How does going Co op help financially?
When CGWC lost its lease on the bathhouse in 2007 it took us 2 1/2 years to move, remodel the new bathhouse, and reopen for business. We stayed open for massage and other wellness services during bathhouse construction, and took on a considerable amount of debt because the bathhouse is our major source of income. The financing to operate and build the new facility over those 2 ½ years came from about many different sources. Some of this debt, most notably the credit cards, has extremely high interest rates. Refinancing to lower interest rates is extremely difficult for any business these days, but especially for a business that is not owned by anyone, nor has a 501c3 status. By becoming a co op and raising money through the sale of ownership shares we will be raising equity to take out a loan to buy the bathhouse business from the non-profit. Buying a full share is great, but even a partial share helps because it helps us reach our financial goals and it shows that the business has a b
