Co-ops – A hidden treasure

When I was growing up in the rural mid-west I remember regularly driving by the big farm Co-op sign. I can remember thinking “why do they need a sign for a chicken “coop”. Obviously my interpretation of that sign was quickly corrected when I asked that question one day.
In the mid-west farm co-operatives (co-ops) were quite common and it seemed like every town had one. It was a simple idea of sharing resources and knowledge for the greater good all around. Well, since then I hadn’t really thought about co-ops, and definitely hadn’t seen one since I moved out of the mid-west. That was until a couple months ago when my wife and I were at a farmer’s market in Greenfield MA and happened to stop into Green Fields Market, a locally owned grocery co-op. As I wrote in an earlier article, the Green Fields Market is a wonderful local grocery store carrying mostly local or organic foods. After our second trip to this market, I inquired about what the co-op was all about and what the benefits of being part of the co-op were. Well, I quickly found out that by supporting the co-op you were not only supporting a local store and the economy of the local community since all the business and money was staying local, but you were also supporting all the small local farms that this store was buying from. How could we resist being part of such a wonderful organization especially when we found out that joining was as cheap as a one time $175 fee which you get back once you want out of the co-op. Think of it like joining Sam’s club but only having to pay your membership once, all your money going to a local like-minded business instead of some big box store, getting a 2% savings on everything you buy there, and when you think you don’t want to be a member anymore (which I can’t imagine), you can get your membership fee back. It is almost too good to be true and is definitely an underused treasure in our area.
So, is Green Fields Market the only co-op around? Actually there are quite a few food co-ops in the state, most of which can be reached from the links page on the Green Fields Market website. Most of the other food co-ops are near Boston and surrounding areas so if you are in that part of MA you might want to take a peek at the list.
In addition to food co-ops there are other co-op organizations in our area including a cooperative bank. The cooperative bank here in New England is called the Cooperative Fund of New England and operates very similar, but yet wonderfully different than your traditional bank. First, all of the money in the bank is contributed by local people and businesses in the community. Second all the money that is given as loans goes to local businesses and groups (like other co-ops) that need a lower interest loan. Think of it like loaning money to help out a friend or family member that needs it; you are giving to the community and then you get paid back with interest. When you contribute your money, you specify what interest rate you would like (0-4%) and when you would like the money back. Now, unlike a traditional bank, the money is NOT guaranteed by the FDIC or any other federal agency, but they have a VERY small rate of not being able to repay. Why would you put your money here instead of in a regular bank? Well, for one you are giving to the community and all your money is staying local instead of going into the vaults of some big bank. Second, you are getting paid back with an interest rate that is above most savings accounts (my full-service bank is only paying 1.75%). Now, would I put all my money in a co-operative bank? No, but I wouldn’t put ALL money any one place anyway because it is always better to spread your money out and diversify.
So, as you can see in my rediscovery of co-ops, they truly are a hidden treasure in our community and worth checking into to see if they are right for you. We definitely know that they fit right into our “live simply and locally” mentality. Then again, this is just life according to Troy.