Reinvestment Fund is financing the fit out and equipping of a new 15,000 square foot Save-A-Lot grocery store in Winfield, KS. A veteran-owned and operated business, the store is located in a USDA food desert where the previous grocery store closed in 2013. The store will create 30 jobs and serve residents of a low-income community (23% poverty rate).
Honor Capital, a veteran-owned business with a dual mission to employ returning veterans and to alleviate food desert communities, will operate the Save-A-Lot. The store will be managed by Matt Eisenbach, a Naval Academy graduate who served 6 years of active duty. The store will seek to hire local veterans to fill the new jobs it is creating.
The Save-A-Lot will offer a full array of fresh produce and fresh cut meat in addition to typical grocery departments (dry goods, dairy and frozen). Located in a USDA food desert, the store is on the northeast side of Winfield, more than two miles from the only other food retailers in the city, a Super Walmart and a Dillions located adjacent to each other. No other stores are located within 10 miles.
Reinvestment Fund’s local financing partners in this project include the South Central Kansas Economic Development District (SCKEDD) and Crowley County, which will be providing inventory and working capital financing. Save-A-Lot provides incentives, in the form of inventory credit, for franchisees to open new locations. Reinvestment Fund is also providing a bridge loan for a large portion of the initial incentive payments, ensuring a fully funded project budget that has more than adequate working capital and budgeted predevelopment costs.