BISMARCK, N.D. (AP) - A food co-op in Bismarck must raise about $455,000 by the end of July to be able to open.
The BisMan Community Food Co-op has fewer than 20 days left to accomplish its start-up funding goal. The group needs $900,000 before approaching a commercial lender for the remaining capital.
Outreach coordinator Heidi Demars tells the Bismarck Tribune (https://bit.ly/1M4fLj6 ) the co-op is reaching out to member-owners to ask for owner equity as part of the start-up funds. Demars says the co-op is also offering individuals and businesses a chance to purchase preferred equity, which is similar to owning stock in the co-op.
The group is aiming for $600,000 in loans from co-op members and $300,000 in preferred equity.
Demars says this type of capital campaign is typical of start-op food co-ops.
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Information from: Bismarck Tribune, https://www.bismarcktribune.com
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