They say money talks. If so, the five $100 checks that have bounced around Santa Cruz County over the last month as part of a community commerce experiment by Think Local First should have a lot to say.
The goal was to turn $500 into $15,000 in local commerce in 30 days. The method was for five local banks to donate $100 apiece to five lucky raffle ticket winners, then for the recipient of each check to spend it at one of TLF’s 150 member businesses, each of which would, in turn, repeat the process. In theory, by keeping the money within the community, each $100 check would be spent dozens of times, thus producing thousands of dollars in revenue for goods and services along the way.
Patty Zoccoli of Zoccoli’s Delicatessen on Pacific Avenue ended up with a TLF check on the final day of the campaign. Originally donated by Monterey Credit Union and signed 12 times before it came her way, the check will accompany Zoccoli to a “wrap-up celebration” at Lighthouse Bank on May 6, where it will finally be exchanged for a crisp Benjamin.
Though the final tally for commerce produced by the five checks looks to be about half of the $15,000 mark, Zoccoli says the experiment has proven the importance of local residents supporting local businesses.
“It’s really interesting to see how much commerce is generated when people keep their money local,” says Zoccoli. “I think Santa Cruz is a tight-knit community and people are very conscious about where they’re spending their money.”
Lighthouse Bank President Rick Hofstetter and another Lighthouse employee originally dreamed up the idea for the campaign. Hofstetter says the process has demonstrated the value of reinvesting in the community. He also says, however, that Santa Cruz preaches local commerce much more than it practices it.
“I think if you ask 100 people on the street if they understand the importance of supporting local business, 90 of them will say ‘yes,Ҕ he says. “But that doesn’t necessarily translate into their purchasing habits. A lot of them are still doing their shopping online or over the hill, and when they do that the money leaves and never comes back. We’re trying to get the message across that you need to be careful who you give your money to.”
A map of the TLF checks’ journeys is on view at www.thinklocalsantacruz.org/c/contents/view/local-money-map.
