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PUBLIC TESTIMONY
Testimony by Melat Seyoum, Director of Political Affairs and Strategic Partnerships at New York City Network of Worker Owned Cooperatives (NYC NOWC)
2:50:14
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Melat Seyoum from NYC NOWC testified in support of the Worker Cooperative Business Development Initiative (WCBDI), highlighting its success in creating worker-owned businesses and jobs for BIPOC women and immigrants. She requested an increase in funding to $5,097,082 for the initiative to continue its work in economic recovery and cooperative business development.
- The WCBDI has created over 200 new worker cooperative businesses and 1,200 new jobs since its inception.
- During the pandemic, the initiative brought over $20 million in grants and loans to cooperatives with a $3.7 million budget.
- The increased funding would allow the initiative to expand its support for cooperative businesses, including technical assistance and education.
Melat Seyoum
2:50:14
Thank you.
2:50:15
Good afternoon, honorable chairperson Feliz and distinguished members of the New York City Council Committee on Small Business.
2:50:20
My name is Melat Sayum, 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.
2:50:29
We are the member led trade association representing worker cooperative businesses and democratic workplaces in New York City Metropolitan Area.
2:50:37
I'm here alongside my colleagues from the Democracy at Work Institute, Center for Family Life, the Working World, and advocacy council members representing 10 other organizations that make up the worker cooperative business development initiative, WCBDI.
2:50:50
As many before us have shared, we are here during these unprecedented times to support our immigrant worker owners in New York City asking city council to continue supporting the expansion of worker ownership in next year's budget and firmly into the future.
2:51:02
Since the inception of the initiative, we've created over 200 new worker 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.
2:51:17
We have seen firsthand how the initiative has served to bolster our sector, strengthening existing cooperative businesses and creating new ones.
2:51:24
The WCBDI 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 small businesses and create jobs, as well as the education and outreach needed for communities, interested entrepreneurs, and allied organizations.
2:51:44
We did a ton of work during the pandemic and beyond to bring over 20,000,000 in grants and loans to cooperatives and keep them afloat.
2:51:50
We did this with a 3,700,000.0 budget.
2:51:53
We ask city council to enhance our funding to $5,097,082 in order for our initiative to double down and do the essential long term work that's needed for economic recovery of cooperative businesses.
2:52:06
We thank city council for the opportunity to testify and hope that you consider our budget priorities and recommendations during this year's budget negotiation process.
2:52:14
Thank you.