SOLVANG, Calif. — El Rancho Marketplace, a local independent that has operated a single store here for over 40 years, plans to open a second store in Pismo Beach with financing made possible by the California FreshWorks Fund LLC.
The fund is a loan pool that combines commercial and philanthropic capital to provide flexible financing for new and expanding grocery stores, designed to provide underserved community with access to fresh produce and nutritious food options that promote healthy eating and help reduce the risk of heart disease and other chronic illnesses.
Read more: Urban Radish to Bring Fresh Foods to Downtown LA
The new El Rancho store, which will be slightly larger than 39,000 square feet, will replace a grocery store that closed earlier in the year. The cost of the store is $3.6 million, of which the California FreshWorks Fund will advance a loan of $1.7 million.
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