We’re almost there! RCC has raised 95% of what it needs to open the store!
Here’s some news that deserves celebration: The RCC has raised more than $2 million of the $2.17 million that is needed to open the grocery store! That’s right, between money we have in hand and funds for which we have written commitments, we’re at $2 million. Here’s the basic math as of September 14th:[table “3” not found /]
All this comes to $2,069,965!
That leaves us with a gap of just over $100,000, which we expect to fill in the next month or so. Regenerative Finance, the patient investor group that has already raised $100,000 for the RCC, has offered a second investment of another $100,000 – if they can raise it from among their members. They’ve received pledges for the full amount, and are now collecting these funds.
BUT… Even when that investment from Regenerative Finance comes in, we still have more fundraising to do! We don’t want to rely on F4DC’s guarantee on the owner equity and owner loan funds via a bridge loan – so we need to keep building our owner number and keep up the push for owner loans.
We have 627 owners, of whom 529 are fully paid. The rest are making steady progress through monthly payment plans. We want to get to 1,000 owners by April, when we hope to open the store. If you haven’t joined yet – now is the time!
Also, we have raised more than $110,000 in low-or-no-interest owner loans. Our goal is $200,000. If you are already a member-owner of the RCC, and you would like to make a further financial commitment to help open the store, please contact Marnie Thompson at marnie[at]f4dc.org. All it takes is a willingness and capacity to invest $500 (or more) for either five or ten years.
One final note – earlier updates worked from the premise that it would cost $1.79 million to open the store. Our estimate of the cost has gone up, because as we get closer, the actual construction costs are getting clearer. Plus, because the project has taken longer than we originally thought, there are costs related to simply running the campaign. The good news is that even as our pre-opening costs have gone up, we’ve garnered enough support to cover the increase.