No, it’s not a rumor – our co-op is expanding! Our aisles are crowded and we need more space for our fresh, local produce; meat; grocery and wellness items. We’ll also upgrade our deli kitchen and have more cafe seating!
In order to make this expansion a reality, we need the support of our owners – that’s you! Borrowing from our owners (vs a bank) is something all co-ops do, is more flexible and in alignment with our cooperative principle of “members’ economic participation.” Our owner loan campaign goal is $1 million by November 16.
So why should you invest in the co-op?
- It’s a truly responsible investment, with significant local benefit: every $1000 invested with us becomes $1600 in local benefit as it keeps getting spent around our community
- You earn a return (more on that in a minute)
- You’re participating in something good, that aligns with your values
While we can’t promise you anything, you can trust that we have done our due diligence including 10 year financial projections. We aren’t overdue on any of the loans owners made to help us open our doors – and our sales continue to grow each year we are open.
You can find all the details in the “Loan It” brochures available in the store, but here are the basics:
- You must be a member-owner and a resident of Virginia
- The minimum loan amount is $1000 but we’ll need some owners to loan $5000, $10,000, $25,000 and even more to meet our goal of a $5000 average loan.
- You can choose a repayment term between 5-10 years (available on a first come, first serve basis).
- You choose your interest rate! Between 0-4% depending on loan amount (keeping in mind that a lower interest is of greater benefit to the co-op).
Co-ops all over the country are successfully raising $1 million or more, so we are confident we can do it too! Click here to see how we’re doing; we encourage you to make a loan to help us reach the goal, plus help us spread the word!
To ask questions or commit to making a loan: come into the store and ask for a loan packet or call/email our general manager Steve Cooke at (540) 801-8882 or firstname.lastname@example.org.
Guest Blogger: Lindsay Martin, Board Member