How Local Investment Networks are giving Washington communities another way to back the businesses they value.
Thriving Communities
Many of us have had the experience of buying a product from an inspired entrepreneur who shared just the right details to move us to purchase their wares. Or meeting a business owner so confident in their services that they readily support the competitor up the street—because they know that when their fellow businesses are strong, the whole community is stronger.
That’s what I hear from community members when they talk about why they are so committed to investing in the entrepreneurs in their neighborhood who have brought so much life and beauty to their community.
We already know the power of buying local. But what if buying local was just the beginning?
Trusted Partners
Thriving business communities don’t happen by accident. Kitsap County is fortunate to have trusted partners like the Kitsap Economic Development Alliance (KEDA), Kitsap Community Resources (KCR) BE$T program, and Matchstick Lab, that have been working together for several years. They have consistently been eager to share, collaborate, celebrate each other, make mistakes, lean on each other and connect the business owners they have served in common to the solutions that grow thriving communities.
These organizations are among over 130 Entrepreneur Support Organizations (ESOs) throughout Washington State that are reachable 24/7 on Evergreen BizLink, helping entrepreneurs develop and strengthen their business plans, map out their marketing strategies, and work through their cash flow projections, so they will be ready for investment.
That foundation means that Kitsap is now poised and ready to explore another unique tool for growing thriving local economies: Local Investment Networks or (LINs).
Investing Close to Home
The businesses that benefit from local investment are often deeply connected to their communities. They want their customers to drink their local kombucha, enjoy their handmade fabrics, be nourished by their fresh produce, or feel supported by their elder care services.
It’s no wonder that the symbiotic connection between investor, entrepreneur, and customer can be so rich and rewarding.
I have often experienced the transformative power of investing in a local business. When people with the capacity to invest spend time with business owners who have navigated overwhelming hurdles and dedicated so much of their time and energy to their businesses, something powerful happens.
That spark—the belief that one business owner can achieve their vision with the financial support, expertise, and listening ear of a neighbor—is what prosperous local communities are all about.
It Works!
With the support of the Washington State University (WSU) Extension and others, communities across Washington are adopting this model and getting results. Local investors are turning their attention toward their own Main Streets through LINs, creating impacts that extend beyond any single investment.
These informal networks of investors are creating virtuous ripple effects in rural communities across our state. And often, the people participating are doing so because they are in love with their communities and with the businesses that make those places unique.
LINs offer another way for people who have the capacity to invest to participate directly in the economic future of the places they call home.
Could It Work in Kitsap?
Join us! Together with Matchstick Lab, we’re bringing the WSU Extension team and leaders from Washington communities already using Local Investment Networks to Kitsap to share how their networks have evolved, the challenges they’ve encountered, and what they’ve made possible.
We’ll explore how LINs are expanding the financing options available to local businesses—and whether this approach could make sense here.
If you’ve ever wondered how there might be a way to go beyond buy local and actually invest in the businesses you want to see thrive, come and explore with us!
