Capital Campaign Update: The Big Pause

Regular readers of the Garlic Press (and Co-op member-owners) know there’s a Capital Campaign underway to raise necessary funds for the Rooted Carrot Co-op Market. But some have been wondering, “Why don’t I hear much about the campaign?” Good question!

Before we answer that, let’s recap a few basics. First, the Rooted Carrot needs to raise about $2.9M to open this community-owned grocery store. That will be the case for any site we select. The equipment alone – like freezers, coolers, and display cases – will cost nearly $1M alone! Here’s a breakdown of anticipated costs:

Next, let’s recap the plan to raise the necessary capital. For starters, the membership equity – the $200 share amount necessary to become a member-owner – accounts for only 10% of what we need in total. The Co-op will secure a traditional bank loan and is also working on securing some grants as well. The remainder will be raised through a Capital Campaign. The Campaign’s goal is $1.75M and to date, we’ve raised just about $800,000, or about 46% of the total goal. About half of this will be raised from loans provided by Co-op member-owners, and the other half will be through donations.

The Campaign is most visible when we’re in an “active” mode. That’s when there are regular emails, social media posts, and phone calls. Lots of phone calls. Which takes us back to our opening question – what’s happening with the Campaign?

Well, we’re not in an “active” mode right now, but that doesn’t mean we’re inactive. The Capital Campaign Team is working diligently “behind the scenes” to get ready for the next “active” phase of the campaign, which will happen after we secure a new site for the Co-op.

In the meantime, the campaign continues! If you want to help with this effort and make the next “active” mode a little easier, here are some ways to do so:

  1. 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. 
  2. 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.
  3. 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!

Thanks for everyone’s support so far. Please contact Committee Co-chair Tom Wickersham if you have any questions.

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