Earn up to 6% Interest While Providing Capital to CreekSide
CreekSide Co-op is a member-owned grocery store that has purchased and begun construction on the former home of the Ashbourne Market to create a full-service food store.
Member loans are an essential element in the financial health of most co-ops. With our store set to open in just a few months, we are embarking on a new campaign to further strengthen our finances, and to make this opportunity available to more of our members.
In addition to building working capital for daily operations, additional member loans will help keep our pre-opening finances strong, enhancing the contingency buffer that is built into our construction budget, while at the same time giving co-op members the opportunity to earn a very attractive interest rate.
To bolster our working capital and to rebuild the contingency cushion we have set a campaign goal of raising $150,000 in member loans. To facilitate our members making loans, we have developed a program whereby co-op members can make loans as low as $1000 as follows:
| LOAN AMOUNT | 5 YR TERM | 7 YR TERM | 10 YR TERM |
|---|---|---|---|
| $1000-$5,000 | 4% | 4.5% | 5% |
| $5,001-$20,000 | 4.5% | 5% | 5.5% |
| $20,001 + | 5% | 5.5% | 6% |
These are the steps for making a member loan:
- Review the Offering Memorandum carefully. This spells out the details of this offering and terms and risks associated with the member loan program.
- Fill out and sign the Subscription Agreement (not the exhibit to the Offering Memorandum)
- Deliver original signed Subscription Agreement, along with a check, to CreekSide board vice president Andy Schloss, aschloss1730@gmail.com, 267-250-0841, 7410 Woodlawn Ave, Elkins Park, PA 19027
- A copy of the Subscription Agreement, along with the original Note, will be returned to you asap
We encourage you to read the Offering Memorandum carefully, e-mail or call board members with your questions, and participate in one of several member loan meetings being organized by your fellow members.
Thank you for your commitment to CreekSide and the improvement of our community,
The Board of Directors of CreekSide Co-op