finance-pen-sheets

Updated January 26, 2015

Some days it seems like the RCC grocery store is taking forever to get here. That’s understandable, considering it’s been more than two years since the community decided to form a steering committee to make this thing happen.

But every once in a while, we pass a benchmark that signals that we are making significant headway, that bit-by-bit we are turning our dream into reality.

Well, here’s some news that deserves some celebrating: The RCC has raised over $1.12 million of the $1.79 million that is needed to open the grocery store! That’s right, between money we have in hand and funds we have firm commitments for, we’ve crossed the $1 million mark – and that’s not counting the financial support we are working to get from the City of Greensboro. Here’s the basic math as of January 26th:

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All this comes to $1,127,628!

We have plenty more work to do, to be sure. First off, we don’t want to have to rely on F4DC’s guarantee on the owner equity and owner loan funds – so we need to keep building our owner number and keep up the push for owner loans.

Second, we still have $612,372 more to raise! The largest part of this – $600,000 – we hope to get through economic development incentives from the City of Greensboro. We are hopeful the Council will make this official in early 2015, after the City finalizes the sale of the Shopping Center to Self Help.

Fundraising highlights of the last two months:

  • Our Indiegogo campaign was a great success, blowing past our $15,000 goal to finish at $16,001. More than 600 individual donors from 23 different countries contributed an average of $25 each to reach the total of $16,001.
  • RCC negotiations with a group of patient equity investors from across the U.S. have yielded a $100,000 investment with terms that are very supportive of the RCC.

These two stories tell us that the RCC is garnering support from across the globe. Now it’s time for the City to do its part!

One thought on “Making Real Headway on Financing Our Grocery Store

  • February 23, 2015 at 7:51 pm
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    I love to see the black community stand up and fight for change and use their economics to fight for social justice.

    Reply

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