Survey of Co-operative Capital

Survey of Co-operative Capital: Unprecedented List of Co-operative capital Tools

The first edition of the Survey of Co-operative Capital examines the sources and structures of co-operative capital for both start-up and growth and expansion activities. It provides the first-ever, comprehensive list of the debt and equity instruments used to finance the assets and operations of co-operatives.

This Survey was commissioned by the Alliance’s Blue Ribbon Commission on Co-operative Capital. The Survey was conducted by the Filene Research Institute and authored by A. Michael Andrews.

Access to trade credit and bank loans can be more difficult for co-operatives than for other businesses. However, many co-operatives have evolved considerably from the basic funding model of nominal value members’ shares and internally generated capital and now use a range of instruments to raise capital from members and non-members.

Examples of how this can be achieved include reserving common, equity-like instruments – those with voting rights – for members while creating multiple classes of shares. Other options include offering of debt instruments to non-members.

Download the Survey

Download the Executive Summary in English, FrenchSpanish and Korean.


Signature by the Chair of the ICA Youth Network, Sebastien Chaillou, the Executive Director of Cooperative and Mutuals Canada, Denyse Guy and the Director General of the ICA, Bruno Roelants.
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