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Because of their unorthodox ownership structures, cooperatively owned businesses don’t fit neatly into most lenders’ boxes. So one group decided to build their own source of funding. ....
Robinson lives in North Richmond, a 1.5 square-mile unincorporated area of Contra Costa County, California, at the northern end of the Bay Area, nearly surrounded by the City of Richmond proper. Predominantly Black and Hispanic, in normal economic times North Richmond’s unemployment rate stubbornly hovers around 22 percent, with a median income of around $26,000. Located just west of and therefore downwind from a major Chevron oil refinery, North Richmond has long suffered from higher child asthma rates and other chronic health issues related to air pollution than other parts of Contra Costa county. But as they do in neighborhoods like these in cities across the country, people find a way. “I know so many people that are hustling in my community but they’re not legal,” says Robinson. “Those were my businesses growing up here.” ....