Title

Local investment networks

Relevance

{"ops":[{"insert":"Economic downturns are especially challenging to small businesses due to their reduced ability to obtain credit as these businesses have limited capital assets, cash reserves, and collateral. This results in an increase in the failure of small businesses during an economic contraction.\n"}]}

Response

{"ops":[{"insert":"Since 2016, the Washington State University Extension Local Investment Network (LIN) team, led by the Division of Governmental Studies and Services (DGSS), has advanced and promoted a network of residents (LIN) whose mission is to create a resilient and prosperous local economy by investing in their small businesses.\n"}]}

Results

{"ops":[{"insert":"The WSU team has engaged in research and outreach that has resulted in a field guide for local investing, a LIN Community of Practice Group of 30 members that meet monthly, six state-wide events attended by 250 participants, and the formation of eight LINs. These efforts have yielded 154 new community investors providing greater than 294 investments (> $8 million dollars and the creation of > 178 jobs) to local entrepreneurs and small community businesses in Washington since its inception in 2016. These investments have produced local economic activity that might not have otherwise happened due to risk averse conventional lending practices.\n"}]}

Public Value Statement

{"ops":[{"attributes":{"bold":true},"insert":" "},{"insert":"By offering research, education, and tools for entrepreneurs and local investors, Washington State University Extension is increasing entrepreneurial activities and local business investment, creating and retaining jobs and enhancing community economic prosperity throughout Washington state.\n"}]}

Primary Focus Area

Youth, Family, & Communities

Secondary Focus Area

Youth, Family, & Communities

Impact Statement