At the Nexus of Change: Nexus Community Partners and the City of Saint Paul Launch the LOCAL Fund
By Jonathon Freeman, Ambitio US Program Officer
Nexus Community Partners is building on its rich 20-year history of fostering engaged and empowered communities of color with an exciting new partnership. This Ambitio US Economic Trailblazer grantee has been selected by the City of Saint Paul as the partner to launch the LOCAL Fund , a transformative initiative that will bolster worker and real estate investment cooperatives, uplift local communities, and promote economic resilience. Nexus will administer the LOCAL Fund in collaboration with the City of Saint Paul Office of Financial Empowerment. The LOCAL Fund, consisting of two key programs — Worker Ownership and Community Ownership — boasts a substantial investment of $2.5 million. It is exciting and relatively rare to see government entities supporting worker and community power in this way.
Studies have shown the significant positive impact of employee-owned businesses and real estate cooperatives, including increased household net worth, higher wages, and longer job tenure. The LOCAL Fund seeks to harness these benefits for the betterment of Saint Paul. Through the Worker Ownership and Community Ownership programs at Nexus, grants and technical assistance will be provided to support cooperative startups, conversions, and property development. The initiative promises to enrich the community by building wealth, preserving local jobs, and fostering an ownership culture that benefits current and future generations of Saint Paul residents.
The City is right to have confidence in Nexus. Its powerful combination of capacity building, funding support, and community organizing has been recognized and supported by other organizations and foundations as well. Last year, it received a $50,000,000 grant from the Bush Foundation to launch the Open Road Fund, a program that addresses long-standing wealth disparities caused by historical racial injustices. Nexus Community Partners has been able to demonstrate that real impact is possible, especially when resourced appropriately.
The partnership between Nexus Community Partners and the City of Saint Paul to carry out the LOCAL Fund initiative signifies an exciting and important collaborative effort to create a more equitable and prosperous future for Saint Paul. With Nexus at the helm, the journey towards community empowerment has never been more promising. You can learn more about the LOCAL Fund at an upcoming informational session hosted by the Shared Ownership Center on May 30th.
This article was originally published on Medium. Read it on Medium →
