As a co-op, investments from our Community are needed to raise the capital necessary to build our grocery store at 109 S. Main Street in Lombard, IL. As the first co-op in DuPage County, Prairie Food Co-op will support local farmers and producers and make delicious, healthy, sustainable food accessible to all. Our store will be your convenient one-stop-shop for fresh, local and organic produce, dairy and meats, fair-trade and conventional foods, bulk items, wine & beer, and grab & go prepared foods.
Only $400K Needed to Open our Store IF.....
Prairie Food Co-op needs approximately $4.4M to build, staff, and operate our store. PFC Owners have contributed over $1.6M and West Suburban Bank and LEAF have approved a $1.2M loan contingent on PFC raising the remaining funds. $1.65+$1.25+$300K (Ownership purchases) = $3.2M raised thus far. That leaves a $1.2M gap (4.4-3.2=1.2). The PFC Board is working very hard to close that gap via the following funding opportunities:
- $400K Downtown TIF (TIF funds are used to incentivize downtown businesses development). PFC directors and volunteers are working closely with Village of Lombard staff on eligible TIF funding.
- $400K ARPA funds from DuPage County (Lombard trustee Anthony Puccio is working with DuPage County board members Brian Krajewski and Liz Chaplin on this funding opportunity)
- $400K State of IL RDMS Grant (Rebuild Downtowns & Main Streets provides capital grants to support economic recovery in commercial corridors and downtowns). We have not included this grant in our projections as it is very competitive. But we want Owners to know that the Board is working diligently to pursue all possible funding opportunities.
We are confident that $800K in funding will be approved in 2022 Q1. IF that happens, we are only $400K away from opening our store!! The developer is also confident that this funding will be approved and has given us a few additional months to wrap up funding. We are SO CLOSE - NOW is the time to step up and help us cross the finish line. We do not plan on running another formal funding drive and are counting on YOU - are Owners - to contact us and help close the gap.
Ready to Invest? That’s great! Schedule a call with a Co-Operator to start the process!
LET'S DO THIS!
$4.4 Million Dollar Funding Goal
Our market analysis indicates that $4.4 million is needed to build and open our grocery store.
Sources of Funding
$2 million from Owners via donations and interest bearing investments
$1.2 million bank loan (traditional financing).
$800K in ARPA + TIF
- We must secure this funding by March 1, 2022.
As of November 2021,
✓ 1600+ Owners initially invested $200 to become Founding Owners
✓ Lease signed for 109 S. Main - a premier site at below-market rates
✓ Over $1.6 million pledged, and available in an Escrow account
✓ A $1.2 million loan approved, contingent on $3M equity raised
✓ Construction started and store design complete!
How Can YOU Help?
We have made it easy for you to contribute.
Want to learn more? Review your contribution options below, and then Schedule a call with a Co-Operator to ask any questions and start the process!
Not yet an Owner?
Join Today, Impact Tomorrow
Professional market studies show that 109 S. Main in Lombard is the ideal location for a thriving co-op and that we can generate earnings to buy back preferred share and loan investments. However, investments are not without risk, including the risk of loss.
This is not an offer to sell securities which is made only by the Confidential Offering Memorandum and only members who are IL residents are eligible to invest in Owner Loans and only IL residents are eligible to invest in Preferred Shares