CreekSide Co-Op, Elkins Park, tells its 1,300 members that Vantage Point Bank, Fort Washington, has approved a $3 million, US Dept of Agriculture-backed loan to buy the former Ashbourne Market and re-open it as a member-owned, member-run grocery.
CreekSide has contracted with Allied Construction, Fort Washington, for the job, and landed a bridge loan from the Reinvestment Fund in Philadelphia. It's still trying to borrow $250,000 from members as a condition for the Reinvestment loan.

"The cooperative has been working on this project for three years. We're excited to be part of it," said Russ Carlow, head of lending at Vantage Point, a $75 million neighborhood bank started in 2007.
"Being member-owned, the members have a voice in what the store carries," Carlow told me. "It's not like Acme or Whole Foods where everything is picked for you. It makes it a stronger credit; the members have committed financially to this product, they have paid dues, and it gives them a built-in customer base."