$1M+ raised so far!
Final $115K needed this Fall.
The Dill Pickle Food Co-op opened its doors in 2009 as the only retail food co-op in the city, leading the way for a groundswell of cooperative organizing in the Chicago area. We're thrilled to have recently moved to our new home at 2746 N. Milwaukee Ave, growing into a space almost ten times the size of our original store.
Community ownership is the cornerstone of our co-op: our 2,400 owners share in both risks and rewards, and have a voice at the table through democratic governance.
We’ll continue to be sustained through the collective investment of friends and neighbors who’ve together created a shared community asset to better access fresh, local foods.
Owner Loan Program
Rates & Terms
The Dill Pickle Food Co-op will accept owner loans of $1,000 and up. Lenders may choose the interest rate of 0-4 % per annum, and terms of 6, 7, 8, or 9-year maturity lengths, subject only to the planned distribution across maturity options. Simple interest plus principal will be paid at the end of the term.
Only active owners who live in the State of Illinois may make a loan to the Co-op. Out-of-state owners are welcome to buy additional equity up to $500 to help our fund-raising effort.
Owner loans (promissory notes) described here are offered at face value, unrelated to the value of the Co-op or its operating results. These notes are not transferable. No market exists for these notes and none is expected to develop. All notes made by owners to the Co-op are unsecured and subordinated.
The retail world has some uncertainty and we are obligated to inform owners that there is risk in making a loan to the Co-op. Prior to the acceptance of any loan, the Co-op will make available to each owner/lender a copy of our Owner Loan Packet outlining risks involved, use of funds, and the Co-op‘s current financial condition.
In the event of a significant reduction in sales or other business misfortune resulting in an inability to make the required payments, it may become necessary for the Co-op to repay the principal balance of these loans from future notes or other debt instruments. The Co-op's outside lenders require owner loans be subordinated to institutional loans in the repayment of debt.
Upon maturity of a promissory note, owner lenders will receive notice and a form indicating interest in renewing the note. If the owner elects to renew, the interest rate may be renegotiated. If the owner elects to terminate the note, payment of principal and interest due will be made within five business days of maturity.
Sharon Hoyer, General Manager
773.252.2667 x105 // firstname.lastname@example.org