She says these models would help the thousands of companies whose founders are nearing retirement age, keeping companies running and running locally.
“It would improve access to small business administration loans available to ESOPs and co-ops, so they can secure the resources that they need to succeed. Second, it would help businesses transition to ESOPs and co-ops when the owner is getting ready to retire so that workers can stay employed and the community doesn’t have to lose a business.”
Gillibrand spoke at H&C Tool and Supply who implement an ESOP.
Don Waltzer is the President of that company.
“We’re proud to be here in Rochester, we want to stay her in Rochester. It’s good for the long term and it’s especially good for those loyal employees who have worked so hard to create an environment where the founder can in fact retire. Now they can work and get the benefits of that hard work.”
Kate Washington is the CEO of OWN Rochester, who works to develop employee owned businesses.
“It’s not just a matter of making sure that people have a shared value, that are going to be honored in their work, but also those families are now able to contribute to their own neighbors and their own local economies.”
The Act passed the house last week.