Attention Rooted Carrot member-owners: Have you ever purchased a car? Bought a home? Took out a student loan? If so, then you know two things. First, that you couldn’t have done it without the bank loan. And second, well, it would be nice to be the bank some time, right? Well, now you have a chance to do so!
The Rooted Carrot needs funds to open up a store, and because we’re a cooperative, we can do something unique: We can bundle together lots of smaller loans from our member-owners to be the equivalent of a large start-up loan from a bank. (This ties into Co-op Principle #3: Member Economic Participation.) Ultimately, these bundled loans will be at a significantly better rate than the banks can offer, which helps the Co-op’s bottom line.
The great thing about loans is that if all goes well, you get your money back! Speaking of Co-op loans specifically, member-owners can even set specific interest rates – as much as 4% based on the size of the loan.
We’ve found that most of the 62 member-owners who’ve made loans to the Co-op have done so not because they see this as a money maker, but because they believe in the Co-op’s mission.
Roger White of Cedar Falls is one of the member-owners who has made a loan. “The Rooted Carrot Co-op Market is our best opportunity to get fresh, high quality, and to the extent possible, locally-grown produce,” he said. “It will provide an incentive for more community growers to focus on food for local consumers rather than for the export market.”
Floyd and Sherry Winter made a loan as well. Floyd noted that “Community involvement has always been and continues to be an important part of my life.”
Roger and the Winters’s loans are part of $411,000 in loans made so far to the Co-op, just over halfway to our goal of $800,000. (Loans are part of our capital campaign.) Loans as small as $2,000.
So, Co-op members: Here’s your chance to be the bank and invest in your community. Contact us today and we can draw up the loan agreement and help get the Rooted Carrot established!
How to Participate in the Co-op’s Capital Campaign
The three best ways to support the Co-op’s campaign are:
- Contribute. Make your loan (members only) or donation if you haven’t yet (or increase your contribution). Please contact us for details on how you can support this effort.
- Volunteer. We are recruiting a few more volunteers for various positions in the campaign (many of which don’t involve asking anyone for money!). If you’re interested in helping, please sign up to volunteer here.
- Tell your story. Share the reasons why you contributed with friends and neighbors and social media contacts. As an owner of this business, you can help us reach our goal!
More information about our campaign can be found on our website. Please contact Committee Chair Tom Wickersham if you have any questions.
Thank you!