Hub City Co-Op Launches Investment Campaign
Announces $30,000 is committed in drive for $100,000 ownership investment
Monday, March 20, 2017
SPARTANBURG, SC – On the eve of the first anniversary of the store opening this April, the Hub City Co-op Board of Directors launches a re-capitalization campaign for $100,000. The campaign, kicking off this week, is planned to raise the necessary funds from the nearly 1800 Hub City Co-op owners in the next six weeks.
Hub City Co-op member-owners, many of whom have become owners since the last capital campaign closed, will have the opportunity to invest approximately $100,000 in the project in the form of owner loans and the purchase of preferred stock.
The Board of Directors has identified that for Hub City Cooperative to have long-term success, the $100,000 in capital is necessary by April 30, 2017.
The campaign was announced to the ownership last week and since then $30,000 has been committed from the Hub City Co-op Board and Ownership.
It is common for Co-ops to acquire their funding through this type of investment campaign. Cooperatives rely on a set of guiding principles; one of them is Economic Member Participation, which means that the Co-op looks first to its owners, or members, for its financing. The funds generated from the ownership are considered owner equity by banks and other lenders, which will assist the Co-‐op in maintaining a strong financial position.
Board President Tim Meade stated, “We are incredibly proud of the Cooperative grocery our community has built together. It is clear that the Co-op is creating an amazing social return on investment you can readily see every day at Hub City Co-op and also in the many relationships the store has built with the downtown community, area farmers, numerous local producers, and the greater Upstate population. We are confident that the Hub City Co-op Member-Owners in the Spartanburg community will generate the funds necessary to guarantee the Co-op's success in the long term."
Community members who are interested in learning more about investment should contact Hub City Co-op Board Treasurer Sheila Cash at 864.809.2738 or firstname.lastname@example.org or see any Hub City Co-op staff member at the store on Liberty Street in Downtown Spartanburg.
Investment opportunities are available only to SC state residents.
About Hub City Cooperative: Hub City Co-op is a cooperatively owned full-service grocery market focusing on fresh, local, natural and sustainably sourced products. Hub City Co-op is located at 176 North Liberty Street across from the Chapman Cultural Center and “The George”. The store is open to the public daily from 7 a.m. to 8 p.m. Monday thru Saturday and from 10 a.m. to 6 p.m. on Sunday. Customers can purchase ownerships for a one- time $150 fee to take advantage of discounts, rebates and other perks, as well as participate in the leadership of the co-op. Currently, nearly 1800 members of the community have shown their support by purchasing an ownership. Learn more about the store or become an owner by visiting www.hubcity.coop