The Local Investment Opportunity Network (LION) of Port Townsend, Washington, was formed in 2006 with a simple premise: local relationships are the basis for local investments. Interested investors and businesses began meeting every month informally in a potluck dinner, and gradually the membership and relationships evolved into commitments of dollars. Between 2008 and 2019, LION’s membership grew to 68, and they collectively invested $9.4 million in 80 local businesses and nonprofits. Put another way, a 10,000-person town was able to mobilize nearly $800,000 in new local investment per year for more than a decade. Imagine what a network of LIONs could accomplish in your own community? If Montgomery County, Maryland (where I live), with a million residents, were able to replicate this record, we would be mobilizing $80 million per year. The lead feature in this issue is a wonderful short video LION just released on its work – well worth a watch!
We also have an article and a podcast about how worker co-ops are giving once marginalized people the ability to transform their sweat equity into powerful new local businesses.
Finally, last issue we released our initial list of Main Street Champions. Their numbers are growing. Please join them in launching local investment movements in your own community. Let the LIONs loose!
– Michael Shuman, Publisher of The Main Street Journal
NEWS
How Local Investing Builds Relationships, Local Investing Opportunities Network (October 2021)
What Co-ops Can Teach About Valuing Employees During a “Labor Shortage”, Detroit Today (October 8)
How A Pecan Milk Co-op Is Helping Marginalized Queer Black People, Bon Appétit (October 8)
Guidelines for Equitable Employee Ownership Transitions, Fifty by Fifty (October 12)
FEATURED PARTNER VOICES
NC3’s Community Investment Fund (CIF) Toolkit has arrived! This toolkit is a collection of resources for developing a CIF in your own community. Some of the resources include: a team builder matrix, an investment thesis worksheet, a fund calculator, an operating structure checklist, and financial modeling guidelines.
Sign NC3’s petition calling on Congress to remove Sections 138312 and 138314 of the Build Back Better Act, which would will limit the ability for grassroots investors to use self-directed IRAs and related vehicles to invest their retirement funds into community capital projects.
EVENTS
Venture Jobs Foundation Prosperity Conference – Webinar. Thursday, October 21, 12-1:30pm EDT. Keynote speaker is John Katovich, Co-Founder and President of Cutting Edge Counsel.
Recruit. Retain. Reward. Retire. – Webinar. Thursday, November 4, 12pm EDT. Project Equity shows how businesses can benefit by transitioning to employee ownership.
New York State CDFI Investor Club – Webinar. Friday, November 5, 12-1pm EDT. Featured speaker is Michael Luni Libes, Chair and Managing Director of Realize Impact.
ICYMI
America’s Racial Wealth Gap is Enormous and Getting Worse, Capital & Main (August 26)
A Local Currency in the Berkshires Plans to Go Digital, The Berkshire Edge (September 28)
How To Benefit From Corporate Pledges to Minority Businesses, Federal News Network (September 30)
California Could Soon Have Its Own Public Banking Service, The Sacramento Bee (October 4)
A Public Bank In LA May Become A Reality, LAist (October 5)
LOCAL INVESTING JOBS BOARD
Tufts University Is Seeking A Full-time Professor in Impact Investing/ESG. Start date: September 1, 2022. Apply here.
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!
READ OUR PAST ISSUES
Issue #1 – Intro to The Main Street Journal! (June 24, 2021)
Issue #2 – Local climate investments, CDFIs, & agricultural co-ops (July 8, 2021)
Issue #3 – Public banking, a driver-owned Uber, & growth capital (July 22, 2021)
Issue #4 – Plant closure causes disastrous ripple effects on local economy (August 5, 2021)
Issue #5 – Local investing leaders, infrastructure bill, community land trusts (August 19, 2021)
Issue #6 – Microbonds to reverse climate change (September 2, 2021)
Issue #7 - The wonderful world of worker co-ops
Issue #8 - Threats to your self-directed retirement savings
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.