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Car co-op seeking investors

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Aaron Russin, member services co-ordinator for Peg City Car Co-op.

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Aaron Russin, member services co-ordinator for Peg City Car Co-op. Photo Store

Peg City Car Co-op is looking for your investment.

The car-share program started in 2011 with 36 members and three cars in the Osborne and Fort Rouge area. In 2012 they purchased a fourth car, in summer 2013 the co-op doubled its numbers to eight cars, and then a few months later they entered into an agreement for a ninth car. This expanded the co-op into South Osborne, Wolseley and the West End.

The co-op is looking to expand once more, this time east over the river and into the Exchange.
Aaron Russin, member services co-ordinator for Peg City Car Co-op, said they are looking at Elmwood, St. Boniface and Norwood.

"Those are definitely some of our target areas," Russin said. "In the next five years we’re going to be focusing on all of those locations."

Russin said they will head for the Exchange District and St. Boniface before St. Vital because of the density of the population.

"Car sharing depends on a (Osborne Village) type of area where amenities are walkable," Russin said. "It depends on these kinds of networks."

To expand, the co-op is looking to raise $50,000 in $100 investments by March 31, 2014. The co-op has qualified for the Province of Manitoba’s Community Enterprise Development Tax Credit Program. This means anyone who invests will be eligible to claim a tax credit of 30% of their investment.

"Then there is the turn (return) as well," Russin said. "So we hold it for the seven years, then start paying you back with a dividend."

Russin said if someone thinks the car co-op is a good thing for the community, the best thing they can do is to buy one share or more.

"Then there is a green aspect," Russin said. "The statistics around car ownership are that one of our vehicles takes 10 off the road. So that’s contributing to the overall reduction of (greenhouse gases) and CO2 emissions."

For information visit pegcitycarcoop.ca

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