Completed
Way Forward Commitment:
A co-operative is a business or other organization that is run jointly by its members. In many jurisdictions, co-operatives have proven to be incredibly important in driving business and economic activity and delivering key services. Co-operatives enable businesses and individuals to come together to satisfy market demands, create new opportunities and address sustainability.
There is significant opportunity to continue to grow the use of the co-op model by citizens in Newfoundland and Labrador. Our Government and the Newfoundland-Labrador Federation of Co-operatives (NLFC) have a formal partnership established to advance co-operative development. The key priority of this partnership is to enhance the development and promotion of the co-operative model to support business growth in rural communities throughout Newfoundland and Labrador. This partnership expires in 2017, and Government will work to develop a renewed memorandum of understanding with NLFC by September 30, 2017. The new memorandum of understanding will include activities targeting credit unions that have a desire to participate.
What We’ve Accomplished:
- A renewed memorandum of understanding (MOU) was signed on September 30, 2017. A joint work plan for the next year was developed and is currently being implementing.
- The MOU renews a working relationship between Government and NLFC, focuses on the engagement of more government staff in co-op development, encourages opportunities for co-ops and credit unions to become more engaged in the development of new co-op initiatives in their communities, and places a greater emphasis on targeted research and opportunity identification in sectors with high potential for co-op development.
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