STETTLER OPPORTUNITY DEVELOPMENT CO-OPERATIVE
What is the Stettler Opportunity Development Co-operative (SODC)?
The SODC will be legally incorporated for-profit structure that facilitates the investment of community wealth back into the local community. It strives to ensure the community and local economy thrives for the long-term.
· Enable communities to raise money locally and invest these funds into local economic development.
· Can provide access to a local pool of capital to finance new and/or existing businesses, which then create jobs, and access to needed goods and services within the community.
· Can purchase or develop commercial properties (retail spaces, seniors/affordable housing, etc.).
· Are managed by a local Board of Directors who are elected by its membership.
· Profits are generated through the local investment, and interest or dividends are distributed it to the investors involved in those projects.
How the SODC works:
Once formed, the SODC determines the scope of potential investments by assessing community needs. The members of the SODC review these investment opportunities through a group of like-minded individuals whom we would call mentors. The Mentors would work with each possible candidate to develop a sound presentation and business strategy for the board of directors who ultimately decide where to direct the funds with each successful opportunity.
As the invested business prospers and loans are repaid, the SODC investors receive a return of their original capital and interest or dividends for any excess returns on their investment based upon this success. They do not receive discounts or any other extra benefits from the underlying business.
The exciting part!
What’s really exciting about the SODC is that members are able to be actively engaged and watch their investment at work in their own community (and get a great return on their investment) instead of sending their savings to Bay Street or Wall Street. Money invested can also be RRSP or TFSA eligible, which means that any returns remain sheltered in their RRSP or TFSA.
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