Musings: Move your money: Banking, shopping locally
February 04, 2010

Here's a reason why Mount Vernon-Lisbon is such a great place:

We have a plethora of local, independently owned businesses and three solid community banks.

Recent national news illuminates those two attributes - a study about the power of buy local campaigns and an effort called "Move Your Money."

Move Your Money

This grassroots effort began around Christmastime, when a few folks were chatting about "the huge, growing chasm between the fortunes of Wall Street banks and Main Street banks, and started discussing what concrete steps individuals could take to help create a better financial system."

That's according to Arianna Huffington, co-founder and editor of the Huffington Post who was among those talking. (You might say she started Move Your Money.)

She wrote: "The big banks on Wall Street, propped up by taxpayer money and government guarantees, have had a record year, making record profits while returning to the highly leveraged activities that brought our economy to the brink of disaster. In a slap in the face to taxpayers, they have also cut back on the money they are lending ...."

She argues that with enough people moving their money to community banks, the nation "will have taken a big step toward re-rigging the financial system so it becomes again the productive, stable engine for growth it's meant to be."

There's a website dedicated to the issue - www.moveyourmoney.info. There, you can put in your zip code and get a list of recommended (and strong) community banks.

Of course, we in Mount Vernon-Lisbon don't need to enter our zip. We've got Bridge Community Bank, Hills Bank and Mount Vernon Bank & Trust. All contribute greatly to our economy and quality of life. If you aren't banking at one already, move your money.

Shopping locally

Kristy SeBlonka, Main Street/marketing director for the Mount Vernon-Lisbon Community Development Group (CDG), provided a recently released news item on shopping locally.

According to a national survey of more than 1,800 independent businesses, more holiday shoppers spent money at locally owned businesses this past holiday season.

Overall, holiday sales were up an average of 2.2 percent for independent retailers. That's a contrast with statistics for all retail sales (including the big boxes), which saw sales slip .3 percent in December and rise just 1.8 percent in November.

The numbers were even better for independent businesses who operate in places where buy local campaigns were implemented. Their sales were up 3 percent.

"This survey adds to the growing body of evidence that people are increasingly bypassing big business in favor of local entrepreneurs," said Stacy Mitchell, senior researcher with the Institute for Local Self-Reliance. "Amid the worst downturn in more than 60 years, independent businesses are managing to succeed by emphasizing their community roots and local ownership."

You can't say it any better than that.

Keep shopping locally!