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July 2021 Newsletter
Awareness of the need for better, more inclusive tools for growing community wealth is spreading.

Innovative local investment strategies are emerging and taking root in both rural and urban communities across the country.

Policy makers are listening - and leaning into the challenge of democratizing the economy.

Next generation tools to support community champions eager to revolutionize their local economies are in development.

We hope you're as excited as we are for the year ahead! It's shaping up to be truly transformational!
In this newsletter...

Transition at NC3: Welcoming our New Director of Administration

Webinar: Building Community Wealth and Economic Resilience w/ 21st Century Community Investment Funds (CIFs) Set for Wed. July 14 @ noon Eastern

Introducing The Main Street Journal

Resource Development News: Community Investment Fund Development Tools Coming Soon!

NC3 Partner HI SOUP Launches Community Capital Project in Hawaii
Transition at NC3:
Welcoming our New Director of Administration
A Note from Outgoing ED Ken Linge

In 2019, I stepped into the ED role at NC3 with deep concern about the status and the direction of our economy - but with optimism about the potential of the community capital movement to reverse the extractive trends that have been draining our communities of wealth and power. As we enter the second half of 2021, I'm still very concerned about our economy. There's a lot wrong with it. Though my faith in the community capital movement has only grown.

I think the tide is beginning to turn, and I think we're beginning to get a glimpse of what a 21st century democratic economy looks like. My optimism is ascendant for a number of reasons. Not the least of which is the people. From the brilliant and dedicated NC3 board members I've had the pleasure to serve to the thoughtful and generous partners I've had the pleasure to work with to the inspiring community champions and innovative change makers I've had the opportunity to get to know and learn from, I've been blown away by the hearts and minds of the diverse people working together to usher in a new sort of economy that's truly of the people, by the people, and for the people - and that supports a genuine democracy with broadly distributed ownership and shared prosperity.

As I phase out of my role as NC3's Executive Director and transition into a board role, one community capital champion I'm particularly excited to call to your attention is our incoming Director of Administration. The support we've received from the Aaron Family Foundation, the Heron Foundation, the Adrian Dominican Sisters, NC3 members, and others has enabled us to substantially increase our staff capacity for the coming year, and we're excited to welcome Mica Fisher to the NC3 team in August! With expertise in cooperatives, systemic reform, and educational initiatives, Mica is poised to help advance the community capital movement in meaningful ways.

 

Mica Fisher, NC3's new Director of Administration
 
A Note from NC3 Board Chair Chris Miller

On behalf of the board of the National Coalition for Community Capital, it is my great pleasure to announce that we have completed our national search for our new staff leadership and that Michaela (Mica) Fisher has accepted our offer to serve as the NC3 Director of Administration. NC3’s search resulted in over 50 applicants, many outstanding candidates, an extensive review and interview process, and finally selection after a full board interview with three finalists.

Mica comes to the position directly from innovative and significant work for the NYC Deputy Mayor’s Office for Small Business Services, where she headed a $3 million dollar initiative to support development of worker cooperatives in low-income neighborhoods.  In this work, Mica led a complex effort across organizations, individual businesses and owners, volunteers, and the NYC bureaucracy.

Mica is a native Californian who is now firmly settled in NYC after securing a BA from Wesleyan University, gaining international experience in worker cooperatives as a Watson Fellow, and doing concurrent work in democratic capital investing and impact as an organizer of Resource Generation.

 
Webinar: Building Community Wealth and Economic Resilience w/ 21st Century Community Investment Funds (CIFs) Set for Wed. July 14 @ noon Eastern

Since publishing the book on Community Investment Funds (CIFs) last year in partnership with the Solidago Foundation, we've been working hard to develop the CIF field. Currently, we're advocating for updates to the Investment Company Act of 1940 that would expand opportunities for grassroots investors to pool capital in the sorts of Community Investment Funds needed to meet this moment - and lay a foundation for a more inclusive, equitable, democratic, and resilient economy. Specifically, we're urging the Senate Committee on Banking, Housing, and Urban Affairs to introduce new legislation, and we're asking the SEC to issue a ruling that would allow for the formation of state-regulated CIFs.

Please join us on Wednesday, July 14 from noon to 1:00pm ET, for a webinar on the details. Featuring Cutting Edge Capital attorney Brian Beckon; founder of The Initiative for Local Capital Janice Shade; founder and President of the Boston Impact Initiative Deborah Frieze; and President of the Michigan Municipal League Foundation Helen Johnson, the webinar will be moderated by founding board member of NC3 and initiator of MILE, Michigan’s Investment Crowdfunding law, Chris Miller. The panel will discuss existing fund structures and look at NC3’s proposed 21st Century CIF, which would eliminate some of the challenges associated with existing structures and open up opportunities for consequential individual and community wealth-building through investment and ownership of community businesses, real estate, green energy and more.

To learn more about NC3's vision for 21st century CIFs, you might want to check out these past webinars as well:

Community Investment Funds: New Models for Building Local Wealth, Equity, and Justice

Toward a More Inclusive, Democratic, and Sustainable Capital Marketplace (from the Spring 2021 Conference hosted by Social Venture Circle and the American Sustainable Business Council)
Introducing The Main Street Journal

We're excited to announce the launch of a new publication! Designed to be a hub for local investing news and events, the first issue of The Main Street Journal hit inboxes On Thursday, June 24; and the second issue came out yesterday. Sponsored by NC3 with support from the Heron Foundation and the Vermont Community Foundation and published by legendary local investment champion Michael Shuman, we hope The MSJ will become a central gathering place of sorts for people from far and wide who are interested in local investment and want to stay informed about developments in the local investment movement and be aware of what various organizations and innovators are up to.
Resource Development News: CIF Development Tools Coming Soon!

Having recently acquired the Local Investing Resource Center (LIRC) from our friends at the Initiative for Local Capital, we're excited to announce that we recently received grant funding from the Adrian Dominican Sisters to develop educational materials, which we'll be rolling out in coming months to help folks learn about local investing and community capital.

Expect to see a comprehensive set of Community Investment Fund development tools in the initial wave of materials soon. (If you're particularly eager to see the tools, which include a team builder matrix, an investment thesis worksheet, a fund calculator, an operating structure checklist, financial modeling tools, and instructional videos, email us at nc3@comcap.us and we'll see what we can do about getting them to you sooner rather than later.)
NC3 Partner HI SOUP Launches Community Capital Project in Hawaii


 
With support from the Frost Family Foundation, NC3 and HI SOUP have teamed up to explore ways to embed community capital more deeply in the Hawaiian economy.

Having operated successfully as a micro-granting dinner that celebrates, supports, and funds creative projects across Hawaii, HI SOUP has been creating spaces to strike meaningful conversations, dream big, and feel the collective power of community since its inception. In the months ahead, we'll be working together to identify and implement innovative, place-based, locally-driven strategies for expanding local ownership and economic control.

If you're interested in partnering with NC3 to develop the community capital marketplace in your community, please let us know!

 

NC3 is building a network of organizations and individuals who understand the power of democratizing investment, building strong local economies, and community capital retention.

 

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