Community-Focused Crowdfunding Campaign Supports Local Businesses
Local Businesses Join Forces for Innovative Crowdfunding
In a notable initiative, three cherished establishments in Downtown Frederick have teamed up with a community-driven platform to embark on an exciting crowdfunding journey. The businesses involved are Frederick Social, Tenth Ward Distilling Company, and Twin Bears Bakery. By leveraging the services of NuMarket, these businesses are offering an enthralling opportunity for community members to invest in their growth, with the enticing promise of receiving 120% back in store credits for the amounts contributed.
Community Initiative Under NuMarket's Guidance
This groundbreaking initiative was brought to life through the Downtown Frederick Partnership's connection with a larger national organization, aimed at fostering small business growth. By linking up with the NuMarket initiative, the Partnership has offered local businesses a new channel to seek support from their customers, ultimately strengthening community ties and promoting economic vitality.
Transforming Local Economies Through Innovative Financing
What makes this approach unique is its focus on empowering small businesses even in tough economic climates. According to recent findings, each dollar raised through NuMarket produces $1.36 for local businesses and about $2.26 for the local economy, in stark contrast to conventional bank loans which often perpetuate debt and hinder growth.
Growth Opportunities for Each Business
Each participating business has crafted specific funding goals to enhance their offerings and service quality. Frederick Social aims to gather $85,000 to expand its patio area and improve kitchen functionality. The co-owner, Mike Nagi, expressed excitement about involving the community in their growth journey, while co-owner Audi Nagi emphasized the unique connection that this campaign fosters with customers.
Tenth Ward Distilling Company, seeking to raise $95,000, plans to refresh its space and focus on building a stronger marketing strategy. The founder, Monica Pearce, views the campaign not only as a funding opportunity but as a celebration of community support that reflects what they’ve built.
Finally, Twin Bears Bakery is on a quest to secure $85,000 to purchase a walk-in fridge and stone mill, which will allow them to scale their operations and educate the community on grain milling processes. Co-founder Emily Roy shared their appreciation for the growing community belief in their vision, underscoring the bakery’s commitment to high-quality, local production.
Campaign Launch Dates and Contributions
The campaigns for Tenth Ward Distilling and Twin Bears Bakery started recently and will continue for a 30-day period. The campaign for Frederick Social is set to launch shortly, giving contributors an excellent opportunity to receive more value than their contributions through store credits.
Supporting a Thriving Local Economy
As a proud Main Street program since 2001, the Downtown Frederick Partnership is enthusiastic about facilitating this remarkable opportunity to bridge local businesses with innovative resources such as NuMarket. Through collective efforts, Downtown Frederick aims to foster creativity and resilience in their community, cultivating stronger bonds between business owners and local supporters.
Frequently Asked Questions
1. What is the purpose of the crowdfunding initiative?
The initiative aims to support the growth of local businesses in Downtown Frederick through community contributions, enabling stronger economic connections.
2. How does the crowdfunding model work?
Contributors invest in their favorite local businesses and receive 120% of their contributions back in store credits, contributing to their long-term growth.
3. What are the funding goals of each business?
Each business has set specific goals: Frederick Social aims for $85,000, Tenth Ward Distilling seeks $95,000, and Twin Bears Bakery is looking to raise $85,000 to enhance their operations.
4. Why is this crowdfunding approach beneficial?
This model fosters community support and generates more revenue for local economies compared to traditional financing methods that may lead to debt.
5. How can community members participate in the campaigns?
Community members can contribute to these campaigns through the respective crowdfunding platforms and help their favorite businesses thrive.
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