Wednesday, 05 January 2011 21:34
Bloomingfoods Repays First Round of Expansion Loans
The Third Cooperative Principle is Member Economic Participation. Four years ago we invoked that principle, inviting our members to provide us loans to assist in funding the conversion of the Encore Café into our Near West Side store. Dozens of our members stepped up to help, allowing us to raise almost $300,000.
We are extremely pleased to report that we are now repaying the first of the four-year loans as they come due. We are also offering folks who contracted for longer period loans to contact us if they'd like to redeem their loans now. Those who prefer not to do so will, of course, continue to enjoy the accumulation of 2, 3, or 4% interest (well above current bank rates), as they requested on their promissory notes.
We sincerely thank all those who participated in this program, and we hope you agree that "member economic participation" is indeed a win-win opportunity.