Riding the high from its successful capital raise of $520,000 in February, Local Investing YYC is looking for new Calgary businesses to invest in for 2020.
“We’re looking to raise between $500,000 to $1,000,000 for two to four local businesses that we can help scale their social and environmental impact through new capital,” says Barb Davies, Co-founder and Director of Local Investing YYC. The previous raise invested in three businesses – Fiasco Gelato, Biffco Innovations, and Lowen’s Skincare – in funding new equipment, growth, and reach into new markets.
Local Investing YYC is an investment co-op, working with local businesses to access capital through new investment. Everyday Albertans have the opportunity to invest in local businesses – taking money “off Wall Street and Bay Street and onto main streets – to local businesses right here in Calgary.” Shares are TFSA and RRSP eligible and investors benefit from a 30% tax credit through the Community Economic Development tax credit program in addition to annual dividends.
When it comes to what qualifies as social and environmental impact to Local Investing YYC, Davies explains they are taking a “broad” definition — to receive capital, businesses need to be demonstrating a social and/or environmental benefit through their business practices and have strong financial performance. Loans are typically in the range of $100,000 to $400,000. Interested businesses can contact Local Investing YYC directly through an online survey.
Being able to invest in businesses in the midst of a downturn economy has been “hugely affirming,” says Davies. “Calgarians want to use their investments to grow local businesses in Calgary that are benefitting people and the planet.”
“It’s only the beginning.”