Our co-op continues to thrive thanks to our members’ loyalty. Since the opening of the new store two years ago, we have accumulated a strong cash reserve and maintained a positive cash flow, putting us in an excellent position to repay our debts. We are pleased to announce that on June 12th, the board of directors approved an early repayment of our North Country Development Fund (NCDF) loan. At $306,558.07, the NCDF loan was not only our third largest loan, but also had the highest interest rate. Our early repayment of this loan puts us in good financial stead—and it allows us greater flexibility as we schedule repayment of our remaining loans by 2017 (including a $565,000 bank loan, $1.5 million in member loans and $190,000 from the City of Minneapolis).
Thank you to each of the members who invested in the co-op’s expansion project—and to every member who invests in the co-op with each shopping trip. We will continue to take careful measures to safeguard our co-op’s financial viability despite economic uncertainty and increased competition. Together, we can ensure that our co-op remains a community-owned source for good groceries far into the future.