Comox Valley community currencies project (CVccp)
Comox Valley community way report (#1) to July 10, 1999
There are 3 municipalities and a regional district with a total population of 60,000 people and approximately 3000 businesses. We are in the middle of the east coast of Vancouver Island, Canada.Because there are no operating community way projects (this is the first), businesses are nervous about trying something completely different. This valley is also difficult territory for a new community currency project because this is the home of LETSystems, designed by Michael Linton in 1982 and introduced to the business community in 1983 (http://www.gmlets.u-net.com/). Since then, most business people have been approached to accept LETSystem dollars and very few have. They have seen them as discounts with no particular benefit for business.
The community way program was designed to give businesses a safe and profitable introduction to community currencies. It is a customer loyalty program for business and a fundraiser for community programs. A number of projects have recently been started in Santa Cruz, California, Ottawa Ontario and Worcester, UK.
Comox Valley
In 8 weeks, one person (me) has called on 150 mostly storefront merchants in the downtown core; some of them several times a week until they made a decision and then many more times to close the deal.
- 17 businesses have registered and cw accounts have been opened.
- cw$47,900 in total issued.
- cw$43,000 have been offered to 20 projects and organizations.
- cw$4,900 fee for service for project costs collected.
- cw$500 was exchanged for $500.
Most of the other businesses have indicated an interest but intend to sit on the sidelines and watch. When they see that it is safe, fun and profitable, most will join in (anybody can play any time).
A few (14) have said no for several reasons -- selling or closing their business being the primary one and the other being politics.
At a recent meeting of friends and associates, we began the cash for cw exchange to raise the conventional money needed to purchase equipment...cw$500 for $500 with more to come next week.
Next steps
- Exchange the fee-for-service cw$ for fed$ to finance the project. Continue signing businesses -- goal is 40 businesses and 100,000cw raised by official launch, first week in August.
- When smart card equipment arrives next week, begin business installation. Invite other businesses and cso's to participate through media and word of mouth.
- Hold a meeting for participating businesses to meet each other.
- Briefing meeting for community organizations on the opportunities and invite their involvement.
- Recruit other people to help develop the project.
- Reception for all participants before official launch.
- Open up a storefront and begin exchanging cw$ for fed$ for the community organizations.
When 10 to 15% of the businesses in the valley join the others on the field, 1 million cw$ will have been raised. This is new money that stays home to enable business and trade, thereby creating real wealth.
ernie yacub
july 10, 1999
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