How to invest in your local economy

 

With every state affected by the coronavirus outbreak, it’s no surprise that several localities were hit harder than others. In rural locations where jobs are scarce, businesses shutting down for health reasons are crippling the local economy. Not everyone can just work from home or live off savings for a year. There is a reason why people across the country were protesting to reopen businesses. According to Scott Tominaga, the best way for a community to thrive once more is by pouring money into local businesses. Here are some ways you can help your local economy. 

Image source: cnbc.com

Create a local investor network

On your own, it might be impossible to save your local economy. This is why you should look for the cavalry to back you up. Finding several investors who can direct some of their money to help a failing business or help a business reopen takes the load off your shoulders. As a group, you can choose which establishments to help, help them, and be part of the business itself.

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Crowdfunding

The internet is a wonderful thing. You can create a crowdfunding page, upload a video, and save a business in a matter of days if you are that lucky. Thousands of people constantly browse crowdfunding pages, ready to give a helping hand, so don’t shy away from programs such as these.

Keep spending locally

It takes a while before cash circulates in a small community. Support every business, even if it’s not cost-effective. Your local grocer’s potatoes are $2 more expensive than the one in the next county? Pay the difference. Are you planning on replacing your AC at a mall in the next town? Ask your local handyman if they can fix your AC. Scott Tominaga believes that the best way to revive a local economy is through grassroots spending by locals.

Scott Tominaga has almost two decades of experience in the hedge fund and financial services industry. He has an extensive understanding of the middle and back office, accounting, compliance, and administrative functions within financial services firms. Visit this page for similar reads.