In our August 3rd post, we explained that Bluff Country Co-op plans to finance the expansion project through a combination of co-op savings, preferred share sales, and external funding. At that time the GM, along with the Vice President of BCC’s Board of Directors, began presenting our business plan to area banks.
After reviewing the bank proposals, BCC is now moving forward on a loan offer from Home Federal, a local bank serving Minnesota and Iowa. Home Federal’s proposal takes advantage of a USDA Business and Industry loan guarantee program, the same program that backed the loan for St. Peter Food Co-op.
In her blog post about St. Peter Food Co-op’s expansion, Colleen Landkamer, Minnesota USDA Rural Development State Director, wrote, “It was clear that the co-op was more than a store to pick up groceries. It was a community gathering place centered around locally grown foods and a healthy lifestyle.”
Landkamer also explained that St. Peter Food Co-op’s expansion would increase access to locally grown foods and create jobs in rural areas, adding that the co-op “is something I wish we had in every rural Minnesota community. It’s an excellent example of community-supported economic development, public-private partnerships and healthy living, which is exactly what our rural communities need.”