We are lucky to live in a region where people understand the importance of a robust local economy. From the Asheville Grown Business Alliance and its Go Local campaign, to the Venture Local WNC conference, to the enthusiastic support of the local food movement – this region is proud of what is has to offer, and is eager to support it.
But while many of us choose to shop at local stores and eat local food, there’s one more layer to the local economy: investment.
It’s a matter of where we choose to put our hard earned money while we plan for the future.
As Amy Cortese says in her book, Locavesting:
“Rather than zero-sum finance, where my win requires your loss, local investing aims for mutual benefit. Instead of supporting monocrops, monocultures, and monopolies, locavesting helps build robust local economies, competitive markets, and lively, self-sufficient neighborhoods.”
That sounds great on paper, right? But how exactly does an individual make a local investment?
We’re so happy you asked!
Mountain BizWorks accepts investments of as little as $1,000, and offers a simple interest return of up to 3% over a term of one to ten years.
Investments go into our loan fund, which is used to make loans to local small businesses for start-up or expansion costs. In a nutshell, your investment helps start and grow businesses that create jobs and keep our local economy churning.
Cortese refers to community development financial institutions (CDFIs) like Mountain BizWorks as “the biggest-impact financial sector you’ve never heard of.” Well… now you’ve heard of us! And in the coming months, we’ll be providing more information about local investment options, and how those investments make a real difference in our region.