The Castlemaine Community Investment Co-operative has made its first annual interest payment of $62,733 to the 330 members who invested in the historic Hub building on the corner of Barker and Templeton Streets, Castlemaine.
Members who loaned the Co-op money in the form of fixed terms have received between $5 and $500 in interest.
Co-op director Angus Gratton said last year they successfully bought the Hub and last week paid their first interest payment.
“Twenty more of these and our community will own a significant asset and income stream to use towards the things it cares about,” he said.
Ninety per cent of the Co-op’s investors are locals.
“This mean the money generated by the Hub is going back to the community, instead of being extracted by multinationals and other outside investors,” said fellow director David Pugh.
Aside from management of the Hub and finance, over the last year the Co-op has organised garden and maintenance working groups, held an Open House, made a partnership with Castlemaine Childcare Co-operative (Carinya) to use the garden for children’s and inter-generational gardening, made a partnership with Connecting Country to create a re-vegetation tool library, projected images from local primary school’s in flood/bushfire affected areas on the building, and started to think about what’s next.
“Our volunteers have done an incredible job making sure the Hub is a business with a community heart,” said director Jeanette Pope.
“We will build our collaborations over the next year, and have started to think about what might come next if anyone has ideas!”
Membership for the Co-op is $30/$15.
“It’s not too late to join the Co-op and help shape its future,” said director Jodie Hampson.
“Everyone is welcome,” she said.
You can find details on the website www.castlemaine.coop