Silverton Food Co-op has hit the ground running in 2021, as there is no time to delay discussions and decisions essential to our Co-op’s future. And the Co-op needs all owner participation in these important next steps! Please continue reading for results from our 2020 capital campaign and details for the upcoming owner meeting on January 21st.
The Silverton Food Co-op Board of Directors has carefully evaluated the results from the 2020 capital campaign to raise the funds needed to open our community-owned grocery store. During the campaign, volunteers made hundreds of phone calls, texts, and emails, and reached 40% of the over 600 owners eligible to make a loan with the Co-op. 58 owners have invested a total of $195,000 in owner loans, and an additional 34 owners made gifts totaling $7,340. We are deeply grateful to the owners who participated in the campaign, either by volunteering, investing, or donating - thank you!
While the funds raised in 2020 are significant, we have learned that our prospects are poor to secure $800,000 from our owners in 2021, in accordance with our $1.6 million business plan to open the store. Following this evaluation, the Silverton Food Co-op Board of Directors met with capital campaign owner-investors last week. During that meeting, investors reviewed the results of the capital campaign, discussed current options available to the Co-op, and provided feedback for the next steps. Now, we invite all Silverton Food Co-op to join in on this important discussion.
The board is considering three options: (1) resume the capital campaign this spring, (2) return investments to date and explore other business plans, or (3) close up the business. Either of the first two options will require significant owner participation. Also, the board is open to any other proposals presented by the owners. Should the Co-op collectively decide on the second option, to postpone pursuing the finances needed to open the store, the Co-op would accordingly return funds to all owners who have invested and, upon request, owners who donated during the Fall 2020 Capital Campaign.
Please participate in the discussion at our upcoming virtual owner meeting on January 21, 2021, at 5:30 p.m. Bring your questions and ideas for what types of projects you’d like the Co-op to pursue, and engage in an open discussion with your fellow owners. We look forward to your participation in this survey and at the upcoming owner meeting. Thank you!