INDY Week's news blog

Archives | RSS

Tuesday, November 3, 2009

Durham Central Market receives $25K loan

Posted by on Tue, Nov 3, 2009 at 11:41 AM

Even before the demise of the Durham Co-op grocery earlier this year (the space on West Chapel Hill Street slated to become an acupuncture clinic) there were rumblings about a new market to either supplement or replace it.

Durham Central Market announced today it receive a $25,000 Sprout Fund loan from Food Co-op 500.  The loan program, financed by National Cooperative Bank (NCB), is designed to provide capital during the middle and late stages of co-op development.  According to a press release, over the last three years, only seven co-ops nationwide have been awarded a Sprout Loan.  The award was based on a review of the market's business plan and pro forma financial statements. Read the rest of the release below the fold.

According to Michael Bacon, chair of the board of Durham Central Market, "This loan is testimony to our careful approach to developing a new store for central Durham. It will help us secure a site and start raising money from our owners.  We're thrilled that NCB understands we are a great credit risk even in these difficult economic times.  Stephen Hren and Aubrey Arnoczy, on our board, deserve special thanks for their hard work in preparing our pro forma financials."  The funds will be used for site assessment, capital campaign development, and management and consulting expenses, and must be matched in equal dollars by the market.

Durham Central Market began after downtown neighborhood residents began discussing the possibility of creating a grocery/market that focused on locally produced food.

Tags: , , , , ,

Pin It


Subscribe to this thread:

Add a comment

INDY Week publishes all kinds of comments, but we don't publish everything.

  • Comments that are not contributing to the conversation will be removed.
  • Comments that include ad hominem attacks will also be removed.
  • Please do not copy and paste the full text of a press release.

Permitted HTML:
  • To create paragraphs in your comment, type <p> at the start of a paragraph and </p> at the end of each paragraph.
  • To create bold text, type <b>bolded text</b> (please note the closing tag, </b>).
  • To create italicized text, type <i>italicized text</i> (please note the closing tag, </i>).
  • Proper web addresses will automatically become links.

Latest in News

More by Lisa Sorg

Facebook Activity

Twitter Activity


They need to lock that pig cop up!!!!!!!!!!!!

by William Parker on Durham police excessive force case goes to Court of Appeals (News)

Very surprised you did a follow-up on this very lightweight story. Have you no journalistic shame??

Since when did …

by MJKopechne on Republicans defend possible Board of Elections conflict (News)

© 2014 Indy Week • 201 W. Main St., Suite 101, Durham, NC 27701 • phone 919-286-1972 • fax 919-286-4274
RSS Feeds | Powered by Foundation