February 2009 Update

The answer to everyone's question -- When is the Co-op opening? -- is clear. As fast as we can build community support for it!

This past week, we received the commitment from Pioneer Savings Bank for the loan to purchase the building and make some renovations. That's a big step forward!

However, the money from Pioneer is only available until June 1, 2009 and only after we raise the following in owner contributions:

-- $120,000 in member-owner shares (we have $84,900),
-- $300,000 in owner loans (we have $170,000), and
-- $300,000 in grants and other fund-raising (we have $205,900).

In total, we need $720,000 in owner contributions to leverage all of the bank financing for the Co-op and give us enough money to operate the Pioneer Market.

In addition to the owner contributions required to trigger the bank loans, the Board Members and I are working to close a gap of $300,000 needed for in-store equipment. We are reaching out to different community organizations and lending institutions to raise this money through grants and loans. But if Co-op member-owners help with even more owner contributions, we will get there even faster and have the customer base we need to support our urban food co-op.