If the mayor here has his way, Erin could have its own as local currency.
On Nov. 15, Mayor Lou Maieron said he was impressed at a recent Centre Wellington council meeting he attended where one of the discussions concerned the creation of local currency or gift cheques to promote and support local businesses.
Maieron had heard about the promotion from economic development officer Dave Rushton.
“They are going to create Centre Wellington money.”
He said the money could be purchased at a specific time for 90 cents on the dollar.
Maieron said the idea is also to boost local shopping in the community. He explained the currency is not limited to the participating stores – but could be used in any store in Erin.
Councillor John Brennan said he had suggested something along those lines a few years ago as a promotional thing.”
At the time, he believed there were some issues.
Maieron said in this instance, the money can be used as cheque and is valid up to six months, and can be used at participating or non-participating members’ stores.
The question was raised “If they are non-participating, they might not accept the money.”
Maieron said, “It’s a cheque, so it’s valid currency.”
He compared it to a prepaid credit card.
He explained the backup cash is held in an account.
“So, while they prefer you deal with the businesses which supported the program, you can deal with anyone in town, and it’s just a cheque.”
