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102 Locavesting offering. “In a community like ours,” says Frazier, “that’s usually if not always the case.” Frazier is comfortable with his interpretation of the SEC rules, but concedes that it does entail risk. “We have not had a securities lawyer charging $550 an hour go over the whole concept,” he says. “While I think that our idea works well in principal, if there is someone that doesn’t know someone else and there is an investment made when they’re not really fully educated on what’s going on, (the SEC) would have grounds to say that there was a violation of the law. It’s something that we’re really careful about, to keep it small and in the family of the community of people who know each other.” That’s one reason the group holds regular social events so people can get to know each other. And they keep a low profi le, just to be safe. Game Plan for Locavestors The Local Investment Opportunity Network (LION) is a group of investors in Port Townsend, Washington, formed to promote local investment. LION doesn’t invest as a group, but facilitates investment by bringing together local investors with local businesses in need of loans or equity. LION members are not necessarily accredited investors, so companies rely on a private offering exemption for preexisting relationships. Pros: The level of familiarity and knowledge that comes with a local investment can provide investors with greater insight into the business. Interest rates on loans generally refl ect the higher risk premium. Dividends and repayment may also take the form of in- kind payment—for example, cheese in the case of the Mt. Townsend Creamery. The rewards are more than fi nancial; by investing in local enterprises you support your local economy and increase the local quality of life.
A Model to LIONize 103 Cons: Private transactions carry risk. There is no regulatory oversight or recourse, and investors must conduct their own due diligence. If loans are unsecured, the investment could potentially be lost if the business fails. Equity investments are likely to be illiquid and long term, with no easy way to cash out. The Bottom Line: For patient investors who are comfortable vetting investments and taking some risk. For More Information: LION’s web site contains useful information and documents including a membership application; membership agreement, policies, and procedures form; and an Investing Opportunity Submission form, at www.l2020.org/index.php?page= investing- opportunities.
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Locavesting THE REVOLUTION IN LOCAL
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For my Mother
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vi Contents Chapter 7 A Model to LI
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viii Preface The moment was ripe wi
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x Preface Cooperatives—businesses
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xii Preface Chapters 7 through 13 e
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Introduction Cereal Milk for the Go
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iconic glass bottles are also sold
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Introduction xix funds from the pub
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1 C H A P T E R Motherhood, Apple P
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Motherhood, Apple Pie, and Politica
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20 Locavesting freewheeling markets
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22 Locavesting A fl urry of legisla
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24 Locavesting put up a sign at a f
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26 Locavesting of the late 1980s) h
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28 Locavesting three of those banks
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30 Locavesting A Return to Value As
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32 Locavesting produced in their re
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34 Locavesting pickles to gin and k
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36 Locavesting is a hot marketplace
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38 Locavesting recognition that the
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40 Locavesting A Grassroots Movemen
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42 Locavesting to dodge their fair
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44 Locavesting Americans know most
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46 Locavesting It’s a powerful qu
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48 Locavesting three employees but
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50 Locavesting to keep in our lives
Page 74 and 75: 52 Locavesting and they can draw on
Page 76 and 77: 54 Locavesting Since 2006, Walmart
Page 78 and 79: 56 Locavesting and political organi
Page 80 and 81: 58 Locavesting havens. Google, the
Page 82 and 83: 60 Locavesting Some of the measures
Page 85: II P A R T Experiments in Citizen F
Page 88 and 89: 66 Locavesting As an editorial in V
Page 90 and 91: 68 Locavesting The community bank b
Page 92 and 93: 70 Locavesting their homes to forec
Page 94 and 95: 72 Locavesting And you don’t have
Page 96 and 97: 74 Locavesting As depositors, we’
Page 98 and 99: 76 Locavesting The Washington Inves
Page 100 and 101: 78 Locavesting The Bottom Line: A n
Page 102 and 103: 80 Locavesting her daughter was enr
Page 104 and 105: 82 Locavesting whom traditional fi
Page 106 and 107: 84 Locavesting Taking the Middle Pa
Page 108 and 109: 86 Locavesting Angel investors poli
Page 110 and 111: 88 Locavesting quickly write off no
Page 112 and 113: 90 Locavesting of $1,000. The notes
Page 114 and 115: 92 Locavesting funds that absorb an
Page 116 and 117: 94 Locavesting • Many CDFIs do no
Page 118 and 119: 96 Locavesting In a twist of fate,
Page 120 and 121: 98 Locavesting private electric com
Page 122 and 123: 100 Locavesting “The numbers were
Page 127 and 128: 8 C H A P T E R Community Capital I
Page 129 and 130: Community Capital 107 For all the j
Page 131 and 132: Community Capital 109 So it is espe
Page 133 and 134: Community Capital 111 what she did
Page 135 and 136: Community Capital 113 three young e
Page 137 and 138: Community Capital 115 triples every
Page 139 and 140: Community Capital 117 investment is
Page 141 and 142: Community Capital 119 Farmers Diner
Page 143 and 144: Community Capital 121 That’s wher
Page 145 and 146: Game Plan for Locavestors Community
Page 147 and 148: 9 C H A P T E R Pennies from Many W
Page 149 and 150: Crowdfunding Pennies from Many 127
Page 151 and 152: Pennies from Many 129 a 27- year- o
Page 153 and 154: Pennies from Many 131 It’s a win-
Page 155 and 156: Pennies from Many 133 the company w
Page 157 and 158: Pennies from Many 135 there’s a g
Page 159 and 160: Pennies from Many 137 loans. 9 With
Page 161 and 162: Pennies from Many 139 UK regulators
Page 163 and 164: Pennies from Many 141 to make the m
Page 165 and 166: Pennies from Many 143 business—co
Page 167 and 168: Pennies from Many 145 “Crowdfundi
Page 169 and 170: 10 C H A P T E R Slow Money Finance
Page 171 and 172: Slow Money 149 like the nearly 8,00
Page 173 and 174: Slow Money 151 Slow Money, however,
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Slow Money 153 terms that are destr
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Slow Money 155 that overrode that i
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Slow Money 157 Zentay put together
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11 C H A P T E R From Brown Rice to
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From Brown Rice to Biofuels 161 rep
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From Brown Rice to Biofuels 163 Mem
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From Brown Rice to Biofuels 165 $75
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From Brown Rice to Biofuels 167 Wes
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From Brown Rice to Biofuels 169 Inv
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From Brown Rice to Biofuels 171 One
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From Brown Rice to Biofuels 173 tha
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From Brown Rice to Biofuels 175 are
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From Brown Rice to Biofuels 177 rai
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Game Plan for Locavestors From Brow
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12 C H A P T E R The Do- It- Yourse
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The Do- It- Yourself Public Offerin
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• • The Do- It- Yourself Public
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200 Locavesting The exchanges were
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202 Locavesting time, they became m
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204 Locavesting Scott Gehsmann, cap
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206 Locavesting public, while ventu
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208 Locavesting at least $490,000 t
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210 Locavesting been there, he says
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212 Locavesting Schmid would love t
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214 Locavesting their money in some
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216 Locavesting are looking to crea
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218 Locavesting Van Patten, a triat
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220 Locavesting Game Plan for Locav
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222 Conclusion small investments. T
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224 Conclusion investors. “Normal
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Unless otherwise noted, all quotes
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25. John K. Paglia, “2011 Economi
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16. Binyamin Appelbaum, “Investor
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Notes 233 9. Sima J. Gandhi, “Eli
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Notes 235 3. Gary S. Corner and Raj
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2. online.wsj.com/article/SB1200623
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4. Steven Deller, Ann Hoyt, Brent H
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Notes 241 11. Ibid. 12. NYSE Eurone
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244 Acknowledgments Dan Keeler, and
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246 Index CDFI. See Community Devel
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248 Index H Hamilton, John, 84-86 H
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250 Index Newman, Paul, 150 Niman R
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252 Index taxes, on Internet sales,
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