Sanders Announces a $97,000 Grant for the Vermont Employee Ownership Center

SANDERS ANNOUNCES A $97,000 GRANT FOR THE VERMONT EMPLOYEE OWNERSHIP CENTER

Burlington , VT - At a press conference in Burlington, Congressman Bernie Sanders announced today that his office has secured a $97,000 grant for the Vermont Employee Ownership Center. The money will be used to enable the Center to improve its efforts to create more worker-owned business in Vermont. Currently, there are almost 40 companies that are at least partially worker-owned in Vermont - including Gardner's Supply, King Arthur Flour, Carris Reels and the Merchants Bank. Sanders was joined by representatives of Vermont employee-owned companies.

Sanders said; "I am pleased to announce today that my office has secured a $97,000 grant for the Vermont Employee Ownership Center. The purpose of this funding is to enable the Center to improve its efforts to create more worker-owned businesses in Vermont.

"At a time when the middle class is shrinking, when corporate America is sending millions of good paying jobs to China and other low wage countries, when workers are experiencing increased anxiety about whether there jobs and benefits are going to be there tomorrow, it is important that we continue moving forward to expand the concept of worker-owned businesses. And that's what the Vermont Employee Ownership Center is all about.

"Nationally, there are over 11,000 companies in the U.S. with Employee Stock Option Plans (ESOPs), hundreds of worker cooperatives, and thousands of other companies with some other form of employee ownership. In Vermont, there are about 40 companies that are at least partially employee-owned including such well-known companies as Gardner's Supply, Carris Reel and King Arthur Flour.

"I am an enthusiastic supporter of worker-owned companies for a number of reasons: First, it transforms a person from being someone who simply does a job, into someone who also engages in the decision making processes of the business. That worker also not only receives his salary, but receives a part of the profit his or her work helped generate. Secondly, a worker-owned company provides a greater degree of economic stability for the workers and the community. People who own their company are not likely to throw themselves out on the street and move to China. Third, worker-owned businesses often experience greater productivity than normal businesses. When people are part owners, studies suggest that worker productivity is higher, and there is less absenteeism, lateness and turnover.

"My hope is that this grant will enable the Vermont Employee Ownership Center to increase its efforts in educating Vermont businesspeople and workers about the benefits of employee ownership and that, in the years to come, we can see more and more Vermont businesses move in that direction. I also intend to re-introduce legislation in Congress which would establish a United States Employee Ownership Bank. At a time when Congress provides tens of billions in corporate welfare, we should be providing financial help for those companies and workers that want to move in the direction of employee-ownership."