 Community Investment Initiative Owner Loans are an opportunity to invest in your local food co-op!
Weaver Street Market offers co-op owners an opportunity to invest their money locally through our Owner Loan Program. By loaning money to Weaver Street Market, your investment stays with a business you know and trust, and enhances the economic sustainability in our region, supports local farmers, and builds our local community.
What is the owner loan program?
The owner loan program is an opportunity for Weaver Street Market owners to further support the co-op by loaning money. Food cooperatives routinely use owner loans to provide additional owner capital to open a new store or strengthen the co-op's operations.
What are the goals of Weaver Street Market's Owner Loan Program?
We have set an owner loan goal of $500,000 for 2009-2010. The funds raised will be used to retire existing loans and other debt. To reach this goal, we are seeking 50 owners who can make loans of $10,000 or more.
What are the terms of the Loan Program?
1. The Owner Loan Program is open to all Weaver Street Market owners who are North Carolina residents.
2. The interest rate is 6%. Interest is paid annually on the anniversary of the loan.
3. The minimum loan amount is $10,000.
4. The term is five years.
Are there risks associated with this program?
Owner lenders face the risk inherent in lending funds to any business endeavor. Owner loans are unsecured and are subordinated to our bank loans. Potential lenders should carefully read the Offering Memorandum.
Contributing to our future
Owner lenders play a vital role in the security and growth of our co-op. Owner loans enabled Weaver Street Market to open 21 year ago, and have supported our growth ever since. Your loan will strengthen the co-op's capacity to support our local growers, food producers, and the local economy while providing secure jobs in a thriving local business.
What is the next step?
Please contact General Manager Ruffin Slater by
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for more information and to receive the complete loan packet.
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