On March 1st the Oneota Co-op kicked off a member loan campaign to raise funds to finance a store remodel that is currently underway. Capital campaigns are used by consumer co-ops around the country to generate capital for projects while simultaneously offering their owners a chance to invest their money in a local business that is dedicated to serving the community.
The Co-op is thrilled to announce that through the support of member/owners the initial $520,000 goal has been exceeded and a final total of $600,000 has been raised which will completely finance the remodel.
“This is a huge accomplishment for the Oneota Co-op and for the community of northeast Iowa. Cooperatives throughout the world have been, and continue to be, a driving force in the communities that they reside,” says Brita Nelson, Oneota Co-op Board President
Since moving to its current location in 2008, the Co-op has seen annual sales increase by over $2 million and its number of member/owners (shareholders) has more than doubled to roughly 5,500. In any given year the Co-op estimates that 45% of these annual sales stay within a 100 mile radius of the store. Currently this equals roughly $2.3 million annually, with half of that being funds paid directly to local producers who sell their products through the Co-op.
The Co-op remodel is nearly 90% complete and a grand re-opening is being scheduled during the first two weeks of June. But don’t wait until then to stop and see the newly remodeled space.
Nate Furler, Marketing Manager for the Co-op adds, “We have been thrilled with the positive response of the community – both through the member loan campaign and reactions when walking through the front doors. We’ll continue to welcome each and every person into the store with a goal of sending them on their way happier than when they arrived.”
Check out photos of the remodel on Facebook as well as on the website here!
