Pass the buck: Local currency program aims to keep $ local

July 18, 2020  |  By Lisa Scagliotti

Representatives from Revitalizing Waterbury visited with essential workers last week to distribute Waterbury Bucks as a thank you for their service during the COVID-19 pandemic. RW Executive Director Karen Niven (right) hands out bucks at Billings Mobil. Photo courtesy Revitalizing Waterbury.

It’s been in the works for awhile and the timing now seems even more vital to drum up business for local merchants as Revitalizing Waterbury this past week launched its Waterbury Bucks program. 

Printed in $5 and $20 denominations, the “bucks” are essentially gift certificates redeemable at a long list of local stores, restaurants and service providers in town. 

The program initially was envisioned as a way to support Main Street businesses through the construction project but now has been expanded as an economic recovery tool in light of the COVID-19 pandemic. 

“We hope to infuse the town with money that will support our small businesses during these trying times,” said Alyssa Johnson, Waterbury’s economic development director. 

The idea is for people to purchase them to give to others to use as currency and thereby supporting the places of business that will accept them. RW, in turn, will honor the bucks with cash to the businesses that redeem them. 

The point is to keep local dollars in the community. “Don't give an Amazon gift card or a Visa debit card, give Waterbury Bucks,” explained Revitalizing Waterbury Executive Director Karen Nevin. 

The program was modeled after a similar effort in Middlebury called Middlebury Money launched last year when that Vermont town was in the midst of a large road construction project. “Between November and December 2019, $16,115 in Middlebury Money was redeemed at local businesses and $33,065 were purchased to give as gifts,” Nevin said. “All that money stayed local - How cool is that!”

Such programs are called “community currencies” and they have been successful in many other places as a way to thank employees, congratulate students or treat friends while supporting a local economy, she said. 

The Waterbury Village Market staff takes a break to learn about and receive their Waterbury Bucks. Photo courtesy Revitalizing Waterbury.

To jump start Waterbury Bucks, RW sought sponsors for the first batch of bucks to distribute to essential workers in the community who have continued to work throughout the COVID-19 pandemic that closed many businesses this spring. 

Sponsors along with RW were Vermont State Employees Credit Union, the Alchemist, Pomerleau Real Estate and Furst Management Ventures. Donations tallied $5,400 which was converted into bucks and distributed to 360 workers around town, Nevin said. 

Recipients of the bucks included employees at Waterbury’s two U.S. Post Offices, the Village Market and Shaw’s grocery stores, convenience stores, as well as volunteers at the Waterbury Area Food Shelf, the Meals on Wheels program at the Waterbury Area Senior Center, Waterbury Public Library, Kinney Drugs, Aubuchon and True Value hardware stores, as well as the town fire department and ambulance crew.  

Nearly 50 businesses so far have signed up to participate in the program by accepting the bucks. A list of them is on the RW website. 

The public may purchase Waterbury Bucks through RW. Nevin said she hopes to line up another more convenient spot in town soon. Call or email Nevin at 802-793-6029 or karen@revitalizingwaterbury.org to make a purchase. 

More details and updates will be posted online here.