October 01, 2014 4:49 pm • By Karee Magee
BisMan Community Food Co-op launched its Member Loan Campaign Wednesday as part of its plan to start a member-owned grocery store.
The campaign consists of current members pledging a loan to the co-op, so additional financing can be secured from a bank or credit union.
The co-op was launched in the summer in 2013 and now includes about 650 members.
The BisMan Community Food Co-op is designed to support local food, fair wages and educating the community on making healthy choices.
The grocery store is scheduled to open in 2015, depending on whether the co-op has to renovate a building or build one.
The co-op’s goal is to raise $500,000 by Nov. 15, and they hope to secure about $500,000 from a bank after the campaign.
“We've exceeded our goal to have 10 percent of our overall goal committed before launching the capital campaign and have $75,000 committed by members that have been core supporters since the beginning,” Heidi Demars, outreach coordinator of the BisMan Community Food Co-op, said.
The co-op also plans to approach local businesses about buying preferred equity, a type of stock.
Reach reporter Karee Magee at 701-250-8251 or firstname.lastname@example.org.