Co-op Loans program a hit with the members
Sometimes if it’s too good to be true, then it’s too good to be true.
That statement obviously doesn’t apply to the Kootenay Co-op Member Loans Program, which after just one week of the campaign has already generated 400 grand.
“We reached $400,000 in committed loans after the first seven days and expect to hit $500,000 by the end of this week,” reports Board Director and Member Loans Committee Chair Susan Morrison in a media release.
The Kootenay Co-op launched its Member Loans Program on October 1 with a goal of raising $1.5 million to equip the new store, which they expect will open in early summer of 2015.
The Member Loans program asks the public to consider making a loan as a way of supporting the Co-op’s growth.
“Our members have been telling us for years that they want more space, an indoor seating area, store parking, a great classroom and meeting space.” says Morrison.
“This is a big project and our members–through the Member Loans program — will play an important role in turning those hopes into a reality.”
Kootenay Co-op General Manager Deirdrie Lang anticipates that it will cost approximately $3Million to take the store from “an empty, unfinished 20,000 sqaure foot space” to “an inviting community-owned space, with energy efficient equipment, commissary kitchen, café, checkout counters, display units, lighting and all the other fixtures that will turn the building into our new Co-op store”.
Support for the Co-op is not the only reason members are committing to making loans.
“I have spoken with many members who are very excited about this local investment opportunity at a time when they are disenchanted with the traditional investment options; they want to invest in our Member Loans Program so they can watch their money at work right here in Nelson,” said Member Loans program coordinator Marya Skrypiczajko.
“Additionally, they are keen to support the Co-op’s move to the new store and the beautification of Hendryx Street between Baker and Vernon,”
All members of the Kootenay Co-op are eligible to make a loan to the Co-op, and other community members excited about the opportunity to invest locally can join the Co-op and be a part of this program immediately.
As loan commitments are made, volunteers and staff will be colouring in the ‘Loans Tracker Tree’ at the front of the store. As milestones are achieved, colourful birds will appear to mark them.
For more information, call the Member Loans Desk at (250) 354-4077, ext. 555, pick up a pamphlet at the Co-op’s Customer Service desk or visit www.kootenay.coop/resources.