WASHINGTON (12/14/13)--Just after the president's State of the Union address Tuesday night, the National Cooperative Business Association (NCBA) sent a message to its members underscoring the importance of the cooperative business community to economic recovery.
The NCBA's membership is comprised of cooperatives ranging from credit unions for financial services, to food and housing co-ops, to farm co-ops, and more.
"This year, as the president and Congress focus on growing small businesses and creating jobs, NCBA will seek to ensure they understand and recognize the success the cooperative structure can have in the economic recovery of our great nation," NCBA President/CEO Mike Beall wrote.
He cited credit unions as one example of how cooperatives fared better during the recession than many for-profit businesses because cooperatives focus on meeting the needs of their member owners: "Credit unions have seen tremendous growth as consumers seek institutions that value their members and offer better services."
Beall also noted that there are more than 29,000 cooperatives operating in every sector of the U.S. economy, sustaining two million jobs each year, contributing $652 billion in annual sales and possessing $3 trillion in assets.