It will take $1.6 million to fully capitalize the Co-op and open our doors. To date we have raised $1.5 million or 95%. Together, as we advance to opening day we are closing in on our fundraising goal. We need your support to close the gap.
Here's how we're financing the remaining $88K, or 5% that we have to raise.
As shown in the chart above, member equity will account for 33% of our overall campaign. Our goal is to have 1,400 member-owners by store opening.
Today, we are households strong — and we are growing every day. Member-ownership comes with benefits including special sales, owner appreciation days, a share of our profits through patronage refunds, and exclusive access to discounts and specials at dozens of local businesses through our Shop South Philly program. Moreover, member-owners can help guide the South Philly Food Co-op’s operations through their election of the Board of Directors. By becoming a member-owner, you will quite literally be an owner of the business.
Our Member-Owner Note Program is the core of our capital campaign. It is a way for member-owners to invest in the Co-op, just as you would for any other start-up business. Member-owner loan programs like ours have served as a powerful tool for food co-ops across the country. We believe it is a win-win economic vehicle: The Co-op has capital from member-owners’ loans to use on construction and start-up costs, and member-owners have the opportunity to earn a return on their investment. Of course, these member-owners will also have the joy of being a ground floor investor in our store!
Grants, Benefits, and Donations
We’re working with institutional funders to support the creation of our store. We also raise money through selling swag, hosting fundraising events, and inviting our community of supporters to take on crowdfunding campaigns that benefit the Co-op. Want to get involved? Email us.
We have closed two large community loans, one is from Reinvestment Fund with partner PIDC at the table, and LEAF Fund. Now that we have been met by covid-19 related timeline delays and related added costs, we really need to show our lenders that we have a strong, large, and supportive membership by meeting key member-ownership and member-owner loan benchmarks each month. Please support our campaigns outlined above to help us bring construction to the finish line and be in a good position to take our final loan draws from our lenders.
Want to help?
It will take all of us working together to bring this store to life. We invite you to fill out our quick volunteer form and give your time and talents to the Co-op. There are so many ways you can help, from outreach, organizing and managing events, promoting food justice and equity, marketing, drafting and publishing/sending communications, and performing administrative and financial services.
Of course, you can always drop us a line at [email protected] with ideas or other ways you'd like to be engaged.
This page was last updated on March 14, 2019.