member-owned institutions

Member-owned institutions are organizations created and run by their members, who collectively share the benefits and responsibilities. Common examples include cooperatives and credit unions. Unlike traditional businesses focused on profit for shareholders, these institutions prioritize the needs and interests of their members. Each member typically has an equal vote in decision-making, ensuring democratic control. The goal is to provide services or products that benefit the members, such as lower loan rates at credit unions or shared resources in cooperatives. This model fosters a sense of community and shared purpose among its participants.