--- title: NCB Testifies at The House Small Business Committee Hearing to Discuss the Benefits and Challenges of the Employee Ownership Model description: The House Small Business Committee convened a hearing to discuss the benefits and challenges of the employee ownership model. image: https://www.ncb.coop/hubfs/SBA%20Hearing.svg --- ## Newsletter Close Close ## You are about to leave the website of National Cooperative Bank and view the content of an external website. We provide links to external websites for convenience. National Cooperative Bank does not endorse and is not responsible for their content, links, privacy or securities policies. Click OK to proceed, click Cancel to stay on this page OK Cancel Close Close ## Press Releases - [National Cooperative Bank (56)](https://www.ncb.coop/press-releases/tag/national-cooperative-bank) - [NCB (18)](https://www.ncb.coop/press-releases/tag/ncb) - [Coop Housing (10)](https://www.ncb.coop/press-releases/tag/coop-housing) - [financial literacy (4)](https://www.ncb.coop/press-releases/tag/financial-literacy) - [ACE Hardware (3)](https://www.ncb.coop/press-releases/tag/ace-hardware) - [Co-op Education (2)](https://www.ncb.coop/press-releases/tag/co-op-education) - [Store Opening (2)](https://www.ncb.coop/press-releases/tag/store-opening) - [consumer education (2)](https://www.ncb.coop/press-releases/tag/consumer-education) - [#BankingOnValues (1)](https://www.ncb.coop/press-releases/tag/bankingonvalues) - [#TogetherForThePlanet (1)](https://www.ncb.coop/press-releases/tag/togetherfortheplanet) - [Co-op 100 (1)](https://www.ncb.coop/press-releases/tag/co-op-100) - [ESOP (1)](https://www.ncb.coop/press-releases/tag/esop) - [Employee Owned (1)](https://www.ncb.coop/press-releases/tag/employee-owned) - [Everfi (1)](https://www.ncb.coop/press-releases/tag/everfi) - [Homeownership (1)](https://www.ncb.coop/press-releases/tag/homeownership) - [Personal Banking (1)](https://www.ncb.coop/press-releases/tag/personal-banking) - [Solar Financing (1)](https://www.ncb.coop/press-releases/tag/solar-financing) [More](https://www.ncb.coop/press-releases/house-small-business-committee-convene-hearing-to-discuss-the-benefits-and-challenges-of-the-employee-ownership-model#) ## Press Releases - [National Cooperative Bank (56)](https://www.ncb.coop/press-releases/tag/national-cooperative-bank) - [NCB (18)](https://www.ncb.coop/press-releases/tag/ncb) - [Coop Housing (10)](https://www.ncb.coop/press-releases/tag/coop-housing) - [financial literacy (4)](https://www.ncb.coop/press-releases/tag/financial-literacy) - [ACE Hardware (3)](https://www.ncb.coop/press-releases/tag/ace-hardware) - [Co-op Education (2)](https://www.ncb.coop/press-releases/tag/co-op-education) - [Store Opening (2)](https://www.ncb.coop/press-releases/tag/store-opening) - [consumer education (2)](https://www.ncb.coop/press-releases/tag/consumer-education) - [#BankingOnValues (1)](https://www.ncb.coop/press-releases/tag/bankingonvalues) - [#TogetherForThePlanet (1)](https://www.ncb.coop/press-releases/tag/togetherfortheplanet) - [Co-op 100 (1)](https://www.ncb.coop/press-releases/tag/co-op-100) - [ESOP (1)](https://www.ncb.coop/press-releases/tag/esop) - [Employee Owned (1)](https://www.ncb.coop/press-releases/tag/employee-owned) - [Everfi (1)](https://www.ncb.coop/press-releases/tag/everfi) - [Homeownership (1)](https://www.ncb.coop/press-releases/tag/homeownership) - [Personal Banking (1)](https://www.ncb.coop/press-releases/tag/personal-banking) - [Solar Financing (1)](https://www.ncb.coop/press-releases/tag/solar-financing) [More](https://www.ncb.coop/press-releases/house-small-business-committee-convene-hearing-to-discuss-the-benefits-and-challenges-of-the-employee-ownership-model#) Topics Subscribe # NCB Testifies at The House Small Business Committee Hearing to Discuss the Benefits and Challenges of the Employee Ownership Model February 13, 2020 ![NCB Testifies at The House Small Business Committee Hearing to Discuss the Benefits and Challenges of the Employee Ownership Model](https://www.ncb.coop/hubfs/SBA%20Hearing.svg) Arlington, VA (February 13, 2020)  On February 12, 2020, The House Small Business Committee convened a hearing to discuss the benefits and challenges of the employee ownership model. Members in  attendance included Reps. Velázquez (D-NY-7), Chabot (R-OH-1), Balderson (D-OH-12), Kim (D-NJ-3), Golden (D-ME-2), Davids (D-KS-3), Finkenhauer (D-IA-1), Craig (D-MN-2), Delgado (D-NY-19), Bishop (R-NC-9), Spano (R-FL-15), Burchett (R-TN-2), and Stauber (R-MN-8) . Witnesses for the hearing included: - Daniel Goldstein, President and CEO of Folience an employee owned company in Cedar Rapids, Iowa, - L. Condra, Vice President of Advocacy and Government Programs, National Cooperative Bank located in Arlington, VA, - John Abrams, CEO and Co-owner, South Mountain Company, a worker-owned cooperative in Martha’s Vineyard, MA - Mark Gillming, Senior Vice President, Messer Construction Company, an employee owned company headquartered in Cincinnati, Ohio. The hearing explored the challenges businesses face in converting to a co-op or an employee-owned company through an Employee Stock Ownership Plan (ESOP), as well as ways current federal programs can be optimized to minimize those challenges. “For decades the co-op sector has asked the Small Business Administration to level the playing field.  Instead they proposed new hurdles for retiring business owners to convert their business to a cooperative.” *R.L. Condra, National Cooperative Bank* Highlights included: - Rep. Velázquez expressed her commitment to ensure that the Small Business Administration finds a solution to the personal guarantee requirement that is a barrier for cooperatives; - Additionally, Rep. Velázquez  is meeting with a roundtable of Small Business Development Centers, and will speak with them about promoting the cooperative ownership structure; - Likewise, Rep. Golden is interested in spreading education and outreach about employee ownership; - Rep. Balderson probed for information about how the Small Business Committee can address healthcare needs for workers; and - Rep. Stauber praised small business owners like the panelists for their innovative, common-sense solutions To view the hearing, please visit:  [https://youtu.be/Zp_Rn4c31As](https://youtu.be/Zp_Rn4c31As) - [National Cooperative Bank](https://www.ncb.coop/press-releases/tag/national-cooperative-bank) Related Posts ![National Cooperative Bank Originated $67 Million for New York Area Cooperatives and Condominiums in the Second Quarter of 2023](https://www.ncb.coop/hubfs/Buildings/Capture.png) 11 Jul 2023 National Cooperative Bank Originated $67 Million for New York Area Cooperatives and Condominiums in the Second Quarter of 2023 [Read Post ](https://www.ncb.coop/press-releases/national-cooperative-bank-originated-67-million-for-new-york-area-cooperatives-and-condominiums-in-the-second-quarter-of-2023) ![National Cooperative Bank Honors Michele Fantt Harris and Rick Reed With Prestigious 2022 Spirit of Cooperation Award](https://www.ncb.coop/hubfs/Spirit%20of%20Cooperation%20Award%20(1).svg) 12 May 2022 National Cooperative Bank Honors Michele Fantt Harris and Rick Reed With Prestigious 2022 Spirit of Cooperation Award [Read Post ](https://www.ncb.coop/press-releases/national-cooperative-bank-honors-michele-fantt-harris-and-rick-reed-with-prestigious-2022-spirit-of-cooperation-award) ![SSCC Awards NCB Minority Excellence Scholarship to Heidi Calderon](https://www.ncb.coop/hubfs/2022%20Spring%20NCB%20Scholarship%20Recipient-SSCC%20and%20NCB.svg) 03 Feb 2022 SSCC Awards NCB Minority Excellence Scholarship to Heidi Calderon [Read Post ](https://www.ncb.coop/press-releases/ncb-minority-excellence-scholarship-awarded) Media Contacts #### Mary Alex Blanton Senior Vice President [703.302.8876](tel:7033028876) #### Heather Cummings Vice President [937.393.6429](tel:9373936429) ## Stay Informed Stay informed about NCB and how we impact communities nationwide. 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