HALIFAX, NS May 19, 2015 – The Carrot Co-op is proud to announce the launch of its first Community Economic Development Investment Fund (CEDIF). The CEDIF Board has set a target of $150,000, with a minimum of $75,000. Shares are $100 each and the team is currently looking for investments.
“This has always been part of the Carrot’s business plan that was drafted in 2013,” said Norman Greenberg, CEDIF Board Member. “In our early days, we identified the CEDIF program as a vital capital resource to help develop the grocery store and its related programs.”
With funds raised from the CEDIF, The Carrot Co-op will reduce its debt associated with the purchase of the store. This will allow the Carrot to turn a profit at a faster rate, and give The Carrot Co-op staff the opportunity to focus on community outreach initiatives.
“The CEDIF is a great way for Nova Scotians to invest in Nova Scotia social enterprise,” said Russell Cooper, CEDIF Board Chair. “This was a perfect fit for our organization and the community. The Carrot Co-op is owned by its members and this is just one more way for people to support this community initiative.”
About The Carrot Co-op
The Community Carrot Co-op is dedicated to providing accessible, fresh local food and to promoting the community’s health and wellbeing. The member-owned cooperative is located at 2063 Gottingen Street, Halifax, Nova Scotia, and welcomed its first customers on October 3, 2014. Since opening, there are over 800 members and sales have increased an average of 7.25% per month and support more than 20 local suppliers.
Everyone is welcome to shop in-store, but members have input into the operation and access to weekly specials. The social enterprise employs 11 staff members, eight of whom live in the North End; The Carrot Co-op is a significant source of employment in Halifax’s North End Community. The Carrot Co-op plays an important role in the neighbourhood, donating nearly $8,000 in gift cards to a local food bank, working with local shelters and school groups to deliver fresh and affordable meals everyday
The CEDIF program provides Nova Scotian taxpayers incentives for investing in Nova Scotia companies. Investors receive a 35% provincial non-refundable income tax credit against provincial taxes payable in the first year followed by two other tax credits in the 10th year of 20% and the 15th year of 10% if the CEDIF meets certain conditions.
Norman Greenberg 902.483.8317
Russell Cooper at 902.877.3036.