IT'S CRUNCH TIME FOR MEMBER LOANS!!!
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More than 80 of our 650 members have already generously pledged anywhere between $1,000 and $30,000 to our member loan program to keep the Co-op ball rolling. We're asking all members to do what they can - right now - to close the gap and help us begin construction next month.
The next two weeks are critical to the success of our member loans drive, which is a keystone to the Co-op's financial structure.
In order to collect the recently approved $500,000 Community Development Block Grant, we must raise at least $450,000 in member loans. The grant is, in turn, a precondition for the consortium of local banks and regional development lenders to finalize $3.4 million in construction and equipment financing. In order to begin construction, of course, we must have the financing in place.
Our member loan program kicked off this spring, and we've raised more than $260,000 through the program so far. Our target date to raise the remaining funds through member loans is June 30.
We need another $190,000 to begin construction of your regional cooperative food store. To put this urgent goal into perspective, that translates to about $300 per member.
The minimum loan amount is $1,000, with loans up to $10,000 earning 4% interest and those $10,000 or higher earning 5% interest. Interest is accrued annually and will be paid in three installments beginning in April of 2012.
If you haven't made a loan yet, please email your intent to do so and at what level to loans@littletoncoop.org.
If you've already pledged money to our loan program but could increase your pledge, please consider doing so. The CDBG requires the loan funds to be in the Co-op's cash balance, so if you have already pledged to the member loan program, you'll be receiving the relevant paperwork from us in the near future.
If you're not in a position to make the minimum pledge amount, you can still help! Please consider making a donation and earmarking that toward the $450,000 goal. You may do so by emailing to loans@littletoncoop.org. (What a great way to use your IRS economic stimulus check!)
Our contractor, Daniel Hebert, has agreed to hold his price for building our 13,500-square-foot store until the end of this month, despite constantly rising steel costs. But ONLY IF we make our member loan goal by June 30.
We're so close to realizing what we all want - a member-owned food store with high quality goods and fair prices - a reality. Your help can get us there!
Let's join together again and get our Littleton Food Co-op store open within a year!
If you'd like to speak with someone about the member loan program, please call Mike Claflin at 603-444-5333 or Jan Marshall at 603-838-6877.
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