Moving it one step closer to becoming law, Sen. Kirsten Gillibrand (D-NY)’s bipartisan Main Street Employee Ownership Act was added as a provision in the FY 2019 National Defense Authorization Act (NDAA) yesterday.
The bill, which NCBA CLUSA actively supported, would would amend the lending landscape for employee-owned businesses, increasing access to financing for a new crop of worker co-ops.
“Serving as a lifeline for thousands of companies, Sen. Gillibrand’s Main Street Employee Ownership Act will improved access to capital and technical assistance to aid in the transition of small businesses to employee-owned cooperatives, Doug O’Brien, president and CEO of NCBA CLUSA, said in Gellibrand’s press release. “NCBA CLUSA applauds this effort and stands ready to work in tandem with implementing partners.”
The House companion to Gillibrand’s legislation, introduced by U.S. Representative Nydia M. Velázquez, was also included as part of the House-passed version of the NDAA bill.