West Seattle Thriftway makes history with new city loan program

| Environment | West Seattle businesses | West Seattle news

Just got word that West Seattle Thriftway, an independent, locally owned grocer, is getting a $2 million loan through the National Development Council and the City of Seattle. The announcement from the NDC says its Grow Seattle Fund is loaning Thriftway the money to help it consolidate its debt and “make energy-efficiency upgrades to lighting and refrigeration units, resulting in an annual energy-savings of more than 596,042 kilowatt-hours … enough energy to power 45 single-family homes for an entire year.” The program uses a U.S. Small Business Administration “guarantee program,” according to the announcement, which says this is designed to help small businesses that might otherwise have trouble getting financing. The city says businesses can apply for a Grow Seattle Fund, with qualifications including three years of profitability and a need for $100,000 to $5 million “to help with working capital, equipment purchases, tenant improvements, or energy-efficiency improvements” – there’s more information here.

The Velvet Bulldog November 4, 2010 (12:30 pm)

This is great news! Maybe with all that electric bill money they’ll be saving, they could lower the prices a smidge?? ;-)

coffee November 4, 2010 (12:35 pm)

The problem with this program is that you have to have 3 years of profit, which most small businesses have not been that lucky to have over the last 3 years. Also, the SBA is one of the most difficult agencies to work with when you are a small business and you do not “meet their criteria”. There are many many small businesses where the owners personal credit has suffered because the owners have put all of their personal money into the business to keep the doors open. Once your personal credit is harmed, you do not qualify for any further assistance. We know this from a few of our local businesses that have suddenly closed over the last few months.

WestSeattleDrew November 4, 2010 (1:30 pm)

A quick look at the numbers…. They’ll save 600,000 kwh a year. 600,000 kwh x $0.06/kwh = $36,000 per year…. So, they’re spending 2 million dollars to saving $36,000 a year…

beef November 4, 2010 (4:03 pm)

It is also consolidating debt not just the energy efficiency measures. I imagine the debt consolidation will combine and lower their monthly payments.

old timer November 4, 2010 (8:50 pm)

I hope this works for Thriftway.
They are a great community asset.
These are tough times for grocery stores.

Patrick Wieczorek November 4, 2010 (9:55 pm)

I never understood why they have thiftway in their name?

Hippiechic November 4, 2010 (11:15 pm)

Bulldog and Patrick…

Do you understand what it takes for an independent to stay afloat and compete with the “big guys”, especially with this economy’s situation?

Independents don’t have the buying power of a major chain, also, they treat their employees much better than many major chain stores. So cut them some slack, your sarcastic comments really hurt those in the community who love the store for what it is, what they do for the local community and the people who work there.

miws November 5, 2010 (7:30 am)

Well said, Hippiechic.

Thriftway is a great store, with great people. Not having a car, I feel fortunate to have been able to find an apartment so close to it, as I did when I had to move from a few blocks away, 10.5 years ago.

That was actually a major consideration when I was apartment hunting back then.

Mike

bianca harding November 5, 2010 (10:36 am)

I am happy for them. Even though they are a little more expensive than Safeway I find their quality is much better. I cook most of my food from scratch so it is nice they have such a great meat and produce dept. Also everyone there is very nice and remembers me when I go in. The one time I had a problem with something I purchased, they just refunded my money without a fuss. Can you tell I love Thriftway?

Sorry, comment time is over.