The Time is Now–
The Delridge Grocery Co-op is launching its member owner loan program!
The co-op now has over 300 members and is planning to open our cooperative grocery store within the next year. This exciting venture is a result of thousands of hours of volunteer work by our board of directors and community volunteers, and will be a source of stability and vitality in the Delridge neighborhood.
The Delridge Grocery Co-op provides a wonderful opportunity for our diverse community to gather and celebrate simple, affordable, healthy food. This is our mission and our dream.
All start-up businesses need adequate capital and an affordable location.
The Plan is Here-
To be successful, we need to raise between $300,000 and $350,000 in start-up cash.
We have an extensive business plan, developed in conjunction with the prestigious Bainbridge Graduate Institute. We plan to raise this money in four ways:
- $100,000 minimum in member loans
- $140,000 minimum in bank loans
- $50,000 minimum in loans and grants from other food co-ops
- $60,000 in membership joining fees
Once the co-op raises this money, we believe we have an excellent chance to be successful as both a business and a community asset. We invite you to invest in our future.
The Goal is Clear –
To raise $100,000 through our member loan program before we begin permitting.
Member loans represent commitment and engagement in the co-op on behalf of its members. While not provided by all members, member loans are nevertheless a very strong indicator of member buy-in and support for the proposed start up of the co-op. Such investment illustrates that the member values the co-op’s services and is willing to lend money to the co-op, while clearly understanding the risks involved.
Member loans are a critical ingredient in the cooperative’s mix of assembled capital. A bank is impressed by a co-op’s ability to raise member loans. Financial institutions often view both member loans and member equity favorably when assessing bank loan applications.
The loans will vary in amount – we are starting with a minimum of $1,000. They are interest-bearing loans and will be paid back based on the lender’s choice of between four and eight years.
Interested in learning more about the member owner loans? Here’s what to do:
You can review the Frequently Asked Questions here.
Upon request, we can share our detailed business plan with you to evaluate for yourself our chance of success.
Have more questions? Ready to make a member owner loan?
Contact our member loan coordinator at: