Bloomington's Greentop Grocery has been approved for a $1.5 million loan. National Cooperative Bank (NCB) and Shared Capital specialize in working with coops.
Melanie Shellito, Green Top Grocery board president, said the coop also set a national record by raising $1.3-Million in their owner loan campaign, leaving that project just $200,000 short. Shellito says the two are linked.
"The banks looked at the amount of loans we had received from owners so far. Not only the total, but the number of people who're willing to make loans. And we've had over 260 people make loans right here in the community, which the banks love to see," she said.
Shellito says they are still seeking the final $200,000 piece of the financial foundation for the grocery on Washington and McClun Streets. She says that will allow them to begin talking with contractors. Shellito says hopes are the coop will be up and running by late summer of 2017.