BREAKING NEWS: The Castlemaine Community Investment Co-operative have raised $1,007,500 of investments to buy the Hub – over half what they need!
A generous member also has just offered to match new debenture applications up to a grand total of $50,000. For each member who submits a debenture application of at least $10,000 then the other investor will submit one of their own for the same amount, until they’ve invested $50,000 total. If you’ve been waiting to invest then apply quickly and you could double your impact on the Co-op’s goal.
143 members have invested so far and the co-op are getting new members every day so there are still over 200 members that might be thinking about it. Act now – apply here.
And tell your friends to be part of this history making initiative. The offer will close on June 29 and if the co-op don’t raise the funds the opportunity will be gone.
The Castlemaine Community Investment Co-operative had raised $945,000 toward the purchase of the Hub at the time of going to press.
Director Angus Gratton said those investors who have been thinking about it need to act now.
“There will be no second chance. The investment offer closes on June 29, and if the sale amount has not been raised, the deal is off for good”.
The Co-operative is currently pursuing its first investment to purchase The Hub, a beloved historical building in central Castlemaine that is tenanted by environmental and sustainability organisations and small businesses often missing in rural towns.
Board member Jeanette Pope said they are thrilled so many people have joined and invested.
“The Hub truly will be community owned if we get it over the line. Whatever happens we will always be proud of how many people recognised what a unique opportunity this is, not only to take something precious to the community off the market and protect it for good – but to make history as the first co-op to do it this way.”
If the Co-op is successful it will run the building as is, using the rents to pay back investors debentures when they come to term.
“But there are short term opportunities to increase the community benefits, said board member Cath Jolly.
“We could build an NDIS social enterprise in the community garden, and the cafe will be up and running again soon. The co-op will also work with the Hub Foundation to continue its legacy of programs like YIMBY and the bulk solar buys.”
Board member Warwick Smith said potential investors should act quickly – read the disclosure statement, seek advice, become a member and apply. “We are offering debentures – a type of fixed term loan from members. You decide the amount (from $500, the term (5,10 or 15 years), and your annual interest rate (up to 4%). We’ll give you back your loaned amount at end of the term.”
“Come join 131 others in using your money to create something great for our town and for future generations.”
All information is available at www.castlemaine.coop to apply for a debenture and help make history visit https://castlemaine.coop/hub-apply/
Congratulations to our lucky Golden Ticket buy local promotion winners for 2025 which will share in $4000 in prize money from us to spend at our 17 fantastic supporting local businesses.
Caroline Erhardt of Castlemaine took out first prize winning $2000 in vouchers to spend, Emma Roberts of McKenzie Hill claimed the second prize of $1000, C Snowman of Castlemaine claimed third prize $500 and fourth prize went to Heather Mansell of Campbells Creek who wins $500.
Our winners can spend their vouchers with any of our supporting partners which include: JM Leech Jewellers, Beehave, Castlemaine Fitness Centre, Betta Electrical Castlemaine, Cliffords Quality Cuts, Stevens Mensland, Petstock Castlemaine, Hot ‘n’ Crusty Country Bakery, Extremity, Greenaway Bins, Castlemaine IGA, Maldon Bakery, Handpicked Ethical Floristry, The Moon Balinese Massage and Spa, Lyal Eales Store Castlemaine, Top End Technology and Wesley Hill Bakery (Grist).
Thanks to all our readers and digital subscribers which entered the competition with a record number of entries this year and congratulations to our winners.
To celebrate the winter solstice three local op shops will be having an incredible half price sale this Friday, June 20!
The Salvation Army Thrift Shop, Mount Alexander Animal Welfare Opportunity Shop and Windarring Recycled Store will all have a huge range of items available for purchase with a 50 per cent discount!
The sale will kick off at 3pm at Windarring, 317 Barker Street and conclude at 6pm. The Salvation Army Thrift Shop at 46 Forest Street, sale will run between 4pm to 7pm, and the Mount Alexander Animal Welfare Opportunity Shop at 12 Johnstone Street, will have sale items available between 4pm to 7pm.
Head along for a fun night of shopping and grab yourself a bargain, while doing your part to save waste from landfill!
