ShoreBank Blog
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Posts Tagged ‘buy local’
Tuesday, July 13th, 2010
Who doesn’t love free outdoor cultural activities, especially ones that provide value far beyond entertainment? It is no secret that free public programs makes the arts and their environment backdrop more accessible to residents and visitors. If exhibits and displays can help build a stronger community, why then are more free events not taking place in the underserved communities that might most benefit from them?
Local parks districts often do a great job evenly distributing their diverse free arts programming (movies, concerts, and dance in parks) through out various neighborhoods; however, that does not mean it appropriately serves every neighborhood. Underserved neighborhoods often have language and financial barriers that inhibit them from feeling a sense of connection to the greater community. The universality of the arts can bridge those barriers. For example, although opera is typically associated with high-income, when a former colleague of mine delivered free opera programs to low- to mid-income communities in Sacramento, she told me that her audience, many of whom spoke Spanish as their first language, more easily understood and related to the Italian opera than their English speaking neighbors. It just exhibits how this free program and others can remove language and financial barriers to create a sense of connectivity.
That sense of connectivity can serve as a catalyst of positive change for communities. For instance, when Chicago low- to mid-income neighborhood West Humboldt Park hosts events, which range from Chicago SummerDance in the Parks (let’s Bomba on 7/21/10) to Movies in the Park (let’s see Yo Soy Boricua, Pa’que to lo Sepas on 7/24/10) to En Movimiento (a program that combines salsa dancing, tai chi, basketball, bike riding, steel drum music, and muévete), it finds it reaps the following community benefits (1):
- A bridge over time where you can see and/or speak with people who you only see at that specific event every month or year.
- A community connection that allows people to run into neighborhoods and catch up on news and info.
- A safe environment created by crowds where many types of people can mix and get to know each other. And the more you know, the more you grow!
Plus, these programs have the capability to be effective tools for economic development. The more people that attend from outside the community, the greater the opportunity to generate new revenues from the money spent by visitors at local attractions and businesses. Programs also fosters civic pride in the area and respect for the neighborhood that makes it more likely to be where people will want to go to live and work. (2) And it just takes arts!
So amidst a period of declining resources, how can we help support more free cultural events in underserved communities?
- Support arts organizations that develop cultural programs for underserved communities.
- Enlist unemployed or part-time artist friends to volunteer their performance and teaching talents.
- Volunteer or donate your own talents and resources.
- Create artist housing in the most underserved communities.
- Write blogs or letters to the editor on arts advocacy in underserved neighborhoods.
- Recommend cultural event sponsorships to your employer.
- Check out a free event in one of these communities and to tell your friends.
You might be pleasantly surprised, delightfully entertained, and easily building a community, all without it costing you a dime. Who doesn’t love that?
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(1) http://communitybeat.blogspot.com/2008/09/value-of-community-events.html
(2) http://www.railstotrails.org/resources/documents/resource_docs/tgc_economic.pdf
Tags: arts programming, buy local, community development, cultural events, free
Posted in Outreach | No Comments »
Tuesday, March 30th, 2010
At a time when credit is so tight, it is commendable that many local and state governments are using stimulus funds to create new financing options to help homeowners and businesses pay for the upfront costs of energy saving measures. One problem is that most of these loan funds are quite small. Indeed, among the largest is a $30 million pool established by the State of Ohio – a state with 11 million people and a GDP of $466 billion. The vast majority of the pools have less than $10 million in capital. That amount only provides a drop in the bucket of what our economy needs. Even a conservative estimate suggests that hundreds of billions are needed for energy makeovers at the local level.
One solution is to create a secondary market – a mechanism by which the loan funds can sell the initial loans to another party and obtain the cash needed to make new loans. The buyer of the loans, then, will be entitled to the payments that will come in slowly over time.
One challenge to the development of this secondary market is that each governmental entity was free to develop its own program guidelines and rules. Consequently, each loan program is likely to have idiosyncratic underwriting policies, pricing structures, and loan terms. But secondary markets like conformity; therefore, aggregating these disparate loans into pools to sell to investors will be extremely difficult.
The Department of Energy (DOE) is working feverishly to develop a secondary market for some types of loans, most notably, unsecured loans to homeowners. It is unclear if similar efforts are underway for other types of borrowers, such as multi-family rental properties or commercial buildings.
I, however, believe DOE should consider seeding an intermediary that can purchase all of these loans (likely at a discount, since many carry below market interest rates) to allow the funds to recycle more quickly at the local level. This intermediary also could set standards, ensure more consistency and conformity, and better leverage this large, initial investment. Doing so would allow capital to flow into new projects, make development of a secondary market easier, and help ensure that stimulus funds benefit more American families and provide a bigger boost to local economies.
What do you think?
Tags: buy local, energy conservation loans, energy efficiency, energy finance, on-bill financing
Posted in Green Collar | No Comments »
Tuesday, February 23rd, 2010
“Do you know what I think? That main street is making a comeback back,” said my small-town Kansas-raised Dad – and he wasn’t referring to the economy. Triplepundit.com’s recent article Buy Local. Grow a Sustainable Economy agrees with my dad (and apparently many others). It states that “Evidence is growing that ‘going green’ is a community-centric economic mega trend that is creating revenue growth for businesses and meaningful local economic development.” But, is there room to buy local in our lives?
“Local” technically means “existing in or belonging to the area where you live, or to the area that you are talking about.” That includes corporate chains, which can provide more convenient, lower-cost familiar brands than local small business equivalents can. But to me, buying “local” means that the point of purchase is within three miles of my home and, if given the option, one considers or selects a small business over a corporate one. For many, that might be easier said than done for the following reasons:
It’s more expensive to shop locally. It might not cost as much as you might think. It costs approximately $150 per person per month to purchase the groceries listed on the government’s Thrifty Food Plan. A Digital Journal studysuggested that that same person would spend an extra $10.32 to eat locally. And don’t forget the transportation costs you can forego by staying within a three mile radius. You might even be able to leave your car at home and self-power your way there.
But my local store doesn’t carry (insert brand name). According to Susan Witt, Executive Director of the E.F. Schumacher Society, if consumers turn online or to a chain store for a certain product, it can actually help local businesses better identify and innovatively fill gaps in the market place. Remember, many new companies begans as small local businesses.
Big corporations already contribute a lot to my community. Great! But there is room for more. A case study by Civic Economics on Austin, Texas found “local merchants generate substantially greater economic impact than chain retailers.” The study revealed that if someone was to spend $100 at a chain, only $13 would be funneled back into the economy. However, if one spent $100 at a local business, about $45 would go back to fuel the economy. That is not to say we should depend solely on local businesses but rather that if we make room for small businesses, they might be able to better fuel our communities’ growth than a large store might.
There are only corporate chains in my neighborhood. Keep an eye out for and try a new small business if it opens in your neighborhood. You might be pleasantly surprised by what you find.
There really is no good reason to not try to buy local. ShoreBank is committed to developing small businesses in our communities. What are you doing to make room for local businesses?
Tags: buy local, community development, ShoreBank, small business, triple bottom line
Posted in Community | 3 Comments »