You asked and we answered! Here is a list of the questions that we see most often.
Don't see your question here? Contact us with your question and we will post it here to help inform all of owners.
- When are we going to open?
- Where is the store going to be?
- How many owners do we need to open the store?
- How has the ownership equity been spent?
- Where will the rest of the financing come from to open our store?
- Why become a owner now?
The process of opening a grocery store requires a lot of volunteer hours. More community involvement will help us to move through our development model faster.
We are committed to being in the downtown. Our market studies have shown that a 10,000 sq. ft. store with 40 parking spaces and truck access is needed in order to achieve our mission. We do not have a specific site identified.
Believe it or not, there is no magic number that will open the store. There are several reasons that developing co-ops need growing ownership to succeed, such as a successful capital finance campaign and market study. We need all of you to open the store!
As a business, Granite City Grocery has overhead expenses such as insurance, minimum tax filing fees, consultant fees, and outreach expenses. Much of this has been offset through our active pursuit of grant funding. Owners can review our balance sheet or profit and loss statement upon request.
Owner equity is necessary for our overhead costs but that alone is not enough to open a store. A capital campaign will need to be planned and executed in order to raise the first round of funding. Our complete financial package will be a mix of preferred shares, owner loans, grant financing, as well as funds from a collection of financial institutions.
Barre is a community without access to affordable groceries. Granite City Grocery is the solution to this problem. This is a community project that requires support from our entire community. Becoming an owner now is an active step in making our community a better place to live. Join now and become a part of the solution!