Chicago Market Newsletter — February 2022
The Wheels Are Turning Fast
We wanted to give you quick updates on things in motion at your Co-op:
- We're gathering all the pieces needed for our application to the Chicago Recovery Plan Grant. We've written the compelling narrative. We've shared our most recent store drawings with the State Historic Preservation Office for approval. Now our StoreMasters team gathers cost estimates that align with that plan so we can submit drawings, costs, and financial planning as part of our grant application...all by March 10! (read more about it here)
- We're planning extensive outreach to potential Series B Preferred Share investors. This Share offering is similar to the Series A we offered Owners in the fall, but targets accredited investors. We built a pitch deck and tested it with some investors last week who've shared feedback with us, so we're making edits and will begin the outreach soon. If you know of a business or individual who might like to invest, please let us know.
- And speaking of Series A Preferred Shares, we're also planning for another round of outreach to Owners this spring, so the team is building up a volunteer base and putting the pieces in place for the campaign. If you'd like to volunteer with us to reach out to Owners or be part of the admin team, please email our volunteer coordinator to get plugged in.
Did you know...
...that local businesses put more money back into the local economy? For every $100 in consumer spending with a local store, $68 remains in the Chicago economy. For every $100 spent at a chain store, only $43 remains in Chicago.
YOU are building a local business dedicated to sourcing locally as much as possible, so together we'll likely exceed that $68 average.
Together we BUILD UP the local economy, rather than extract from it.
In the News
Update: Project Management — New volunteer Karen Naranjo, Owner #1937, is stepping up to lead project management of all our steps to open.
Update Grant Opportunity — Joe Fedorko, Owner #634, and James Gignac, Owner #1159, are drafting content for a very exciting grant funding opportunity.
News from Our Business Owners
The Levantine Kitchen is offering new virtual cooking classes focused on meal prep for the work week. The classes will be about 90 minutes each and pricing is tiered ($15, $25, or $35, depending on how much you want to pay/can afford). Anyone who cannot afford the price of a ticket to classes can always get in — contact Charles who is happy to comp a ticket, no questions asked.
Build a Better Market
We own this business together. We operate it. And together, we fund it.
You can do it!
Our Build a Better Market capital campaign team is taking a break so we're not making direct outreach at the moment. But Preferred Shares are still available if you reach out to us! Email to get started.