Community. Sustainability. Ownership. Good health. These are just a few of the principles that we are working toward by investing in and building the Richmond Food Cooperative. Whatever drove you to join this movement, we thank you for your support and for being a member of the Co-op family.
Together, we are working to raise $800,000 in startup funds from our member-owners to build our store. Cooperatives of all types utilize member loan programs in order to raise capital. These are not donations, they are investments—members are repaid with interest beginning in year five. As owners, we will all benefit when the store is built. But, first, we all have a part to play to open those doors!
Since launching our Member Loan Campaign, we have reached over 30% of our goal—a big step in the right direction. All of the other pieces are in place. Sunflower Studios has completed the store design. Our commercial lenders are readying loan packages for the balance of our financing. We continue to review resumes from our nationwide general manager search. And, of course, Sky Interiors is very eager to begin the buildout! But, we cannot move forward until our member loan effort is complete.
How do member loans work? Member-owners can loan the Richmond Food Cooperative a minimum of $1,000. Our current average loan is $4,000. You choose your own repayment terms (5-10 year payback ranging from 0% to 4% interest). Member loans are NOT spent until we meet our target. This means that your investment will either be spent on a fully funded project, or it will be returned to you.
The Co-op will serve as a showcase for local products, keep wealth in the community, and improve access to healthy foods. We are so excited to bring this concept to Richmond, but time is limited. We must reach our $800,000 goal by February 28th in order to proceed with the build out of the store. Let’s act now!