Manchester Food Co-op Kicks Off Investment Campaign

MANCHESTER, NH - The Manchester Food Co-op is thanking early investors for their support toward their $1.5 million investment campaign. The Co-op hosted a Member-Owner informational session last night to help explain the options available to investors. One husband-wife, Member-Owner duo stepped forward and invested $10,000. Goffstown residents, Terrie and Marc Bourque presented their check to Heather Avella, Manchester Food-Coop Project Manager.

Heather Avella, Manchester Food Co-op’s Project Manager, explains the two options available to investors are; “We are offering our Member-Owners the option of either investing in preferred shares or through member loans. Preferred shares give Member-Owners dividend producing shares (or stock) in the Manchester Food Co-op and these investments are equity for the store. Each share costs $100 and a minimum of ten shares must be purchased.

Dividend returns for preferred shares range from 3%-5% based on the total number of shares purchased.” Avella added that 150 Member-Owners purchasing an average of $5,000 of shares will reach the preferred shares goal of $750,000.

“A second option is Member-Owner loans,” said Avella, “These loans typically have a lower interest rate than bank financing, so borrowing from our Member-Owners now enables us to avoid taking on too much high-interest debt early on in our operations. Member loans begin at $2,000 with an interest rate up to 3.5% based on the size of the loan. We need 150 members to make an average of $5,000 loan to hit our goal of $750,000 in member loans. Member investment is the tried and true method that food co-ops use nationally to raise the capital to open doors. It is the cooperative principle of economic participation.”

The Manchester Food Co-op needs this start-up capital in order to secure the long-term lease from Associated Grocers of New England at its Harvest Market site in Bedford. The Food Co-op will transform this location into a new 100% community-owned store. Shoppers will be able to enjoy local, organic and sustainable food and products, as well as benefit from a lineup of continuous educational and community programs.

The Co-op has more than 1,300 Member-Owners from throughout southern New Hampshire to include; Manchester, Bedford, Goffstown, Amherst, Merrimack, Derry, Nashua and Hooksett and the number of Member-Owners joining the Co-op continues to grow daily.

For more information or to request a member investment packet please email or call Heather Avella, Manchester Food Co-op’s Project Manager at at Investments@manchesterfood.coop or by calling 603.305.6340. More information about the Co-op can be found at manchesterfood.coop.

Submitted by the Manchester Food Co-op.