Keweenaw Co-Op Raising Funds for New Location Through Capital Campaign
HANCOCK – Keweenaw Co-Op’s capital campaign is under way. And the community oriented grocer has already found many new members investing into their plans, and current members reaffirming their commitment to the store. As a part of their move downtown, the co op needs to raise 1,000,000 dollars during their capital campaign.
“The goal is to raise 1,000,000 dollars in community investment, and if go beyond that, it’s all good too. If we can hit the minimum of 600,000 dollars, we have a short term loan lined up, that we could bridge that funding. In that scenario if we can raise that in the next month, we can actually start breaking ground this summer. Which would aline with our timeline of about a year’s worth of construction.” – Curt Webb, Keweenaw Co-Op General Manager
If all goes well, and the Co-Op can raise enough funds within a month, construction at the site would likely start late this summer. Anyone can invest in the co –op’s future, with a non voting investment certificate. A minimum investment is needed, for those that are interested, contact the Keweenaw Co-Op. Keweenaw Co-Op does plan to leverage other forms of funding in both loans and grants, if they cannot reach their goal for the campaign.
“So it is different than becoming a member of the Co-Op, but it is an investment certificate. So essentially, it works a lot like a preferred share, because there is no vote associated with it. It’s an investment certificate that has a term, for ours it’s eight years. And those earn a dividend annually. And then at the end of the eight years, people can call their investment back, or they can continue to earn dividends annually.” – Curt Webb, Keweenaw Co-Op General Manager
With nearly 50 years of operation in the Keweenaw, the Co-Op has been a staple of the community for many years. If the co-op’s schedule goes as planned, the hope is to open the new location in late fall 2023. For anyone interested in learning more about the Keweenaw Co-Op’s move downtown, visit Keweenaw.coop online or email questions to invest@keweenaw.coop.