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North Country food co-op seeks development grant
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Tuesday, May. 6, 2008
LITTLETON – Officials from the Littleton Co-op, who plan to open a cooperative food store later this year, will make a pitch this month for a considerable community development grant.
They'll meet on May 15 with the local advisory committee for the Community Development Block Grant program, which the co-op has applied to receive a $500,000 grant.
The co-op, which will be an alternative to the sole major supermarket chain in northern New Hampshire, has more than 600 member-owners since the idea was initiated about two years ago and in the first weeks of a member loan drive gathered more than $175,000 in pledges.
Regional financial institutions are behind the co-op project. A consortium of all six local banks -- Woodsville Guaranty Savings Bank, Connecticut River Bank, Laconia Savings Bank, Northway Bank, Passumpsic Savings Bank and Union Bank -- have agreed to provide up to $3 million in construction finance, subject to the permanent finance package now being completed.
The co-op also has been approved by the New Hampshire Business Finance Authority for a 75 percent guarantee of its bank loans for mortgage finance.
Regional business development organizations have committed additional financing for the project, including the Business Enterprise Development Corp., Northern Community Investment Corp., Littleton Industrial Development Corp., and Grafton County Economic Development Corp.
The co-op will also work with local food growers and suppliers, adding a further economic boost to the region. The North Country Farm Fresh Cooperative Project, a group of growers in Coos County, is already looking forward to supplying the Co-op store with produce. A collaborative educational effort with Littleton Regional Hospital and Ammonoosuc Community Health Services is also planned to encourage area residents to make healthy food and lifestyle choices.
The co-op will be new construction at the intersection of Route 302 and Cottage Street, off Interstate 93. About 35 full-time and 22 part-time jobs, with payroll and benefits totaling $1.3 million, is anticipated.
For more information or to become a member, visit www.littletoncoop.org.
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