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We never thought it would be easy – or cheap – to get Kennett Community Grocer off the ground. Forgive us for continuing to talk about MONEY, but it is going to take some of the stuff to open the doors. Specifically, we need to raise approximately $2 million from donations, member equity funds, and loans to be successful. Fortunately, our Capital Campaign team has sprung into action to make this happen. You will be hearing about a series of mini-campaigns as the campaign unfolds. In addition, we are working on an investment opportunity for Member-Owners and those plans will be revealed in communications to come.
What will the $2 million we raise be used for? It breaks down into three different categories:
- Construction costs and equipment: 50%
- Working capital: 25% (required by most lenders to cover anticipated costs during the first year while we build our customer base and develop efficiencies in the store)
- Staff and inventory: 25%
As you can imagine, we will be coming to you in the weeks and months ahead to fill you in on the details and ask for your help. Watch for brochures being sent to all Member-Owners about how you can donate. Meanwhile, the Donation page on our website is up-and-running. On that page, you can donate directly to KCG or to our Fiscal Sponsor, the Fund of Cooperative Development Services (CDS), in order to receive a tax deduction. This is a 501(c)(3) organization in Minnesota whose mission is to help emerging cooperatives. The money goes into our Kennett Community Grocer account in their Cooperative Development Fund.
Every dollar counts! You will hear from us again about how you can help fund the build-out of the store. This is a cooperative venture in all senses of the word, and we are grateful for all you’ve contributed to making it a reality.
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