Warner Norcross + Judd LLP represented Cooperative Fund of the Northeast, Inc. (CFNE) in its offering of up to $55 million in aggregate principal amount of Social Investment Notes for the 2025-2026 offering period.
This multistate securities offering was made pursuant to federal exemptions from securities registration available for charitable organizations and pursuant to registration or exemption of the securities in each applicable state. The offering commenced on Aug. 20, 2025, and concluded on Aug. 19, 2026.
CFNE is a nonprofit community development financial institution (CDFI) that works for economic, social and racial justice by advancing community-based, cooperative and democratically owned or managed enterprises. Through loans, alternative financing and technical assistance, CFNE supports cooperatives and similar enterprises, including food cooperatives, worker-owned businesses, housing cooperatives and resident-owned manufactured housing communities.
CFNE will use the proceeds from the Social Investment Notes primarily to provide financing to cooperative businesses and other mission-aligned enterprises throughout the Northeast. The Notes offering afforded individuals and institutions an opportunity to support community ownership, economic opportunity and sustainable local development through their investments.
Warner provided securities, regulatory and compliance counsel in support of the offering. The legal team was led by partner Corinne Curtis and included Early Stephens, Alex Rey, Dana Dawe, and Sherri VanEck.
Warner’s Impact Investing Practice Group
As one of the largest and most successful impact investing practice groups in the country, we have developed unparalleled expertise over more than 30 years representing nonprofit organizations in securities offerings that range from limited private placements to international public offerings of debt securities. Our impact investment team consists of attorneys, experienced paralegals and seasoned compliance specialists who advise nonprofit clients on federal and state securities registration and exemption requirements, underwriting arrangements, placement agent engagements, broker-dealer and agent registration issues, and marketing and advertising impact investment offerings in compliance with state and federal securities laws. We take pride in helping our clients fully utilize the unique securities law exemptions available for charitable organizations while complying with the complex securities law requirements in all 50 states, Washington, D.C., and the U.S. territories. We know that, with our help, our clients are well positioned to raise the capital they seek to serve the greater good.
