MOVE YOUR MONEY:
COMMUNITY WEALTH BUILDING
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This week, we'll focus on Community Wealth Building, another critical reason to Move Your Money. | |
"Amid the chaos and breakdown of our time, imagining such a thing as economic system change can seem daunting, overwhelming, impossible... The truth is that system change is already emerging all around us. It's beginning in our own backyards, in the form of Community Wealth Building, a form of local economic development that transforms local economies through communities having direct ownership and control of their assets."
~ Marjorie Kelly, The Democracy Collaborative
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Also, revisit our Planning Resources Google Doc for more resources.
Best,
Jen Risley
Choose Indie Local Coordinator
American Independent Business Alliance Director of Operations
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NEW HIGHLIGHTS & INSPIRATION | |
Wealth Supremacy Book Discussion
From Local Return (RI): Marjorie Kelly’s recent book, Wealth Supremacy: How the Extractive Economy and the Biased Rules of Capitalism Drive Today’s Crises, is “a powerful analysis of how the bias toward wealth that is woven into the very fabric of American capitalism is damaging people, the economy, and the planet.” It is a must-read for everyone who participates in today’s economy, particularly those of us yearning for stronger and more just economic systems.
Please join us for a discussion of the book on Wednesday, May 29, from 6:00-7:15 p.m. online. (National Bookstore Day is April 27 – a perfect day to pick up a copy of the book at a local independent bookstore.) Email jessica@localreturn.org for the Zoom link.
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Action Guide for Advancing Community Wealth Building
From Democracy Collaborative: What Community Wealth Building offers is a framework for reimagining local democracy by putting citizens at the heart of key decision-making processes—as workers, caregivers, consumers, and community members. The principles and new institutional arrangements at the heart of Community Wealth Building represent foundational steps for building a new economy from the bottom up in which the needs of the community and planet come first.
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Collective Action Toward Wealth-Building and Community Empowerment
From Community Desk Chicago: Community Investment Vehicles (CIVs) allow residents to pool their financial resources to buy and control neighborhood real estate assets, such as shopping centers or multi-family housing. CIVs provide the legal structure and leverage the necessary capital to give communities greater control while providing an opportunity to grow their wealth.
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PAST HIGHLIGHTS & INSPIRATION | |
Greenhouse Gas Reduction Fund Builds Local Climate Capacity
From The Climate Group: The US Environmental Protection Agency announced that it has awarded $20 billion to green banks, financial institutions, and nonprofit organizations for projects combating climate change in disadvantaged communities. Through the Greenhouse Gas Reduction Fund, thousands of communities will now receive funding for critical infrastructure and quality of life improvements like heat pumps, electric vehicle charging stations, and community cooling centers.
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Saving (For) the Planet
From Project Drawdown: Through their lending and investing power, banks play a tremendous role in determining our climate future, including by financing infrastructure that locks in greenhouse gas emissions or climate solutions that yield reductions in emissions for decades to come. Because banks differ in the extent to which they invest consumers’ deposits in carbon-intensive or climate-friendly enterprises, where individuals choose to save can make a huge difference in whether their hard-earned money contributes to or helps mitigate climate change.
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Investing in Connecticut's Green Economy
From Connecticut Green Bank: A green bank accelerates the green economy using limited public dollars to attract multiples of private capital investment. In doing so, clean energy is more affordable and accessible to consumers. In 2021, the Green Bank's model was expanded to include new areas of environmental infrastructure related to climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services.
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Bank for Good
From Bank for Good: All the financial institutions listed here have committed to not do business with any companies or projects engaging in fossil fuel extraction or infrastructure via loans, share and bond underwriting, asset management, or advisory services. Essentially, this commitment means these institutions will not do business with the biggest oil, coal, and natural gas companies (also known as fossil fuel companies) that are accelerating climate change and polluting the air, water, and soil, literally making it harder for us to grow and breathe.
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Invest in Your Loved Ones
From Michael Shuman: Last week, I talked about how investing in yourself by paying off your credit cards was the single best local investment opportunity. It’s risk-free, generates a 15-20% annual return, and ultimately saves you from Debtors’ Hell. This week, I want to suggest that you do the same for the people you care about. Invest in your kids and friends by cutting up their credit cards as well. What’s good for the goose is good for the gander and all the other people who flock around you.
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Angels of Main Street
From The Kassan Group: Angels of Main Street is a nationwide investment community for ANYONE who wants to learn about investing directly in businesses that are doing work you care about. Our community is open to EVERYONE—you can be an Angel investor too! There is NO MINIMUM net worth or income requirement—you DO NOT need to be an accredited investor.
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How to Design an Equitable Retirement Plan
From Just Futures: Join Just Futures for a webinar that shares practical guidance for how to ensure your organization’s plan supports an equitable distribution of retirement benefits and unpacks what is possible for organizations who want to collectively harness our retirement investments for social justice.
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Top 5 Reasons to Choose a Community Bank or Credit Union | |
Money and Meaning
From Walden Mutual: All of us have our own personal stories with money. Those stories are as much emotional as they are rational; they are as much about our experiences and memories as they are about interest rates and budgets. Part of “enabling anyone to make positive and lasting change” is supporting each other in understanding our own money stories so that 1) we can see money as it is and 2) use it as a tool to create a better world.
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A Banker’s Case for Public Banking
From NPQ: For over 20 years, I have explored how to change financial systems in the United States to promote greater equity and inclusion. This has led me to the conclusion that if we want to close the racial wealth gap, we need to get serious about public banking. (Image Credit: Public Banking Institute)
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Keep the Change In Your Community
From People First Economy: When you choose to bank locally, your dollars are kept close to your home. Unlike big banks, local financial institutions go beyond banking to build relationships in the community they are held in, and they use these relationships to put your dollars to work- underwriting business loans, granting mortgages to residents in your neighborhood, and supporting your overall financial wellness. Make a positive impact with your accounts: MOVE YOUR MONEY!
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Who's Local? Find Community Banks and Credit Unions in Your Region
You may know some of your area's Community Banks and Credit Unions. But do you know them all? You can check out our list of directories to help get you started (or update your list).
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Banking for the People
From Next City: Next City has partnered with Common Future to showcase our coverage of the banking system, which shines a light on innovative solutions that have been built despite the challenges of existing in our current extractive systems.
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Here are some ideas to help you get ready:
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Bank of Dave
From The Main Street Journal: One night this week, treat yourself and whoever else you can crowd into your living room to watch Bank of Dave, a new film 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.
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SuperCrowd24: Impact Crowdfunding Conference
April 17 - 18: Virtual Event
From Supercrowd: This two-day virtual event is our biggest event of the year. Learn to invest like a pro. One hundred speakers plus a live pitch event! Don’t miss it. Save 50% with the discount code “SuperCrowd.”
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Invest in Alaska
From BuyAlaska: From Community Supported Agriculture to Equity Crowdfunding. Not only does investing locally provide entrepreneurs and local businesses in Alaska with the money needed to grow their business but your money is recirculated within the local community and actually GROWS. This infusion of your dollars invigorates local economies by boosting job growth and wages, fostering innovation, building new business opportunities, and developing resiliency in Alaska.
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From Local Banking to Local Investing, Every Dollar that Stays Close to Home Matters
Imagine your money isn’t just a number on a screen but a force that strengthens your local community and economy. By directing our funds to banks and businesses based where we live, we can join a growing movement that prioritizes both people and profit. And local economy organizations across the country are blazing the way.
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American Independent
Business Alliance
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