“The Time Is Ripe” Capital Campaign is officially underway!
What does it all mean? Over the next several weeks, the Co-op will be raising $875,000 through loans from member-owners and the sale of Preferred Shares. It’s a lot of money. With that money, we’ll be proving our viability and base of support to other lenders, and ultimately using it to build walls, buy fixtures and equipment, and eventually pay staff to open up our store. The Capital Campaign fundraising effort is second only to your member-ownership in importance, and is the embodiment of Cooperative Principle No. 3: Member Economic Participation.
Bona-fide New York State residents have two ways to invest in the Co-op: Member Loans and Class B Preferred Shares.
- Member Loans: The minimum member loan amount is $2,000. Terms vary between four and 10 years and the loans carry a simple interest rate between 1.5% and 4.5% depending on the duration of the loan. Interest accrues on the loan and is paid back with principal at loan maturity.
- Preferred Shares: The cost of one Preferred Share is $100, and a minimum of 10 Preferred Shares must be purchased.
By now, all member-owners have received a Capital Campaign Packet in the mail. The packet contains all the financial nitty gritty, and a unique opportunity. In the coming days and weeks, we’ll be calling all member-owners to follow up personally on the Capital Campaign Packet. We’ll answer your questions and sit down with you to discuss your options.
Our $875,000 will be made up of large and small investments from hundreds of member-owners. We understand that member-owners have varying capabilities, with some owners able to invest at the minimum amount and others making larger investments. Our goal is for the average investment to be $4,000 or more.
There is a lot to think about, we know. Some of your questions may be addressed in our Frequently Asked Questions. If you have other questions, would like more information, or to begin arranging your investment now, please call Sheila Conboy (716-912-0672) or Mike Benzin (716-316-1090) or send an email to [email protected]. Thank You!