#BankLocal May... Central Square loses artists, but gains formula business enforcement... "Amazon tax" heats up Seattle

In May We Celebrate #BankLocal Month!

Follow our #BankLocal campaign and consider moving your money to a local bank or credit union.

Move Your Money to a Local Bank Today

Every May Cambridge Local First encourages our community to #BankLocal. Our community financial institutions are critical to the success of our independent businesses and provide needed volunteer and financial support to local nonprofits and causes. Consider moving your money to a local bank or credit union today!

Provide Majority of Loans to SMBs
Community-based financial institutions make 60% of all small business loans, even though they control only 24% of banking assets. They use your deposits to make these loans, not for speculative, high-risk trading.

Same Services, Lower Cost
Studies show that community banks typically offer better interest rates and better terms on credit cards and loans, while still providing online and mobile support services, among others.

Encourage Competition
In the last 20 years mega banks have devoured the majority of assets, having grown their market share from 22% to 63% at the expense of small, medium, and even large banks. We used to have 10k banks, but now we have under 6k.

Join the Movement
Millennials are moving their money to local community banks and credit unions in search of lower costs and good service. According to a 2015 Accenture report, community banks got a 5% bump in usage and credit unions grew 3%, while bigger banks saw a 16% dip in millennial clients. Moving your money to a local bank is easier than you think!

~ Cambridge Local First Thanks Our Founding Bank Partners ~

Cambridge Savings Bank has been in business for more than 180 years. Every CSB employee can take 16 hours of paid time off each year to volunteer at an established nonprofit organization. In 2015, bank employee volunteers donated 325 hours of service to 30 local nonprofits.

Cambridge Trust Company has been in business for more than 125 years. In 2017, CTC contributed over $400,000 to nearly 160 organizations in Greater Boston and New Hampshire.

East Cambridge Savings Bank has been in business for more than 160 years. ECSB's lending team won the Best of 2017 Silver Award for Commercial Lending by Banker & Tradesman for the the 3rd consecutive year. It was also named one of the Top 100 Charitable Companies in Massachusetts by the Boston Business Journal in 2017.

Local Events

NOW (every Sunday thru October): Central Flea is open! CLF member Lamplighter Brewing has a new outdoor beer garden to quench your thirst while you #ShopLocal.
May 19: Grolier Poetry is hosting a festival to celebrate the bookstore’s 90th anniversary and commemorating its place as the oldest poetry bookshop in the country.
May 20: Inman Eats & Crafts is a street fair featuring eclectic retailers, fabulous makers, our casual eats, and culinary treats - many of which are CLF members! Buy your tickets today.
May 30: Cambridge Historical Society presents History Cafe 1: East Cambridge & The Facts to discuss how East Cambridge has been a welcoming place for newcomers for over 100 years.
June 9: Fresh Pond Day celebrates the land, water, wildlife, and people that make Fresh Pond Reservation a unique and vital part of our city.

Business Training & Opportunities

5/24 @ 8:30 am: Connecting Your Business to the Commonwealth at Cambridge City Hall Annex. Learn how to sell goods and services to the State.
6/13 @ 9 am: Real Estate Basics for Small Businesses Webinar. Learn the basics for leasing and negotiating for physical space.
6/14 @ 6 pm: Shopify Workshop. Learn how to use the e-commerce platform to expand your sales revenue online, via social media, and in person.

CLF Member Updates

Bruner/Cott & Associates designs the largest university project to earn a “Living Building” designation, an environmental design standard that goes beyond “LEED” certification to include net-zero or net-positive energy requirements and absence of certain toxic chemicals.
CCTV is celebrating its 30th anniversary with a series of special events from May through October, including free access in May for new members.
WorkBar’s newest co-working location in Back Bay has earned the premier WELL certification, a building design standard that enhances people’s health and wellness.
Naveo Credit Union awards $3000 in scholarships to three high school students in Cambridge, Somerville, and Medford.

Featured Opportunity

The Commonwealth Institute is seeking nominations for its annual list of Top 100 Women-Led Businesses in Massachusetts. The final slate will be featured in the Boston Globe Magazine's Oct. 28 Women & Power issue. Dynamic for-profit and nonprofit female leaders should apply by June 1.

Amazon Watch

This week Seattle unanimously voted to impose a tax of $275 per employee on companies with more than $20M in revenue. The "Amazon Tax" is expected to raise $47 million a year for housing and services for the city’s nearly 12,000 homeless people. Amazon vigorously lobbied against the tax, causing concern among some cities listed as finalists for the company's HQ2 about how the company works with local government to respond to larger community needs that many believe have been caused by the tech boom.
In 2015 Seattle declared a civil state of emergency on homelessness and today hosts the 3rd largest homeless population in the country. A recent McKinsey report said $400 million is needed annually to solve homelessness in the area.
Research has indicated a correlation between rising rents and rising homelessness. The median home price hovers above $800,000 with the area leading the nation in percent increases for 18 months straight. Nearly half of all households are rent burdened.

News to Know

This week Central Square's "formula business" regulation was upheld, establishing an important precedent to help ensure that local, independent businesses can compete against large national chains.
Musicians at EMF building must vacate by the end of the month as the City backs away from providing financial support, leaving Central Square without 200 musicians and businesses that contributed to its designation as a Cultural District.
Porter Square safety improvements will be narrow, covering only changes to traffic signaling and signage, repainting lines, and making minor modifications to traffic islands - though more significant structural changes may be made in the future.

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