Fidelity Bank Approves Loan to Build Co-op Once Investment Goal is Reached:
Your community-owned, local grocery store is one step closer to opening!
Once owners invest a minimum of $800,000 (only $300,000 left to go!), a bank loan of $1.1 million will be required to secure the funds needed to open the store. Fidelity Bank has agreed to provide this loan, backed by a USDA guaranty, once the $800,000 owner investment goal is reached.
Heres the step-by-step list of the funding-to-open process for the co-op:
Find bank to loan $1.1M – Done
Secure USDA warranty for loan – Done
Raise $800,000 in investment from owners – More Than Halfway There
Receive loan – Hopefully A Quick Process
Open in 6 months! – Home Free
Fidelity Bank was selected, in part, because it is a local bank that has supported the co-op since early stages. Additionally, Fidelity Bank is offering a great incentive for CSM owners who open a checking account with them.
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