Business Blog

Local meat cooperative receives tax exempt status to raise capital

The North Cascade Meat Producers Cooperative has qualified for an IRS Section 521 Farmers Cooperative tax exempt status.

This status also provides exemptions from Federal and State securities regulations which will be helpful as the cooperative seeks to raise capital for its new business start-up.

“We currently have 30 meat producers on board who have purchased memberships in the cooperative as well a loan commitment from the Whatcom Community Foundation," said Pat Grover, president of the cooperative, in a news release. "These exemptions will support the cooperative’s plan to offer non-voting equity investment opportunities to our producer members and other parties, as well as offering private placement opportunities for those interested in investing in our efforts to ensure the sustainability of farming and increase the availability of locally produced meat throughout the region.”