Matching municipal dollars with local investment 💰🌱
V.1, N.16
One of the most disappointing comments I’ve heard in recent months was from one of my Montgomery County Council Representatives, Sidney Katz. When asked what the role of county government is in taking advantage of crowdfunding, he said: “I can’t think of any.” As the representative on the Council widely seen as most sympathetic to small business, his dismissive understanding of grassroots capital reflected the dismal state of local politics around me. But smarter localities are taking advantage of local investment for economic development.
Consider what’s happening in Michigan, where 50,000 local investors have put their money in community projects to be matched by municipal dollars. The same thing is happening in Rhode Island and St. Louis. Our lead story, from NPR, shows how the crowdfunding site Patronicity helps make this local investment strategy happen by mobilizing state, county, and city money to match local economic development projects supported by grassroots finance.
Other stories below show how smart politicians and grassroots investors are working together to support low-cost broadband in the Imperial Valley of California and affordable housing in Nashville. You can also read how the residents of Provincetown, Massachusetts rallied their dollars to help buy a beloved local bookstore.
As always, if you want to do more than read, if you want to act and change your community, please sign up to become a “Main Street Champion.”
– Michael Shuman, Publisher, The Main Street Journal
NEWS
Multiple States Turn To Crowdfunding To Help Fund Community Projects, NPR (January 27)
First Community Land Trust Property Completed In North Nashville, NashvillePost (January 24)
Building a Community-Owned Broadband Network in Imperial County, Public Policy Institute of California (January 28)
East End Books Ptown Owner Given Right of First Refusal, Purchases Store, Wicked Local (January 4)
PARTNER VOICES
Sun Valley Institute Helps Dairy Farmer Fill the Gap, Sun Valley Institute For Resilience featured in Eye on Sun Valley (January 27)
Michael Shuman & Larry Yff On Investing, Finance & Creating Local Stock Markets, White, Confused, Black and Christian Podcast (January 21)
Where Are New Co-ops Emerging? The Changing Map of Co-op Development, Project Equity featured in NPQ (January 19)
The World’s Largest Custom Clothing Firm Is 100% Employee-Owned, Project Equity (January 2022)
Co-founders of Chordata Capital, Tiffany Brown & Kate Poole, share their ideas for reparative finance. Listen to their story on the Road to Repair podcast here.
EVENTS
The Money Answers Show With Jordan Goodman – Radio show. Monday, February 7, 3pm EST. Tune in live here to hear Michael Shuman featured as a guest speaker.
Remaking the Economy: Organizing for Black Food Sovereignty – Webinar. Thursday, February 10, 2pm EST. Discussion on how the movement for Black food sovereignty is being built. Register here.
National Entrepreneurship Week (NatlEshipWeek) – Online Series. February 12-19, 2022. NatlEshipWeek is a congressionally chartered week dedicated to empowering entrepreneurship across the United States. A range of webinars will be offered.
Reimagine, Reinvest, Rebuild: The 2022 National Interagency Community Reinvestment Conference – Virtual Conference. March 15-17, 2022. Training for better using the Community Reinvestment Act. Register here.
ICYMI
Farmers Markets Help Rev Up Local Economy, Farm Progress (January 28)
Could The Future Of Investment Be Local?, Forbes (January 26)
Preston, England Is Bringing Socialist Ideas to Life, Jacobin (January 23)
Small Business’s Big Moment, Institute for Local Self-Reliance (January 2022)
JOBS BOARD
Candide Group is seeking a Managing Director of their Climate Justice Fund. Location: Bay Area preferred; open to other geographies with prior approval.
Fair Food Network is seeking: a Director of Institutional Funding, a Business Operations Manager, a Senior Director of Impact Investing, and a Program Ambassador.
Mission Driven Finance is seeking: a Real Estate Strategist, a Senior Associate of Knowledge Systems, and a Staff Accountant.
BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group? Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. Our goal is to identify dozens, then hundreds, then thousands of Main Street Champions like you across America. We already have Main Street Champions across the U.S., from San Luis Obispo, CA to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street back into our communities. Fill out the intake survey below to join this first cohort!
SOME OF The MSJ’s VINTAGE ISSUES
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 Sophia Leswing at sophia@main-street-journal.com.
PARTNERS
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Sophia Leswing at sophia@main-street-journal.com.