We're proud to announce that DCM has been awarded 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. Over the last 3 years, only seven co-ops nationwide have been awarded a Sprout Loan, so we are in elite company!

The award was based on a review of the market's business plan and pro forma financial statements. Board members Stephen Hren and Aubrey Arnoczy deserve special thanks for their hard work in preparing our pro forma financials and the loan application. 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.

According to Michael Bacon, board president, "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."