Fund the Future

The Social Investment Notes are offered for sale only to investors located in states where CFNE has registered the Notes for sale or where the sale is exempt from registration requirements. By clicking the link below to download the Prospectus, you certify that you are located in one of the following states. If you don’t see your state, please check back frequently as our list of states is expanding.

  • Alaska
  • California*
  • Colorado 
  • Connecticut
  • Guam
  • Hawaii
  • Illinois 
  • Maine
  • Maryland
  • Massachusetts
  • Minnesota
  • Mississippi
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina 
  • Rhode Island
  • South Dakota
  • Texas
  • US Virgin Islands
  • Vermont
  • Virginia
  • Washington, D.C.

*California-based investors, click here to download the Subscription Agreement specific to your state. Investors based in all other states listed above please use the one in the Prospectus, Appendix C.

Since 1975, the Cooperative Fund of the Northeast (CFNE) has been a socially responsible lending organization and investment option. With the support of our investor community, we serve cooperatives in New England and New York with products and programs that meet the unique needs of cooperative enterprises.


CFNE’S Investor Network

At CFNE, investing is about more than money — it’s also putting in effort and time to achieve a desired result. Our desired result is our stated vision— economic justice for all through thriving cooperative enterprises. Our network of investors believe in that mission and they believe in our ability to execute.

capital investors
staff and board
community at large

Capital Investors are the people, cooperatives, community and religious organizations that loan CFNE money. These loans, also called securities or “notes”, increase the money we have available to lend out to co-ops. (1)

Donors contribute money, time, and other resources that contribute to CFNE’s learning and technical assistance programs. These donations are considered charitable giving, so donors do not see a monetary return.

CFNE’s staff and board invest their time as they share knowledge, skills, and expertise to keep CFNE moving in alignment with mission, vision, and values that support cooperatives. Staff and board are sometimes capital investors as well.

The community at large is anyone working toward the same goals as us, whether through contributing their funds, time, voice or curiosity to expanding the cooperative economy. These relationships help us to reach and serve more co-ops.

(1) An investment in a note is not a charitable gift and is not entitled to a charitable deduction for income tax purposes.  Interest earned on a note generally is taxable as ordinary income.  This should not be construed as tax advice.  You should consult your own advisor.

capital investors

Why Invest With Us?

  • History: we’ve been around having steady growth for almost 50-years, doubling in size roughly every 5-years.* In 2023, we hit a major milestone of $100M disbursed. 
  • Strong Borrower Portfolio: many of our borrowers have long-term relationships with us and we have borrowers across a number of different sectors and geographies.*
  • Deep Commitment: we work for economic, social, and racial justice, and that has been the heart of our mission from the start. 
  • Broad Network: our extensive network of co-op, community, and business development organizations work with us to build and serve the co-op ecosystem in the northeast
  • Due Diligence: when assessing potential borrowers, we pay special attention to community benefit, level of access the client has to other capital sources, as well as business feasibility and the capacity of owners to maintain (or grow) business operations. This work, plus our various support for portfolio co-ops, has resulted in a loss rate of under 1% (as of 12/31/2022).* **

More detailed operations, eligibility, and policy related information can be found in our Prospectus.


Get Started

The most important part to getting started is to read through our Prospectus so you are fully informed of the risks and prepared to make an informed investment decision. Individuals with at least $1,000 of discretionary funds available to invest, invest with us on their own terms within these three parameters:

note types available are demand or term, rates up to 3.5%, and multiple payout options

Associated risks include:

  • Investments are unsecured and uninsured by any government agency
  • Investments are not liquid and will remain invested until maturity
  • Investors have no control over CFNE operations
  • Interest earned is taxable
  • No guarantee of a return on your investment

To read a full listing of disclosed risks, download our Prospectus. To see the detailed Interest Rate Sheet, click here.

To discuss further how you can invest with CFNE, take the next steps, or if you have questions, please contact a member of our Fund Development Team:

Micha Josephy
Executive Director

Write to Micha:
PO BOX 970
Watertown, MA 02471

Call or email Micha:
(617) 910-8065

Josie Shagwert
Administrative Manager

Write to Josie:
PO BOX 970
Watertown, MA 02471

Call or email Josie:
(401) 214-7815

*California-based investors, click here to download the Subscription Agreement specific to your state. Investors based in all other states listed above please use the one in the Prospectus, Appendix C.

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* Past performance is no guarantee of future results. 

** CFNE may restructure loans experiencing repayment difficulties. The loan loss allowance was established based upon our best estimates. Ultimate losses may vary from current estimates.

*** Rates for new investments or renewals are subject to change. 

The purchase of CFNE’s securities is subject to risks, which are described in our Prospectus.  This is not an offer to sell you our securities and we are not soliciting you to buy our securities.  We will offer and sell our securities only in states where authorized.  The offering is made solely by the Prospectus.

● Not FDIC or SIPC insured       ● Not a bank deposit      ● No CFNE guarantee