Washington's New Employee Ownership Program Paves the Way for Successful Worker Cooperatives
19 Apr 2023
The State of Washington recently passed Senate Bill 5096 pertaining to employee ownership in companies. The program outlined in the bill will create a network of technical support and service providers to assist businesses considering employee ownership structures. This aid will help businesses navigate the process of transitioning to employee ownership.
The program will work with state agencies and relevant organizations to enhance opportunities and reduce barriers for employee-owned businesses. This includes collaborating with professional and trade associations, financial institutions, unions, small business development centers, and economic and workforce development organizations. The program will also provide a referral service to connect business owners with legal, financial, and technical employee ownership resources and services. The bill establishes the Washington Employee Ownership Program to supervise the implementation of the measures outlined above.
