Dollars for dollars: Redevelopment Authority discuss promotional currency

The Wareham Redevelopment Authority discussed introducing a community dollars program to Wareham at their March 20 meeting.

Community dollar programs have been implemented across the country. In a general sense, the program provides residents with a special local currency that can be spent at participating businesses, encouraging shopping locally and supporting the community’s economy.

While the idea is still in the discussion phase, town officials have spoken with a company that facilitates community dollar programs called Yiftee.

If the town adopts Yiftee’s framework, community members would be able to purchase the currency and spend it at participating businesses — and in doing so receive discounts at no cost to the business.

Redevelopment Authority intern, Connor Alden, provided officials with an example of community dollar use.

Alden explained that an individual could spend $10 and, in exchange, receive the equivalent of a prepaid visa with $15 worth of Wareham community dollars to spend at a participating business.

The additional value would come from sponsors. In Alden’s example, the sponsor was the Redevelopment Authority, which would underwrite the program.

However, if community dollars take hold, officials hope other businesses and organizations would sponsor the program.

In another example, Alden explained that any local business could be a sponsor and sell the community dollars as a promotional device, branded with its logo or other message, for a limited time.

The town of Sandwich uses Yiftee for its own currency program. Members of the Redevelopment Authority planned to learn more about the pros and cons of implementing the service from Sandwich.

To “get it off the ground” Alden said the Redevelopment Authority would need to get at least eight businesses signed up to the program.

Town officials did not settle on a name for the currency but floated ideas like “downtown dollars” and “Wareham dollars.”

Board members planned to discuss the proposal again at their next meeting.