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#SaveTheRio fundraiser step closer with mortgage approval

Last Updated May 4, 2018 at 3:47 pm PDT

(Courtesy Google Maps)
Summary

Rio Theatre owner Corinne Lea has been approved for a mortgage to buy the building before it has to be closed

#SavetheRio fundraiser still needs to raise $333,000, despite mortgage approval

The Rio Theatre is partnering with FrontFundr to allow people to invest in the theatre with minimum $1,000

VANCOUVER (NEWS 1130) – The Rio Theatre may not need to shutter its doors after all, after the owner was approved for her mortgage. However, the endangered theatre isn’t out of the woods yet.

Corinne Lea said she applied for the mortgage through VanCity around a month ago, and on Thursday, she announced she was approved.

“I was so thrilled because it’s not easy to get a mortgage as we all know, especially for small businesses,” Lea said. “If VanCity didn’t give us the mortgage, it would have been back to square one and it would have been really disappointing.”

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Under the hashtag, #SaveTheRio, the theatre crowdfunded more than $500,000 to buy the building. However, the fundraiser fell well below its $1 million goal, and even with investor money coming it, Lea still needs to raise at least another $333,000.

“A lot of people are under the impression that the Rio is now saved and it’s all done, but that’s not true,” she said. “We have more than two thirds of the money raised, but we still have another portion that we have to raise in order to complete the purchase.”

Lea is partnering with FrontFundr, a crowdfunding site for equity investment to allow people to buy stock in the Rio for a minimum $1,000 investment.

Starting on Monday, the sale enters the subject removal period, giving Lea 60 days to raise the rest of the money and seal the deal.