The store has been up for sale for the past two years, after owners Darren Morante and Shirley-Anne Hughes decided it was time to step aside.

Colbinabbin resident Matt McEvoy, who is part of the steering committee, thanked the community for rallying behind the venture.

"It wouldn't be possible without them," he said. "The clogs are turning and there's no way back from here, but we still need a lot of support."

Mr McEvoy said while the initial fundraising was great, there was more work to be done.

Read more: Colbinabbin residents create cooperative to buy general store

"We're now onto the next step, which is starting up the cooperative company," he said. "We've also made an agreement with the owners in regard to the sale of the store, which is a really important part of the process.

"We have got to a critical point in terms of the amount required to form a cooperative, but if we don't raise more, we won't have enough in terms of working capital, refurbishments, and renovations.

"Anyone who has strong ties to Colbinabbin who hasn't pledged, I really urge them to contact us and pledge their support."

Mr McEvoy said anyone who wanted to contribute should contact him on colbinabbincommunitystore@gmail.com

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