Economic Development
Several million dollars value of HOURS have been traded since 1991 among thousands of residents and over 500 area businesses, including the Cayuga Medical Center, Alternatives Federal Credit Union, the public library, many local farmers, movie theatres, restaurants, healers, plumbers, carpenters, electricians, and landlords.
One of the primary functions of the Ithaca Hours system is to promote local economic development. Businesses who receive Hours must spend them on local goods and services, thus building a network of inter-supporting local businesses. While non-local businesses are welcome to accept Hours, those businesses need to spend them on local goods and services to be economically sustainable.
In their mission to promote local economic development, the Board of Directors also makes interest-free loans of Ithaca HOURS to local businesses and grants to local non-profit organizations.
Read more about this topic: Ithaca Hours
Famous quotes containing the words economic and/or development:
“In our personal ambitions we are individualists. But in our seeking for economic and political progress as a nation, we all go up—or else all go down—as one people.”
—Franklin D. Roosevelt (1882–1945)
“The American has dwindled into an Odd Fellow—one who may be known by the development of his organ of gregariousness.”
—Henry David Thoreau (1817–1862)