A Hearty “Thank You” to Members for Loan Support

A Hearty “Thank You” to Members for Loan Support

Seven years ago, the Oneota Co-op embarked on an expansion into the current space on Water Street. To make the financing package work, the Co-op needed to rely on our member/owners to provide unsecured loans for the project. Members stepped up in a big way – lending over $357,000 to the Oneota Co-op for a 7-10 year time period. Loan amounts ranged from $500 to $50,000. With this infusion of cash the Co-op was able to secure a mortgage, borrow money for equipment, and cover contingency costs associated with the move. As we did with our previous expansion in 1994, the Co-op has paid these loans back on-time or before they were due. As of this date only $62,000 of this obligation remains to be paid. For obvious reasons of confidentiality the names of the member/owners who loaned money to the Co-op have never been publicly disclosed. The Board of Directors would like to thank all of you who put your money and faith in our Cooperative. We know that the Co-op can call on you when needed to help the store thrive. The power of altruism is there for everyone to see at Oneota Co-op.

Submitted by:
Steve McCargar
Board President