The Portland Mercado project makes giant leap in forming a cooperative

For Immediate Release
Date: Dec. 7, 2010
 

Contact: Kelsey Cardwell, Marketing Coordinator
(503) 961-6417 / kcardwell@haciendacdc.org
 

PORTLAND, Ore. – Today, Hacienda Community Development Corporation announced a new collaboration with Neighborhood Partnerships to provide a means for Portland-area Latinos to buy shares in a small business cooperative that will operate Portland’s first Latino market. Neighborhood Partnerships is providing $125,000 to fund Individual Development Accounts (IDA) to match business and shareowners’ savings in support of the project. With savers’ matching funds, the total amount available to the Mercado for this project will be almost $160,000.

Following the model of a successful market in Minneapolis, the current Mercado board, made up of local Latino entrepreneurs, supports the idea of a creating a cooperative legal structure. Hacienda, with the support of fiduciary organization CASA of Oregon, will use IDAs to provide purchasing power to these entrepreneurs, many of whom do not have the initial capital to make large purchases on their own. By providing capital for the Mercado’s start-up, Latino entrepreneurs will be able to have a hand in accessing new markets and building assets for their families and the Latino population as a whole.

“The Mercado project is truly a community effort,” says Victor Merced, executive director at Hacienda. “Not only are we seeing the cooperation of three influential community organizations, but also a community of Latino business owners. This market will be an asset to the Latino population of Portland, by the Latino population of Portland. Thank you to Neighborhood Partnerships for your investment in Hacienda and the Mercado.”

About the Mercado
El Mercado será una oportunidad de desarrollo económico con herencia cultural latina integrando diversas culturas a través del entretenimiento, la artesanía y la comida. The Mercado’s mission is to provide economic development opportunity based on Latino cultural heritage that integrates diverse cultures through shared entertainment, art and food.

About Hacienda CDC
Hacienda develops affordable housing and builds thriving communities in support of working Latino families and others in Oregon by promoting healthy living and economic advancement.