Ring In 2024 With "Bank of Dave"
V.2, N.38
One night this week, treat yourself and whoever else you can crowd into your living room to watch Bank of Dave, a new film (available on Netflix) about David Fishwick’s inspiring efforts to establish a local bank in 2011 in Burnley, a small town in northern England. Dave does the seemingly impossible—he defeats the big, monopolistic banking establishment in London to get the first new banking charter in 150 years. The film takes liberties with the real story—there’s a fictional concert by Def Leppard to raise capital for the bank, for example—but the broad outlines are true enough. Ultimately, the film makes the most powerful and moving case for local reinvestment since It’s a Wonderful Life.
We also start our third year with a recap of our top ten stories from 2023 based on your clicks. If you want, you can continue to vote here: Top Ten Local Investing News of 2023.
As for current news, here are the gems we’ve curated for this issue:
Canada is about to make co-op conversions cheaper and easier with new legislation for employee ownership trusts.
The progressive “squad” in Congress is sponsoring a bill to spread public banking across the United States (which would supplement ongoing initiatives in California, New Jersey, and other states).
The Foodshed Cooperative has brought together 60 small farms in San Diego County to help them jointly plan crops, distribute produce, and supply local food banks.
Worker ownership is saving small-town journalism. Read about new worker-owned publications like 404 Media, Aftermath, Colorado Sun, and Discourse.
ImpactAlpha has published its list of top-ten impact investing trends, which include new initiatives supporting geothermal heat pumps, India’s EVs, new battery designs, and recycling plastics.
Finally, as we announced last month, paying subscribers will start receiving the MSJ Extra! on January 25. We moved our listing of current local investment opportunities there and added other features like interviews. You can subscribe through the link below.
NEWS
Canada Opens a Pathway to Worker Ownership, ImpactAlpha (December 14)
Public Banking Act Revived to Take on Wall Street, Common Dreams (December 13)
Farmer-Owned Distribution Cooperative is Growing Small-Farm Economy, Civil Eats (December 7)
Why Worker-Owned Publications Are Winning, Fast Company (November 19)
Ten Impact Investing Trends to Track in 2024, ImpactAlpha (December 27)
PARTNER VOICES
Solidarity Economies: Building Community Power, Nonprofit Quarterly (January 3)
This Investment Bank Serves Small Businesses Led By Women, Minorities, and Veterans, Superpowers for Good (December 19)
NOTABLE NEW RESOURCES
A Community of Practice for Community Ownership, Exit to Community (December 28)
2023 Investment Crowdfunding Annual Report: A Game of Chess, Crowdfund Capital Advisors (Published in late January)
Co-op U Manual: Building Cooperatively Owned Businesses, Co-op Cincy (November 20)
EVENTS
Local Investment 101 Workshop with Michael Shuman - Virtual and In-Person Event. January 27 - February 24. Register here.
Next Economy MBA: Meet the Facilitators & Interactive Q&A - Virtual Event. January 16, at 12 pm ET. Register here.
SuperCrowdHour: Investor Panel - Virtual Event. January 17, at 1 pm ET. Register here.
Closing the Racial Wealth Gap by Shifting Ownership - Virtual Event. January 31, at 1 pm ET. Register here.
Crowdfunding & SBA Lending: A Conversation - Virtual Event. February 6, at 2 pm ET. Register here.
Neighborhood Economics - In-Person Event. February 26-28. Register here.
SuperCrowdBaltimore - In-Person Event. March 21. Register here.
ICYMI
The Local Power of Public Banking Toolkit, Public Banking Institute
JOBS BOARD
Mission Driven Finance is hiring a Real Estate Asset Management Senior Director and a Fund Operations Manager.
Project Equity is hiring a Policy & Impact Manager.
FREE SHORT VIDEOS ON LOCAL INVESTMENT
If you want short answers to your most pressing questions about local investment, we have prepared a series of 5-10-minute videos. 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:
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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 US, from San Luis Obispo, CA, to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street into our communities. Fill out the intake survey below to join this growing cohort!
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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 grants from the Heron Foundation, Wallace Global Foundation, and the Bondi Foundation. We welcome feedback about everything, from our design to content. Also, we welcome suggestions of other groups to involve as partners and additional information to include. Please send ideas to Jen Risley at jen@main-street-journal.com.
PARTNERS
Abrams+Angell | American Independent Business Alliance | Candide Group | Community-Vision Solutions, Benefit LLC | Council Fire | Crowdfund Better | Crowdfund Capital Advisors | Cutting Edge Capital | Democracy Collaborative | Exit to Community Collective | Fair Food Network | Impact Finance Center | ImpactPHL | Initiative for Local Capital | The Kassan Group | Mission Driven Finance | National Coalition for Community Capital | Natural Investments | Neighborhood Associates | Neighborhood Economics | New Majority Capital |. Next Egg | Nonprofit Quarterly | Ownership America | Ownership Matters | Project Equity | Project for Public Spaces | Prospera Partners | Raise Green | Revalue | Schumacher Center for a New Economics | Shelterforce | Slow Money | SOCAP | Sun Valley Institute for Resilience | The Super Crowd Inc. | Transform Finance | Uwharrie Bank | Village Well | Zebras Unite
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Jen Risley at jen@main-street-journal.com.