create a comprehensive ecosystem of support for cooperative businesses that not only ensures the creation of new cooperatives in low income areas, but also the technical assistance needed to sustain businesses and create jobs, as well as the education and outreach needed for communities, interested entrepreneurs, and allied organizations.
6:53:41
We've done a ton of work during the pandemic and beyond to bring over 10,000,000 in grants and loans to cooperatives and keep them abloat.
6:53:49
We did all of this with a 3,800,000 budget.
6:53:52
Our ask has been similar to where it's been pre COVID, and we ask that city council enhance our funding to five point o nine in order for our initiative to double down the essential long term work that is necessary for economic recovery for cooperative businesses that will be needed to claw ourselves out of this economic crisis.
UNKNOWN
6:54:11
Time has expired.
6:54:12
Thank you.
Melat Seyoum
6:54:13
Thank you.
6:54:14
I thank City Council for the opportunity to testify and hope that you consider our budget priorities and recommendations during the budget negotiation process.
6:54:23
Thank you.