We have had a promising start to the campaign. At the end of February Seward Co-op was awarded a New Markets Tax Credit (NMTC) allocation of $8 million by the Midwest Minnesota Capital Development Corporation. The NMTC will result in substantial debt forgiveness and along with owner capital makes this project more attractive for bank financing.
We have also begun to receive owner investments. Since March 30 Seward Co-op owners have invested $283,500 in a mix of owner loans and Class C stock. Class C stock can be purchased at customer service or by contacting me at 612-314-2012. You can also contact me to schedule an owner loan closing appointment.
We endeavor to reach our goal by the end of our fiscal year on June 30th in order to maintain the proposed construction schedule. Updates on our progress toward our goal will be available here and at the co-op.
Thank you to those who have invested and to all of our owners for your continued support of Seward Co-op.
Owner Capitalization Coordinator