News you can use July 8th.....
Monday, July 12, 2010 at 9:42AM CreekSide Co-op member message for July 8, 2010
Dear CreekSide Co-op member,
In late February, the CreekSide Co-op board voted to pursue a direct loan option with the USDA that would give the co-op a low fixed-interest loan for our purchase, construction and initial operating costs. The board felt, (and still feels) that this decision was the best option for maintaining fair pricing and the financial viability of the Co-op going forward.
A stipulation of that action was that we put in place interim financing until such time as our loan is approved. While the USDA's decision is expected shortly, the Co-op's finances are at the point where we have no more than six weeks' reserves as of the beginning of July. We think farmers market revenue can carry us for an additional six weeks, which would take us to September.
We are evaluating austerity measures, but if you haven't increased your member equity yet won't you please do so now so that we can stay solvent until our funding comes in?
Any additional contributions toward your $400 fully vested membership total will help give us the buffer we need until our state and federal loan applications are approved. For those of you that have contributed the full $400, we are accepting amounts above that and will evaluate how to classify those contributions as we move forward.
To contribute, follow this link, http://creekside.coop/add-member-equity/. Or if you prefer to not use a computer to pay, you can mail a check to P.O. Box 26773, Elkins Park, Pa. 19027.
Farmers Market
Don't be shy about telling your friends and neighbors about our weekly Sunday meeting place, the CreekSide Co-op Farmers Market at High School Park. Our vendors need your support too during these hot summer months as these simmering temperatures are keeping more than a few of us indoors or at the beach, we suspect.
As always, thanks for your support. What we are doing in building this co-op will leave a positive impression on this community for generations to come. It's a lot of work in the short term, but we will make it happen. We all just need to pull together to do it.
Warm regards,
The CreekSide Co-op Board of Directors
Member Equity Payments
We continue to beat the drum for members who haven't contributed their second or third year of member equity to please do so. That means if your household has contributed $50, please consider contributing another $50 toward your full member equity total of $400. Even if you've already reached your $400 full share, please consider contributing more so that we can make it over the hump until we receive the state and federal loans we've applied for. Visit the CreekSide Co-op website at www.creekside.coop and you'll find a member equity tab right there on the home page or just click HERE. We are going to make this store happen, but we need your help to do it.
We're on Facebook!
We have set up a CreekSide Co-op Fan Page to continue to keep members and the public informed of our progress.
If you are a Facebook member, simply click HERE to
"Become a Fan."