Lynchburg should once again be home to a downtown grocery store by next summer. Grassroots Local Market says it now has the funding needed to proceed with long-planned construction of a downtown co-op grocery at 1300 Main Street. The funding comes primarily through a $200,000 loan through the Lynchburg Economic Development Authority along with co-op membership sales.(Continue reading for the Grassroots Local Market news release.)
Lynchburg, VA: Grassroots Local Market has received the funding needed to move forward with construction. With the approval of a $200,000 loan through the Lynchburg Economic Development Authority’s Revolving Loan Fund, Grassroots has secured the funding necessary to build their cooperatively owned grocery store. The Grassroots board will now begin the process of building out the store, purchasing equipment, and hiring a general manager.
“We are so pleased to have reached this target in our process to open the store,” says Dan Hague, founding Grassroots Board Member. “Many people have been working tirelessly behind the scenes to make this happen, and now we will finally be able to have a grocery store in Downtown Lynchburg.” The EDA Revolving Loan Fund Committee first reviewed the application in September 2016. After changes, including personal guarantees by members, the cooperative re-submitted a successful application that was approved by the EDA at their October meeting. Additional funding for the store has been raised through the sale of memberships and loans from members.
Through the Revolving Loan Fund, the Lynchburg Economic Development Authority (LEDA) offers up to $250,000 for business and development financing at fixed rates with flexible terms. This fund provides the flexible capital needed to support business creation, expansion and development. Grassroots Local Market is located at 1300 Main St. in Downtown Lynchburg.
The store will aim to serve the Downtown resident community and others shopping in Downtown, and will likely offer locally raised produce, organic foods, beer and wine, prepared foods, and more. The offerings of the store will be determined by its members through the board of directors and general manager. Membership in Grassroots Local Market is still available, and can be purchased online at www.grassrootslocalmarket.com.
Grassroots Local Market is expected to open in Summer 2018.