It will take $1.14 million to capitalize the Co-op and transform our empty space into a fully stocked grocery store. Together, we are closing in on our fundraising goal. Your support today will help us open our doors!
Our goal is to finish fundraising by the end of February 2019, and open our doors about 4 months later — so we're aiming for a summer 2019 opening. Here's how we're financing our store:
As shown in the chart above, member equity will account for 22% of our overall campaign. Our goal is to have 1,100 member-owners by the end of February 2019. After that, we'll look to welcome 265 more member-owners during the construction process and within a few months of store operations.
Today, we are households strong — and we are growing every day. Member-owners will receive perks in the store, and right now, member-owners have 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!
You can review the basics of our loan program through this 1-pager, or reach out to our capital campaign organizer, Emily, for more information.
Grants, Benefits, and Donations
We’re working with institutional funders to support the creation of our store. So far, the City of Philadelphia, the Bowers Fund, Dolfinger McMahon Foundation have made grants to the co-op. In addition, the Untours Foundation made a loan.
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.
Once we meet our member-owner loan and membership goals, we have financing lined up for a large community loan as the final piece to the puzzle. We need to show our investor that we have a strong, large, and supportive membership by meeting our membership and member-owner loan goals first.
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@example.com with ideas or other ways you'd like to be engaged.
This page was last updated on November 1, 2018.