Thrive’s latest partnership, Local Investing YYC, is “bringing Wall Street to Main Street,” says Barb Davies.
Barb is Thrive’s Learning and Leadership Coordinator, and Local Investing YYC’s Director and Co-founder. Local Investing YYC is an investment co-op that works to increase investment in Calgary businesses that are eligible for inclusion in RRSPs and TFSAs.
“It will allow for entrepreneurs generating financial returns, as well as social-environmental returns, to access capital from within their community, and the investors will benefit from an annual dividend,” she says.
Local Investing YYC will be sharing its experience at a workshop on local investing at the values-based conference, which Thrive helped bring to Calgary.
The workshop will be hosted by Courtney Hare, Public Policy Manager at Momentum. It will include information on the types of Community Economic Development Investment Funds (CEDIFs) across Canada and the roles and opportunities for entrepreneurs, policy makers, community organizers, and investors.
“We have been advocating for enabling local investment policies in Alberta for a number of years. There are two key ways that the Government can support local investing, as we’ve seen in other jurisdictions,” says Courtney.
“One is through incentivising investments in these funds that are untraditional, so people can learn more about and be willing to try new investment opportunities. The second is security policy that enables local investing, so it’s less costly and complicated for groups to organize funds.”
As Courtney explains, these funds will operate similarly to mutual funds, but the funds will include locally-owned businesses in your community and enable the average Albertan to invest.
The Government of Alberta is working on regulations that will confirm how the Alberta Investor Tax Credit can apply to community economic development investment funds, with the program set to launch this fall.
Learn more about Thrive’s workshop at EconoUs2017, Local Investing.