This week, Commonwealth Bank of Australia (CBA) has approved the overdraft facility for the C-Mac Co-operative.
Jon Cunningham who is CBA Relationship Manager for C-Mac just personally handed over the documentation for signing.
This is very significant as the security is only on a floating charge over the business with no personnel guarantees. This facility was a challenge for the CBA as they were not familiar with "manufacturing worker co-operative" structures. The facility was approved based on the quality of C-Mac's management and the 50 year history of trading.
CBA have now given the co-operative community considerable encouragement, it has supported the 35 families at C-Mac with security of employment and an exciting future in manufacturing.
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