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Press Release: Co-op Raises Over $33,000 in 3 Weeks

FOR IMMEDIATE RELEASE
Monday, September 24, 2018
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Contact:
Carolyn Huckabay
communications@southphillyfoodcoop.org

South Philly Food Co-op Raises Over $33,000 in 3 Weeks

“$60K in 60 Days” Matching Member Loan Campaign Calls on 950+ Member-Owners to Deepen Their Investment in the Co-op

SOUTH PHILADELPHIA, PA — Since September 1, the South Philly Food Co-op has raised $33,800, a momentous start to its fall “$60K in 60 Days” member loan match campaign. Raising $60,000 by October 31 will unlock an additional $30,000 pledge from the Board of Directors, bringing the Co-op even closer to groundbreaking.

The South Philly Food Co-op will be South Philadelphia’s only community-owned grocery store — a place where neighbors can come together for fresh, whole, real food as well as community and food-centric education. It will take $1.14 million to capitalize the Co-op and transform the empty space at 2031 S. Juniper St. into a fully stocked grocery store.

“I'm proud to be part of this community of nearly 1,000 member-owners,” says Leigh Goldenberg, President of the Co-op’s Board of Directors. “By deepening our investment together, we can open our doors in 2019 and provide a neighborhood-centered, neighborhood-powered grocery option unique to South Philadelphia.”

Adds Jamila Medley, Executive Director of the Philadelphia Area Cooperative Alliance: “We are thrilled for South Philly Food Co-op's early success in this member loan match campaign. Member loans are an important way to build and sustain a cooperative economy.”

About Member Loans

The Member-Owner Note Program is the core of the Co-op’s capital campaign. It is a way for member-owners to invest in the Co-op, just as they would for any other start-up business. Programs like this have served as a powerful tool for food co-ops across the country.

"As a proud member-owner and investor myself, I am inspired every day by people in our neighborhood choosing to redirect their dollars locally and invest in this critical piece of community-owned infrastructure,” says Emily Wyner, Capital Campaign Organizer. “In a sociopolitical moment when things can feel out of our control, this is something we can truly own together.”

To learn more, visit southphillyfoodcoop.org.