ELWOOD, NE – For the last 8 years, Elwood’s Hometown Cooperative Market has been open and been a successful part of the Elwood community.
In place of the sole grocery store in Elwood that closed its doors in 2012, the COOP was able to open in 2013 after raising enough funds to revamp the building with updates and new equipment.
In June of 2012, the COOP received approval to start seeking shareholders to fund the venture. By the time October rolled around, 75 percent of the needed funds were secured. In February of 2013, the doors opened back up.
Now, that it has been open for the last eight years, the board of directors is once again looking for more shareholders to take the place of those who have either moved or passed away.
The stock offerings available to purchase include:
- Membership Fee
- $30 nonrefundable
- Anyone can become a member and participate in member specials
- Members do not have voting rights and can not attend shareholder meetings
- Common Stock
- $500 for the share
- 1 share per investor
- One vote
- No dividends
- Preferred Stock
- $500 per share
- Can purchase as many as you wish
- No voting rights
- May receive a dividend. Will be paid back first upon dissolution
To purchase stock, you must be a member of the COOP. Any member can purchase a share of common stock and then have the option also purchase preferred stock.
The Elwood Hometown Cooperative Market is looking for new shareholders and members to help maintain a viable grocery store for the community of Elwood as well as help retire equipment debt and reach a goal of $80,000.
LeahAnn Brell, Chair of the COOP Board of Directors says $20,000 has been raised so far, and someone has agreed to match the next 8 shares that are sold.
