The Co-op's Financial History

  1. I already made a loan. Has the money I loaned been spent?

    During the process of finding the best possible location for the Co-op, we entered an agreement to lease space on 25th St. A lease was held for a year, but after extensive evaluation and due diligence the board elected, in the best interest of it’s owners and the long term sustainability of the Co-op, to opt out of the lease rather than pay additional holding costs to retain that location. In the interim, the board has judiciously and frugally utilized funds necessary to move the project forward. The Co-op has been operating as a business since 2010, experiencing revenues and expenditures as any business does. The Board has acted as responsible stewards in only investing in what is needed to sustain the store and demonstrate the long term success of the store by way of legal fees, feasibility studies, marketing, store design, business plans, etc.
  2. I already made a loan (during the last phases) and wonder what will happen to my loan if for some reason the co-op doesn’t get built?

    If the project does not move forward, the Board will make decisions about the next steps. Possibilities include A) Renegotiating with current property owners; B) Beginning the search for another site; C) (last resort) dissolving the co-op. Please see our example further defined in addendum B “FAQ:  What happens to my money if we don’t reach our goal?” If a search for a new site is begun, funds collected in this round would be redirected towards the costs of finding and preparing that site.  
  3. How much was raised in the first phases of the capital campaign?

    In Round 1 (2011-2012), we raised $151,000 in owner loans. In Round 2 (2015), we raised $204,200 in owner loans and $31,050 in non-patronage certificates. In the current campaign we have raised $107,000.00.
  4. If I didn’t make a loan during the first phases of the campaign why should I consider a loan now?

    You should consider making a loan now for several reasons. First, we have a new site with a landlord who is in tune with the co-op business model. In fact our landlord is a Co-op owner. Second, we’ve increased and provided consistent communication as we should have and we’ve committed to communicating with owners at least monthly via an email updates. Finally, we’ve secured expertise to help us open our co-op. We have seen significant owner growth and have hired an outreach manager to continue to focus on owner growth. In addition to the outreach coordinator we’ve sought the expertise needed to make this campaign successful including a capital campaign chair with a track record of successful campaign management, as well as industry experts to point us in the right direction, including working with CDS consulting to make sure our finances and projections are accurate and that our store design is effective and efficient. In addition we’ve enlisted the services of an expert who has successfully planned and implemented a record-breaking owner loan campaign at Green Top Grocery in Bloomington, IL.
  5. How is the Co-op a good investment in our community?

    The Co-op is a good investment in your community and will have a positive impact in the community because we focus on health, education, sustainability, support for local farmers and will make a strong economic impact.  We are moving in the right direction. NOW is the time to consider a loan or donation to CFC.
  6. Where will my dollars go if the store doesn’t open?

    This is one of the most common questions we have received.  Because the Board is committed to seeing this store through, as promised to many that have already invested, and because many who have not yet invested have told us they would like to but are concerned about meeting our goal, the Board has created an option for owners/donors/investors to make a pledge to the campaign. Your pledge will allow you to sign an agreement stating the amount you would like to loan or donate when the campaign goal is met on May 15, 2018. We believe pledges will, in fact, get us to the goal and at the same time give those concerned the confidence to make their commitment/investment. Answering concerns and providing confidence is our objective and and what we believe will get us to the final goal .  Show your support with a pledge today.
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