Expansion Project: Member Loan Drive
October 31, 2017
This article is also featured in our Expansion Project printed newsletter, which is being mailed to member owners in early November.
Member Owner Loans
For as long as we have existed, we have depended on our member owners to help grow and improve our Co-op.
Just ask the folks who helped sell black bean burritos at our Sweet Pea booth over the years. These burritos helped fund our operational expenses for an entire year. In 1989, we used the proceeds to purchase three office chairs. In 1992, when we moved to our current location (from College Street by Colombo’s), we used the funds to help purchase a milk cooler. It was the only new piece of equipment purchased during the move and we still use it today.
Our longevity and success is due, in no small part, to our member owners. Whether you rolled up your sleeves and grabbed a shovel or hammer to help with past projects, supported us with member loans or spend your hard-earned dollars here, we are truly community-owned and community-grown.
The time to grow has come again and the scope is much larger than a few office chairs or a milk cooler. Some of you may be reminiscing about those black bean burritos, however, they won’t be making a comeback. Instead, we are seeking member owner loans that will provide critical capital to help us fund the project.
Member Loan Drive
Starting in November, we are seeking at least $2 million in the form of member loans to supplement additional funding we are securing through the bank. The total estimated cost of the project is approximately $11 million.
- Minimum loan = $1,000
- Maximum loan = $50,000
- 4 year term = 4% interest
- 7 year term = 5% interest
Loans are available to member owners who are Montana residents only and are not transferable.
Additional Loan Information
Looking for more information on member loans, terms, possible risk and contact information?
Click on the following link for a downloadable informational sheet: Download Member Loan Drive
You can also pick up a copy from the Customer Service Desk.