Capital Campaign Update
Our Board of Directors held a Capital Campaign Launch on June 15, 2017. VFC's goal was to raise $1 million of Class C Preferred Shares.
We are thrilled to announce that VFC raised $942,000 in owner investments as of March 30, 2018. Thanks for your confidence and support as we grow the VFC!
Our expansion project is fully funded! Even so, we know people want to invest locally and are pleased to offer VFC Owners another opportunity to participate in this local, impactful investment. Last fall VFC Owners voted to increase the amount of Class C Shares available. Owner investment benefits the VFC, as it increases our equity and builds a strong financial position for the Co-op.
Capital Campaign Phase II
Phase II of the Capital Campaign has a goal to raise $300,000.
As of September 1st, VFC Owners have purchased $74,000 of the $300,000 of remaining Class C stock available. As many of you know, Phase II investments go toward our Solar Power Project goal of $80,000, as well as the remaining $220,000 portion of our Class C stock.
The first portion of the Phase II Class C stock finances the installation of 130 solar panels on our south-facing roof (scheduled for completion in October 2018) in partnership with Ethos Energy. These panels will generate 13.6% of our energy needs.
Will you help us reach our goal? See this brochure for more information about investing and the Solar Power Project.
Class C Shares are a nonvoting, preferred stock for cooperatives.
- Class C Series 2 offers a 3% interest rate with a minimum $500 investment.
- Class C Series 3 offers a 4% interest rate with a minimum $10,000 investment.
These investment shares in the Viroqua Food Co+op are only available to VFC owners who are valid residents of Wisconsin.
If you already invested at the Series 2 level, now is your opportunity to receive the 4% interest rate by bringing your total investment to $10k or more.
Now is a great time to invest in the VFC! Contact Bjorn Bergman (email), or call him at 608.637.7511 to receive a Prospectus.
*Solar Project Information
VFC received the Renewable Energy Competitive Incentive Program (RECIP) – Focus on Energy Grant for our expansion project! The $25,000 grant covers approximately 23% of the project's costs – from the solar panel costs to the installation of the 130 panels on the south-facing roof of the Viroqua Food Co+op.
The solar panels will save an estimated 61,360-kilowatt hours of energy per year, (which is equal to about 6 average US homes), approximately 13% of the Co-op's total electric usage. We are so excited to finally be able to implement solar power as part of our green initiatives with our expansion project. With the use of onsite energy, VFC models the positive attributes of solar energy and affirms that Viroqua is truly a progressive community.
The expected date for the project to be completed is in October 2018. We are working with Ethos Green Power (Viroqua) and Phase 3 Energy (Belleville, WI) to install the panels. The final designs for the solar panels are very close to being approved and are already in the plans with the roof construction.
What are Class C Preferred Shares?
The Board of Directors and the membership may create Class C Stock to raise capital for the Co-op.
The Co-op uses the invested money to expand services, education, and products for the Owners and the greater community. The investors have a safe investment in a socially and environmentally responsible local company!
Co-op Owners Are The Key To Expansion:
- The Viroqua Food Co+op is counting on its owners to invest up to $1,000,000 for the expansion of the store in its current location.
- Part of our success comes from people like you, who invest in the VFC. In return, you receive a respectable dividend, as well the feeling that you are contributing to the vibrancy of your community in a way that resonates with your values.
- Participate in building a strong, local economy and providing access to healthy food by investing in the Viroqua Food Co+op.
Benefits of Class C Preferred Shares:
- Funds are used to expand our current store, located at 609 North Main Street in Viroqua.
- Capital from VFC Owners means less dependency on outside lenders.
- Preferred Shareholders earn a competitive dividend rate.
- Preferred Shares demonstrate tangible support for our cooperative model of business and vision of our community.
Key things to know:
- All potential investors should read VFC’s Disclosure Statement for a complete description of the program, the expansion plan, and the risks in making an investment.
- This program is open to fully-paid equity owners of the Viroqua Food Co+op who are also residents of Wisconsin.
- Viroqua Food Co+op Class C Preferred Shares are considered a long-term, non-liquid investment. Redemption is at the discretion of the VFC Board of Directors.
Clearly, you value what we provide for this community – healthy food, excellent service, a center for community and a thriving example of cooperative effort. Part of our success comes from people like you who invest in the VFC. In return you receive a respectable dividend, as well the feeling that you have contributed to the vibrancy of your community in a way that resonates with your values. Participate in building a strong, local economy and providing access to healthy food by investing in the Viroqua Food Co+op.