Reflections on the Local Investment Movement
V.2, N.26
If you’re interested in why the Main Street Journal exists, please listen to the interview I just did for Devin Thorpe’s podcast, “Superpowers for Good.” (The podcast series covers lots of local investment issues and is well worth subscribing to.) Devin accuses me of being an “elder statesman” — ouch! — but we do talk about the importance of collaboration, persistence, interdisciplinary thinking, and humor in remaking our rickety capital markets. Among the action steps I recommend: organize neighborhood groups by bringing together investors and businesses informally (like Port Townsend’s Local Investment Opportunity Network), create an online listing of local investment opportunities (like the Maryland Neighborhood Exchange), and deploy neighborhood funds (perhaps using NC3’s Diversified Community Investment Fund design).
Also in this issue are exciting reports on the spread of public banking initiatives in California cities, the growth of minority-owned banks since the pandemic, and a sleeper Supreme Court decision that limits the ability of pay-day lenders to exploit Native Americans living on reservations.
Let me close with one final action step: Please consider sharing the Main Street Journal with a couple of people today by forwarding this newsletter. Perhaps our movements biggest challenge right now is reaching a critical mass.
— Michael Shuman, Publisher
NEWS
Public Banking Efforts Are Gaining Momentum and Clarity in California, NextCity (June 27)
New Report Underscores Why Minority-Led Banks Are Crucial To Communities of Colour, NextCity (June 20)
Fleecing in Indian Country, The American Prospect (June 23)
PARTNER VOICES
Superpowers for Good Podcast with Devin Thorpe and Michael Shuman, SuperCrowd Inc. (June 20)
Strategic Partnership To Further Reduce Barriers To The Flow Of Impact Capitol, Mission Driven Finance via Impact Charitable (June 27)
Community Issued Currency: A Tool For Relocalizing Economies, The Schumacher Center for New Economics (June 2023)
EVENTS
Remaking the Economy: Tenant Organizing in Unexpected Places - Virtual Event. July 12, 2023. Learn how nonprofits and movement activists are advancing strategies to address the economic and social inequalities of our time. 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.
DCIF Legal Training Series - Virtual Event. Multiple dates through 2023. Deep dive into the legal considerations and skills needed to assist clients who want to build and maintain a Diversified Community Investment Fund (DCIF). Register here.
Crowdfunding Better - Virtual Course. Are you an NY business owner looking to learn more about crowdfunding for your business? You can now get complimentary access to the Crowdfund Better introductory online course "The Crowdfunding Opportunity" when you become a client of the NY SBDC. Register here.
ICYMI
The Greatest Wealth Transfer In History Is Here. Who Will Benefit?, Morningstar (June 23)
Obstacles the LGBTQ+ Community Faces When Seeking Financial Advice, Morningstar (June 22)
JOBS BOARD
Vermont Community Loan Fund is hiring a Director of Lending for Housing and Community Facilities
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
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. We aim 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 growing cohort!
SOME OF 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 Melea Huon-Dumentat at melea@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 Melea Huon-Dumentat at melea@main-street-journal.com.
I would like to try something like this in the Global Community. If we can pair investors in North America with businesses in places like El Salvador then we might accomplish three significant objectives. We would be creating opportunity for the poor in Third World countries, reduce crime in those areas thereby making those areas more accessible for westerners and more investment and start to outcompete the corporate forces that have deceit and parasitic competition at the heart of all of their operations.