Member Loan Drive a Success
March 20, 2018
We've raised just under $3 million!
One of the unique benefits of being a cooperatively owned business is that members can contribute and benefit in many different ways as we grow. One way that you - our members - have contributed to us over the years is by loaning the Co-op funds for our past growth projects.
While these loans have helped to fund our past projects, members who have loaned us these funds have benefited by earning competitive interest rates for their loans while investing in a business that they have an ownership stake in through their membership interest.
In January, with the “Co-op the Whole Block” project on the horizon, we reached out once again to our member owners to participate in this unique opportunity to help us grow by loaning money for this project.
We set an original goal to raise $2 million through member loans to help fund this approximately $11 million project while offering to pay back these loans at 4% or 5% interest over the course of 4 or 7 years.
We received an overwhelming response to this opportunity and to date, we have raised just under $3 million in member loans, well above our original goal. This makes it possible for us to move ahead with our planned expansion and the Co-op the Whole Block project.
The Co-op Board of Directors and staff would like to thank members for their generous participation. This project would not be possible without your confidence and excitement for the growth of our Co-op.