Co-op board gives members opportunity to help build the future
Got a few dollars in the family trust fund ready for investing?
What about a local business primed with profit dollars?
The Kootenay Co-op has the perfect place to stash that extra cash as the local cooperative launches its Member Loans program.
The program is in effect throughout the month of October as the Co-op looks to achieving the goal of raising money to purchase fixtures for the new store on Vernon Street.
“We are aiming to raise $1.5 Million to go toward fixtures in the new store,” said Marya Skrypiczajko, member loans coordinator.
“We’re estimating the cost of the store to be around $10 Million. So $1.5 Million we’re trying to raise through member loans program is just a small percentage of that.”
The Co-op, currently located in the 200 block of Baker Street, has outgrown its current location and staff and members are looking forward to moving to the new store on the corner of Vernon and Hendryx Streets in the next few years.
The new store will offer customers more space to shop, on-site parking, a beautiful outdoor green space, an indoor seating area, more great products, a larger storage which will increase the Co-op’s buying power and much more.
The member loans will be used specifically to purchase new shelving, lights, and refrigeration units, check out tills, office computers and other fixtures — mostly the guts of the new facility.
“(Member Loans program) would help finance our project,” Skrypiczajko explains.
“It will show to large lenders that there is a lot of support for this project certainly from the membership.”
“And also it’s a way for people to get involved,” Skrypiczajko adds.
“We know there’s a lot of people in the community interested in making ethical investments. This is one way to give them an opportunity to do that.”
The program is open to all 11,000-plus members of the Kootenay Co-op.
Other community members interested in this opportunity to invest locally can join the Co-op and be a part of this program immediately.
Loans will receive interest compounded annually at 3.5 percent for amounts between $1,000-$9,999, 3.75 percent for $10,000-$24,999 and 4 percent for $25,000 and over.
T5 tax receipts will be issued everyone participating in the program.
“The Co-op’s business model is participatory and democratic and this is an important opportunity for owners to participate in the move to our new location in a vital way,” Susan Morrison, one of the Co-op’s Board Directors, said.
The goal of the Kootenay Co-op is to break ground on the new store in the spring of 2014 with a moving in date of sometime in 2015.
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