Every time you hire a locally owned business, you generate two to four times as much economic development benefit as when you hire an equivalent non-local business. Our local businesses spend more money locally, which helps increase what is known as a “local economic multiplier”. By supporting locally owned businesses, who also participate in our local currency movement, The Hudson Valley Current, your support becomes a perpetual multiplier effect by circulating more income, securing longer term, high quality jobs that are not interdependent on seasonal tourism or tax break incentives.
When you support businesses who use Currents, you are creating community resilience which means you are helping to support a diversity of interdependent businesses that make it possible for our community to both survive and thrive in good times and bad. You are also helping to increase the “velocity” of money and the speed in which it circulates in the Hudson Valley. The idea is that if currency circulates more quickly, the money passes through more hands, more people are able to benefit from it and what it has purchased for them.
Anybody in the Hudson Valley with a product or service to offer can sign up; usually this means locally owned small businesses, but if you’re a creative individual you can definitely find ways to offer services! To keep it simple, each Current is the equivalent of $1 USD.
You can use Currents as full or partial payment with any member that accepts them—for business services like graphic design; consulting or coaching; or personal stuff like food, kids activities, or massages. We often encourage members who earn Currents to spend them on themselves or as a bonus for employees. They can be used to purchase gift certificates, or even be donated to a local charities. You can find businesses who take Currents highlighted in our monthly Real Local Directory insert in Livelihood, or for a more extensive list in our online platform and mobile app.
To sign-up or learn more about the Current go to hudsonvalleycurrent.org. Each new member gets a one-on-one Pollinator Session to help you be successful and unlock how to make Currents work best for your unique needs. As put by Michael Shuman, a pioneer in the local economy movement—nature, pollinators like bees, butterflies, or bats carry pollen from plant to plant, and they instinctively know that the intermixing of these pollens nourishes the entire ecosystem. Pollinating businesses similarly carries the best elements of one local business to another, thereby fertilizing all local businesses and creating a healthy entrepreneurial ecosystem.
The Hudson Valley Current is a nonprofit organization that creates a sense of community by giving Hudson Valley residents the chance to support local merchants and vice versa. Rather than seeing hard-earned cash go into invisible pockets, it circulates around the locality of the spender. – “Local Liz” Harrington is a new economy pollinator working to connect our local businesses, nonprofits and talent in the Hudson Valley. firstname.lastname@example.org.