by Kathleen Casey and Laura Morris Siena, Together We Grow Co-Chairs
We are thrilled to report that Phase II of the “Together We Grow” campaign was a great success! We raised $430,000 in member loans and $25,000 in increased member equity, beating our goal, which was $400,000! We extend a hearty thank you to the 158 member households who were able to participate in this capital-raising campaign.
Phase I, conducted in the fall of 2016, raised over $1.5 million in member loans and enabled the Co-op to develop Weavers Way Ambler. Between “Together We Grow” Phase I and Phase II we raised $2 million.
Proceeds from Phase II paid off two bank loans, significantly lowering the Co-op’s monthly debt service. In essence, we get to pay interest to our members instead of the banks!
While we had always anticipated a Phase II of our capital campaign, the timing was motivated in great part by the tremendous growth in our membership. Since 2016, more than 3,700 households have joined the Co-op. We wanted to give our new member-owners (and the existing ones as well) an opportunity to support their co-op. With member loans paying 4% interest on a 6-year, minimum $1000 loan, and an offer of $100 in EasyPay credit for adding $400 in member equity, Together We Grow Phase II provided incentives as well!
We’re grateful to Member Loan Committee members Zbigniew Bieniaszewski, Bernadette Dougherty, Lexa Edsall, Julia Bruno Watt and Mark and Eileen Wenckus for all their hard work. We are honored to have been able to play a part in the incredible project of strengthening Weavers Way Co-op for today and for the future, and appreciate being able to meet so many dedicated members along the way. It has been a joy for the both of us.
Email Kathleen at email@example.com for more information about how to participate in supporting Weavers Way’s growth.