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This economic development week, we’re celebrating the hard work Economic Development Officers, Community Futures, and ec dev committees do to help their regions grow and thrive. Many of the projects we work on wouldn’t be possible without economic development professionals who recognize the role co-operatives can have in their town’s economic growth.
In some communities, establishing a co-operative is a formal goal set out in the town’s economic development strategy. This document sets out a town’s plan to support businesses, retain services, attract investment, and enhance overall community well-being. Including a co-operative in this strategy highlights a willingness to try something new, use the resources already available in your town, and take ownership over important services your town needs.
So, how might a co-op fit into your town’s economic development strategy? Here are three examples of Western Canadian communities that did it.
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Maple Creek Childcare Co-op
The economic development leads in the Town of Maple Creek sought partnership opportunities with their neighbour Nekaneet First Nation. They mapped out their priorities to better understand what interests they shared and where they could work together. Childcare was a common concern for both communities as young families often have to travel or rely on family to find childcare solutions.
EDOs from both towns, along with representatives from the Rural Municipality and Great Plains College worked with Co-operatives First to create the Maple Creek Childcare Co-op. The co-op brings together institutional members as well as parents who will use the community-owned childcare facility. From a regional collaboration came a community-based solution that will help attract people to the area, create jobs, and enable more parents to join the workforce.
2. Southeast Manitoba Senior’s Co-op
Many towns in Western Canada lack the housing they need to attract newcomers or accommodate the varied needs of seniors. To rectify this issue and help lifelong residents age in place, municipal leaders in the RM of Piney and Sprague helped create the Southeast Manitoba Senior’s Co-op. The goal is to build a 20-bed senior’s care facility with staff onsite to accommodate the health needs of residents. The project is led by the town’s Chief Administration Officer and Economic Development Officer who work alongside representatives from the Chamber of Commerce, Council, and neighbouring First Nations. Together they’ve leveraged grant funds, local fundraising, and aim to access funds through the Government of Canada.
3. Community Investing in Innisfail
Communities need access to capital to support new businesses and invest in infrastructure like commercial spaces and housing. Increasingly, banks and investment capital are harder to access in smaller towns, so they’re looking inward to mobilize investors and create funds that prioritize community goals.
Innisfail, in central Alberta, dedicated resources to studying the creation of an Opportunity Development Co-op that could pool money from local investors seeking to fund local businesses and construction. This is detailed in their plan, Power of Place. They learned from the Sangudo Opportunity Development Co-op, which invested in new housing and local entrepreneurs, and invited a founding member to offer guidance on their plan.
So, what projects could catalyze growth in your local economy? Is there an opportunity for the municipality or other ec dev leaders to support this initiative? Consider creating a co-op to mobilize the money, people, and resources your community already has, and include it in the town’s economic development strategy.
If you’re interested in learning more about co-ops and trying an innovative approach, sign up for our next Creating Connections workshop. It’s designed for EDOs who want to learn how a co-op can strengthen their ec dev strategies. And, as always, reach out to us at info@cooperativesfirst.com if you want to know more: our team of experts can provide the guidance you need.