By Joshua Schuetz
Compeer Financial, a member-owned financial cooperative serving rural communities in the Midwest, has recently collaborated with CEDA on rural vitality initiatives in Minnesota, Wisconsin, and Illinois. Compeer recently invested $360,000 in CEDA’s Rural Business Innovation Lab, which selected its first cohort this year.
During CEDA’s annual meeting in June, it was announced that Compeer would be investing an additional $1,000,000 in further partnerships with CEDA to continue and expand their work in economic and community development within rural communities across the three states. This investment builds upon an already successful partnership between the two organizations.
John Monson, Compeer’s Chief Mission Officer, expressed his enthusiasm for the continued partnership with CEDA, highlighting the significant opportunities it presents for rural communities in the three states. Monson emphasized CEDA’s role in assisting small communities lacking the resources and expertise to undertake community and economic development projects that drive growth and innovation within their areas.
According to Monson, the investment aims to provide these rural communities with a model that offers flexibility, affordability, and support in organizing and prioritizing projects. He emphasized that Compeer’s leadership is excited to witness the impactful outcomes resulting from this investment, which will span from 2023 to 2027. Monson also mentioned the possibility of further investment opportunities as the projects progress.
“We are absolutely thrilled to invest in and partner with the entire CEDA team, its board of directors, and its partners” stated Monson during his video address at the CEDA annual meeting. “We look forward to working with you from 2023 to 2027 as we make these investments. As we move forward, meeting milestones will create more significant investments from Compeer into CEDA. This is a remarkable opportunity for rural communities, and that’s
why we’re committed to it — to serve them.”