We’re serious about this local finance thing.
Americans love buying domestic products, they love spending money at local businesses, and it’s practically in our DNA to cheer on ambitious entrepreneurs chasing the American Dream.
We started Community Sourced Capital to chase an American Dream of our own, one where people think about finance the same way we think about purchases. And I’ll just say, we think our timing is spot on.
In this day and age, funds fly around the world at the speed of light financing projects and people we may never see or meet. That’s why local finance is so exciting to us. We believe in providing citizens an opportunity to finance something they know, not just something they make money on (we hope you get to do both). But even more tangibly than that, we believe that opportunities to finance businesses we can touch and feel will play a transformative role in re-imagining our relationship with money at a time when our economy needs it more than ever.
Our latest campaign with Willapa Hills Cheese Farmstead is another opportunity to gather local supporters that want to lend as little as $50 to a business they know through Community Sourced Capital. And while we can’t offer you a generous financial return on your $50 loan, we can at least make a commitment to pay you back so you can take your money out or lend it again.
We’re proud to report some early success from our lastest loan for Willapa. In two weeks, Willapa has raised over half of their $20,000 minimum goal. But perhaps more exciting than that, 93% of the dollars lent to Willapa Hills Cheese have been sourced from within 100 miles of their farm. It’s on the ground local finance, and it’s bringing our American Dream that much closer to reality.
We sure as hell don’t know if 100 miles is the magic number for local finance, but we’re happy to put our stake in the ground and call it a good place to start.
We know we’re on a long journey to make “funding the world we want to live in” accessible and rewarding for everyone. Here’s the good news today: it happening right now, right in your backyard.
UPDATE, June 2013: our recent campaign with Harmon Brewing Co. found more than 90% of their Squareholders living within 30 miles of the restaurant: