The Monadnock Community Market (MCM) Co-op exceeded the $500,000 minimum escrow requirement needed to move forward with its plan to open a 12,000 sq.ft. store in the Railroad Square development in 2012. Although the Member Loan Campaign is officially wrapping up today, there has been enough activity and recent interest from new member-owners for the MCM Co-op to extend the campaign until June 30th and continue accepting loans from member-owners until the Co-op has reached the total $800,000 goal of the Member Loan Campaign.
“We are very happy with the progress of our Member Loan Campaign. It has been amazing to see member-owners from around our region come together and invest to help make our Co-op a reality. There are already over 100 households participating as lenders, with the average loan around $5,000. This is truly a community effort!” said Joe Marks, President of the MCM Co-op.
The MCM Co-op Board of Directors, Project Manager, and Member Loan Team are working to complete the Member Loan Campaign with a combination of additional member loans, loans from neighboring food co-ops, and local foundation support. Pending city approval, construction will begin this Fall with completion of the project scheduled for Summer 2012.