Friday, March 29, 2024
March 29, 2024

Local Investment Co-op Grows Green Businesses

By Transition Salt Spring Enterprise Cooperative

Investing in our own community makes sense, but how does an islander with some savings go about doing that, and how does someone with a small business reach out beyond friends and family for support?

Transition Salt Spring Enterprise Cooperative (TSSEC) provides a unique solution.

TSSEC has been offering microloans for local green projects since 2011. Co-op members can each lend up to $5,000 to projects of their choice and receive modest interest on their contributions. To qualify for a microloan, borrowers must demonstrate that their project meets green criteria in categories ranging from energy use and healthy ecosystems to localization and fair trade practices. Projects must also be financially viable and borrowers pay competitive interest rates on their loans.

To date, TSSEC has issued 14 loans totalling almost $100,000 to Salt Spring non-profits and individuals running small businesses. TSSEC treasurer Donald McLennan comments, “This is a remarkable achievement considering that TSSEC members decide individually how much if anything they will invest in any given project. If no-one wishes to invest, or if insufficient funds are raised, the loan does not proceed”.

One of six current projects is Shepherd Shoes at 320A Upper Ganges Rd. John Shepherd creates high-quality, hand-crafted shoes and accessories, and provides a much-needed island repair service for shoes, bags and belts, horse tack, marine gear, and tarps.

Also helping the community to reduce, reuse and recycle are two consignment stores supported by TSSEC, Bohemia Consignment and Axe & Reel, both at 111 Rainbow Rd. Bohemia’s co-owners Katy Parsons and Katie Burke describe their business as quintessentially local: “It sources locally, sells locally and the consignors generate revenue that goes back into the Salt Spring community. Proceeds from our annual sale go to Stagecoach Theatre School, a local not-for-profit. Lady Minto Thrift Store accepts any leftover items. Everyone wins and everything stays local.” 

TSSEC is one of a handful of local investment co-ops in the province. The Community Impact Investment Coalition of B.C. is seeking legislative change to make it easier for small co-ops like TSSEC to operate. Changes contemplated include raising the $5,000 investment limit per member, and increasing the maximum number of members from the current 150.

Such changes would be welcome, says TSSEC president Elizabeth White: “Some members are reaching their $5,000 investment limit, and it would be good to facilitate more and larger projects. When we first set up in 2011, we anticipated that TSSEC would eventually be able to assist with the financing of community energy projects and affordable housing. With legislative changes we may yet get there. We welcome new members — investors and borrowers — who would like to support or benefit from our green loans.”

For more information, call Elizabeth White at 250-537-2616.

Sign up for our newsletter and stay informed

Receive news headlines every week with our free email newsletter.

Other stories you might like

Heat pump and wood stove rebate program back for 2024

BY Transition Salt Spring Many households on Salt Spring and the Southern Gulf Islands rely on wood as their primary source of heating during the...

No Invasive Plant Drop-off events planned for 2024

SUBMITTED BY JANE PETCH for the Native Plant Stewardship Group The Native Plant Stewardship Group (NPSG) would like to thank the generous islanders and agencies that...

First local Repair Café set for Feb. 3

Wondering what to do with a malfunctioning toaster, a non-functional stereo, or a moth-hole-ridden sweater? Don’t throw them away just yet! Transition Salt Spring...

Salt Spring water: a developing storyline

By John Millson, Anne Parkinson, Samantha Scott and Peter S. Ross Freshwater is vital to life on Salt Spring Island, and to a healthy marine...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Weather

Salt Spring Island
overcast clouds
5 ° C
6.8 °
4.3 °
97 %
0kmh
100 %
Fri
7 °
Sat
8 °
Sun
9 °
Mon
10 °
Tue
10 °