Community based currency is an idea that resident Gary Jones has been working on for over a decade.
Now in the pre-launch phase, it appears ready to get off the ground.
OUR Community Dollar is a local currency system that fosters community connection. It aims to stimulate the economy and support businesses around the region, an initiative that has become even more important as the community recovers from the COVID-19 pandemic, Jones says.
“I launched this program by myself 10 years ago. I took a couple years to get it going but the economy was in good shape. Businesses were being bombarded with different apps, rewards and gift card systems. It was hard to get it going.” he said.
The current version of the program sells memberships for a variety of users and prices, ranging from $30 per year for shoppers up to $199 per year for merchants.
Each membership comes with a variety of perks, from a different amount of start up community dollars, to an advertisement on the their merchant network data base and window decals to allow people to see which businesses support the program.
Members are then encouraged to shop around the city while using the community dollar to offset the total price of items.
There are currently 19 businesses around Cambridge and Waterloo Region that accept OUR Community Dollars, including Zaz Bistro and Rhythm and Brews Brewing Company. Businesses can accept varying percentages of the community currency, with most accepting between 10 and 30 per cent off the purchase price.
“A lot of businesses, if you show an alumni card they’ll give money off, same with seniors discounts,” Jones said.
“Many businesses don’t mind taking off the percentage to get people in the door. They can then use the community dollars they receive to shop elsewhere at other local businesses.”
It may be a new concept to residents of Cambridge and the surrounding area, but it’s been put into action in other communities. Calgary, Alta. has Calgary Dollars and Ithaca, NY has Ithaca Hours, which is recommended for payment of $10 per hour of work.
“There’s about 3,000 cities around the world that have a local shopping program, some use coins and some use money,” Jones said.
The key to the program is it’s ability to complement the current Canadian dollar, not replace it.
“This is considered complementary currency,” Jones said.
“When community dollars go into circulation, it supports the federal currency by encouraging people to shop local. Where as things like bitcoin are alternative currency and is meant to replace what we have now.”
To stimulate this idea, Jones says they have printed $800,000 worth of OCD notes. A significant insurgence into the local economy he believes.
“With this system, you get the whole value,” Jones said.
“You may pay $80 in Canadian dollars and $20 in community money. The merchant then takes that $20 to see where they can spend it back in the community.”
Jones has some grandiose plans for this program, from donating to charity to running networking events to get more businesses on board.
“There’s charities that are hurting right now and government money can be tight,” he said.
“We’re philanthropic about this process.”
For more information on OUR Community Dollar visit ourcommunitydollar.com.
OUR Community Dollar hopes to stimulate local economy - CambridgeToday
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