Local Investing Should Start With Food
V.2, N.24
While I was preparing to visit Australia, news arrived that the Brisbane-based FoodConnect, arguably the largest community-supported agriculture (CSA) network in the world, was shutting down. After I returned, I reached out to the cofounder, Robert Pekin, to learn why this had happened.
Still in mourning, Robert told me that the immediate culprit was the interest rate hikes – more than a dozen of them – imposed by the Australian Central Bank to put the brakes on national inflation. Borrowing costs had simply become unaffordable.
But another challenge, Robert conceded, was scale. There remains an urgent need to expand locally-owned systems for food gathering, packaging, processing, and distribution. And that, in turn, requires capital—lots of it. No one local program – not even the largest CSA in the world – has the ability to mobilize that kind of investment. Yet.
Australians, however, are trying to fix this problem. Robert shared with me a recent report on “Regenerating Investment in Food & Farming,” which is our first news item in this issue. It’s an amazing, comprehensive argument for restructuring the Australian food system. The climate crisis calls on us to rethink our relationship with the land in terms that Indigenous cultures have taught us: Regenerate for seven generations (or more). Through analyses, case studies and storytelling, the report makes a powerful case—not for more “impact” investing and philanthropy—bur for local investment funds and local investment more generally. (Our partner Slow Money has been making these arguments, and ‘walking the walk,’ in the United States for more than a decade.)
We also feature a podcast from Next City about the growing movement of community-owned real estate to fight gentrification and displacement of communities of color. The podcast focuses on the Kensington Corridor Trust, which is redeveloping three blocks in a Philadelphia neighborhood that is historically disinvested. There’s a similar initiative in the North Lawndale neighborhood in Chicago, including energy efficient homes and a co-op business incubator, which you can read about here.
Finally, you will find articles about the relative advantages of investment crowdfunding over cumbersome SBA loans, and the benefits of NFTs for crowdfunding.
— Michael H. Shuman, Publisher
NEWS
Regenerating Investment in Food & Farming: A Roadmap, Sustainable Table in Australia (2023)
Where the Community Owns The Real Estate, Next City (May 29)
Crowdfunding vs SBA Loans: Navigating Small Business Financing In A Changing Landscape, Crowdfund Capitol Investors Media (May 23)
Benefits Of NFTs For Crowdfunding, Crowd Sourcing Week (May 23)
PARTNER VOICES
Making Asheville’s Tourism Millions Work For The People Who Are Doing The Work, Neighborhood Economics, via Medium (May 17)
Closing Racial And Gender Wealth Gaps Through Small Business Ownership, New Majority Capital (May 17)
5 C’s Of CrowdFunding, Crowdfund Better (May 2023)
Annual Benefit Report, The Kassan Group (May 2023)
EVENTS
Increase Your Advocacy Capacity With ILSR - Virtual Event. May 25, 2023. Featuring Lauren Gellatly, the Institute of Local Self-Reliance’s Advocacy and Campaigns Manager, and Amanda Converse, Love Live Local's Executive Director. Register here.
Succession Planning For Women-Owned Businesses: Paving The Way For Long-Term Success - Virtual Event. May 31, 2023. Event with two key speakers specializing in business valuation, succession planning, retirement planning and asset management; and assessing, supporting and structuring employee ownership transitions. Register here.
11th International Public Markets Conference – In-Person Conference (Toronto, Canada). June 8-10, 2023. Bringing together visionary market managers, community advocates, and civic leaders to explore the changing forces that are shaping public markets today. Register here.
Neighborhood Economics - In-Person Event. February 26-28, 2024. Event facilitating ongoing conversations across geographies that help people build economic architecture so everyone will thrive. Use code ATTENDEE to get a discounted rate of $325 (refundable through February 1, 2024), for only the next ten days. Register here.
ICYMI
Can Guaranteed Income Prevent Gentrification?, Next City (May 30)
Bristol Pound Director: We Must Keep Local Currency Dream Alive, The Bristol Cable (November 25, 2022)
Making Local Economies Prosperous And Resilient: The Case For A Modern Economic Development Administration, Brookings (June 27, 2022)
JOBS BOARD
Vermont Community Loan Fund is hiring a Director of Housing and Community Facilities Programs
Project Equity is hiring a Business Engagement and Partnerships - Outbound Manager, a Regional Engagement Program Manager - California, and a Financial Analyst
Mission Driven Finance is hiring for multiple positions
FREE SHORT VIDEOS ON LOCAL INVESTMENT
If you want to short answers to your most pressing questions about local investment, we have prepared a series of 5-10 minute videos. You can find them posted on our website under the “Local Investing Videos” page. Or click on the links below to be directed to videos based on the topic:
BECOME A MAIN STREET CHAMPION
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About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Melea Huon-Dumentat at melea@main-street-journal.com.
PARTNERS
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