Just more than a week ago, St. Vincent de Paul thrift store lacked $65,000 needed to qualify for a construction loan on its new building. Time was running out for St. Vinnie’s, which for 25 years has offered aid to needy folks with profits from its sales. The thrift store was in danger of closing.
Today, St. Vincent met its goal to raise a total of $100,000, Sean Jeu, director of operations announced. The money was raised largely through small donations of $5, $10 and $20, plus several larger donations and a really big gift from an anonymous donor.
“The community’s really stepped up,” Jeu said.
The thrift store must move from its Bay Street location, owned by
Bruce Titus of Bruce Titus Ford, by January 2017. In December 2016
, St. Vincent announced it had secured roughly $400,000 in
collateral but
lacked an additional $100,000 the bank said would be needed to
qualify for the loan. Renting was not an option, since there are no
big enough spaces in Port Orchard the thrift store can afford, and
building payments on land St. Vincent already owns on Bethel Avenue
actually will be cheaper than current rent payments.
As of Feb. 17, St. Vincent had raised $35,300 through donations.
St. Vincent needed to apply for the loan by March 1 to start construction in April and stay on track for a move by early 2017, Jeu said. The funding gap seemed wide.
On Friday, Jeu was elated. He had met with bank officials and received encouraging news.
“I am very happy, so much weight off my shoulders,” he said. “The community is so amazing.”
Jeu said he can’t disclose the amount of the largest donation, which actually pushed St. Vinnie’s over the top of their goal. He also gave no information on the major donor, who wants to remain anonymous.
The additional money will be used for construction costs on the $1.8 million, 24,000-square-foot building, Jeu said.
St. Vincent’s board had come up with a plan B, should they fall short of their goal, which was to scale back the project and forego things like staff office space, awnings and other non-essentials, at least for now. Now, they will be able to go with plan A and possibly pay some of the principal on the loan, depending on the final cost of construction.
Bruce Titus was one of the donors who helped St. Vincent reach its goal. Jeu said he couldn’t disclose the amount, but he said Titus has been very supportive of the organization.
So happy they made it. This is a great resource for people in need and a great place for bargain hunters. Thanks to all that contributed!