We are writing this letter to explain how we, as small business owners, have been benefiting from Cochrane Dollars and why we support this project.
We are writing this letter to explain how we, as small business owners, have been benefiting from Cochrane Dollars and why we support this project.
Although the Town of Cochrane municipal staff have put in a lot of work to build this project, we business owners have been involved from the early stages. The project is now owned by this community and exists as a tool that Cochrane business owners have available to use for their own benefit and the benefit of our local economy.
If a family from another community in the area chooses to come to Cochrane for a meal in one of our great restaurants because of a 5C$ or 10C$ bill that they have in their pocket (that can't be spent anywhere else), then this project is working successfully. If a person in another town or city, anywhere in the world, talks about this great town in the Bow Valley and shows their family and friends the local money that's used here, the project is working successfully. If a Cochranite or Calgarian decides to do some shopping in a Cochrane store, instead of in another community in the area, because they have a few Cochrane Dollars in their glove box, and those people then pay for the balance of their purchases with Canadian dollars or a debit or credit card, then the Cochrane Dollars have pulled more money with them and this project is working successfully.
Examples of how Cochrane Dollars are being used to benefit this community and local businesses:
• Krang Spirits has been offering 5C$ back with every purchase of two bottles of its spirits and say that almost no customers purchase a single bottle, at least in part, because of this offer.
• During the summer, Sunset Ridge Pharmacy offered 1C$ back with any purchase of its newly-introduced house brand of products. This promotion was well received by customers and cost the pharmacy owners no more than a sale price would have.
• MacKay's Cochrane Ice Cream has sold more than 100 Cochrane Dollars, at face value, over this past summer, simply by having a poster of the bills displayed at its counter. All of those people are bound to take those bills home and talk about the town and the great ice cream shop that they purchased the bills in. This also cost the business owner nothing.
• The Hub Caf
é & Wine in Sunset Ridge is now offering a Cochrane Dollar as cash-back on purchase of $20 or more.
• Half Hitch Brewing Company has used Cochrane Dollars in sponsoring a hang-gliding competition in Golden B.C., with flats of beer and 100 single Cochrane Dollars. This promotes the individual business and our whole community by encouraging tourists to visit.
• Half Hitch Brewing Company has also received Cochrane Dollars on numerous purchases, including for whole tables. This shows that the bills are indeed circulating.
• Hundreds of Cochrane Dollars have been used in golf tournaments run by local community groups this past summer, and distributed to the participants.
• Cochrane Dollars are being used in staff incentive programs and as prize money, including in the recent Cochrane Outhouse Races.
• Businesses and organizations are using Cochrane Dollars instead of Visa gift cards as honorariums and to thank their volunteers.
• In the last four months, approximately $19,000 worth of Cochrane Dollars have been purchased out of ATB Financial in Cochrane - the central bank for this project. Some of these bills are in circulation and others are no doubt being collected. The money in the bank will be held in order to back the Cochrane Dollars in circulation but the interest gained from this money can be used for local business improvement and promotion projects.
• Cochranites have been showing their pride in this community and have been giving Cochrane Dollars as gifts to visiting friends and relatives.
• Cochrane Dollars are a fantastic and unique souvenir. We know Cochrane Dollars have already travelled all over the world.
• Over the past five months, our town and its businesses have been promoted by more than 2,600 visits to the Cochrane Dollar website and the directory of participating businesses there.
• We have received an inquiry from one of our neighbouring communities about the possibility of also participating in our Cochrane Dollar project.
• Another community in Alberta has contacted us for information about starting their own local currency.
• We have received requests from the USA, Germany and Australia for the purchase of Cochrane Dollars.
• 45 local businesses have registered on the Cochranedollar.ca website as participating.
• Our town and this project have received free media attention from local and regional media outlets, including CBC news and Calgary radio stations.
We are local business owners and we understand the benefit of having and using Cochrane Dollars. From our perspective, this project has been, even in these first five months, a very good value and a worthwhile use of our business licence dollars. The Cochrane Monetary Foundation
Chris Heier, Half Hitch Brewing Company
Meghan Tayfel, MacKay's Cochrane Ice Cream
Susan Ransom, Krang Spirits
Teresa Spurgeon, Pur Botanics
Ernesto Lozano, The Hub Caf
é & Wine
