Project with Bed-Stuy Fresh and Local
Bed-Stuy Fresh and Local is a small grocery store in Brooklyn that is converting to worker-ownership. The store has been operational for almost two years and has become a key hub in the neighborhood for healthy, affordable food options. The two owners are eager to share the responsibility of the business with their workers and also transform the store into a community-based institution that creates jobs for residents and offers a new model to confront gentrification.
This loan represents the first disbursement of a staged buyout of the business. The main purpose of this financing is to buy the store's current debt to avoid the exorbitant interest rates that have been cutting into its profits. Then, after training staff and valuating the company, we will move forward with a structured buyout of the company's remaining value.
This is the first loan to this cooperative.