In 2009, a business owner in Minneapolis, Minnesota, tried to encourage locals to support locally and independently owned businesses by starting an initiative called the 3/50 project. The initiative took off and today the project has spread all over the United States.
The premise is simple. Pick 3 local, independent businesses and spend a total of $50 between them over the course of a month. According to The 3/50 Project, of every $100 spent in locally owned stores, $68 remains in the local economy. In contrast, only $43 of every $100 remains local when spent in national chains, and little or no local revenue results from online purchases.
This is the sort of effort that makes a community great. If people are inspired to think and spend locally, then they ultimately benefit themselves by improving the quality of life where they live.
Many community banks celebrate Community Banking Month (April) by doing something to celebrate the connection between Bank and Community, because without a strong community, these banks would not be successful. First National Bank is celebrating the month by participating in the 3/50 Project. Every FNB employee has committed to participating in the initiative during the month of April to commemorate Community Banking Month. Even though many of the Bank employees already spend well in excess of $50 locally every month, the exercise is useful because it reminds people why the process is important.
Feel free to check out the project online and consider making the 3/50 Project part of your monthly routine.