Local Investment Network how-to comes to PBCRC

PATEROS – If you want to know how to set up a Local Investment Network (LIN), go talk to the doctor. Trevor Lane, PhD, and Director of WSU Ferry County Extension brought his expertise on the subject to a gathering of interested listeners at the Pateros-Brewster Community Resource Center last Friday, August 9.
A LIN is a community-led, peer-to-peer network that connects local investors with capital with business owners who need that capital. One of the key purposes of a LIN is to keep local capital rooted in the community as the same time it is building wealth in the community.
WSU Extension teamed up with the Association of Washington Cities (AWC) to encourage and implement LIN’s around the state. And Lane had a local success story to illustrate how an effective LIN works. Lane cited the Methow Investment Network (MIN) as one example of a group that experienced immediate success.
Started in 2017 and promoted by TwispWorks, a local non-profit whose state mission is “to increase the economic vitality of the Methow Valley through agriculture, education, technology, arts, and culture.”
In its first year, MIN attracted 39 investors and pumped $881,000 into local projects. It received 68 inquiries and 13 formal applications for funding. Of those seven local businesses were funded resulting in 15 new jobs in the community.
“The MIN was able to build a mentorship component to their investment network that organically developed once the network got its legs,” a Twisp Newsletter said. That one-on-one mentorship contributed scores of consulting hours for sales, marketing, planning and other business-related issues.
The first LIN in the state was started in Port Townsend and its success modeled similar groups in Chewelah, Clallam County, and Thurston County as well as MIN.
Lane explained that a LIN is not a bank, investment club or any kind of financial institution but rather an alternative to banks and commercial lenders.
A dozen citizens turned out for Lane’s presentation. Those who missed it and who would like to learn more about forming a LIN can contact Gene Dowers, Director of PBCRC at 509-923-7460.