[Vision2020] Food Co-op community loan program successful

[Bill London]

Moscow Food Co-op Exceeds Community Loan Goal

 

            The community loan program, created to raise $350,000 to help finance the remodeling and relocation of the Moscow Food Co-op, has succeeded, after less than two months and $100,000 above the original target, announced Kenna Eaton, Co-op general manager.

             On January 13, 2005, the food co-op signed a lease with Beth Kenworthy for the building that housed Garts at Fifth and Washington in downtown Moscow.  As part of the financing for that move, the food co-op planned to raise loans of $350,000 from local supporters, $100,000 from the Clearwater Economic Development Association (CEDA), and $500,000 from a commercial bank.

            Six weeks later, at the end of February, the food co-op members had loaned the $350,000.  Other co-op members were willing to lend more, so the co-op’s board of directors decided to replace the CEDA loan with more member loans.  The loan target was therefore increased to $450,000.

            That goal was reached on March 8.  The food co-op now has banked $338,000 in community loans and has $112,000 in signed promises from co-op members, with a waiting list as well.

            “We are all thrilled by the level of support shown by this community for the Moscow Food Co-op,” Eaton said.  “We are done after less than two months.  People here want to invest in Moscow, to make Moscow better, and they are excited to help make the Co-op grow.”

            Though the community loan program is now over, the food co-op is still seeking donations to help with the move.  A feast and silent auction is planned for April 16, with 240 tickets available at $30 each.  Most of those tickets have been sold and an amazing variety of auction items have been donated, Eaton said.

            In addition, Eaton cited a 50 percent increase in food co-op memberships.  Those memberships are a way everyone can support the food co-op’s move, she said.

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