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PUBLIC TESTIMONY
Testimony by Scott Trumbull, Co-Executive Director of The Working World
6:54:34
ยท
130 sec
Scott Trumbull, Co-Executive Director of The Working World, testified to encourage continued support for worker ownership in New York City by enhancing funding for the Worker Cooperative Business Development Initiative to $5,097,082. He emphasized the initiative's importance in providing essential services to worker cooperative businesses across all five boroughs.
- Highlighted a success story of Bright Learning Stars, a daycare center that was transformed into a worker cooperative with The Working World's assistance
- Explained how the initiative helps give working-class New Yorkers a voice in their workplace and an opportunity to build wealth in their communities
- Stressed that these success stories are only possible due to the critical resources offered by the Worker Cooperative Business Development Initiative
Scott Trumbull
6:54:34
Hi, all.
6:54:35
First, I want to thank the committee for the opportunity to testify today.
6:54:38
My name is Scott Trumbull.
6:54:40
I'm the co executive director at The Working World.
6:54:42
We are a nonprofit community development financial institution that specializes in providing financing and technical assistance to worker cooperative businesses here in New York City.
6:54:52
I'm here today to to encourage you and your colleagues to continue supporting worker ownership in New York City by enhancing funding for the worker cooperative business development initiative to $5,097,082.
6:55:06
For over a decade, this initiative has provided essential services to worker cooperative businesses across all five boroughs and has made New York a leading example of how cities can use worker ownership to develop their local economies in a more equitable way.
6:55:20
At the working world, this funding has been absolutely critical to our technical assistance program.
6:55:25
One great example of this is the support we provided to a cooperative called Bright Learning Stars.
6:55:31
Back in 2018, there was a day care center in Windsor Terrace, Brooklyn that closed very unexpectedly, leaving employees without work and parents without a place to leave their kids.
6:55:40
One of those parents reached out to the working world to see if we could help the former employees of that business restart the day care as a worker cooperative.
6:55:47
So we jumped right in and helped those workers develop a business plan, secure a location, acquire necessary financing, and and also licensing to get their businesses up business up and running again.
6:55:59
Since then, we've continued to provide regular services to that business so that now over six years later, not only do these workers now have a voice in their workplace, but for the past three years in a row, each worker owner has been able to earn an additional 8 to $10,000 in income from profit sharing.
6:56:19
This is what worker ownership and WCBDI are all about, giving working class New Yorkers a voice in their workplace and an opportunity to build real wealth in their communities.
6:56:31
These stories are only possible because of the critical resources offered by the worker cooperative business development initiative.
UNKNOWN
6:56:38
For that reason, again for you.
Brad Lander
6:56:40
Thank you.
Scott Trumbull
6:56:42
Thank you so much for your consideration.