Video: Nonprofit Credit Union Uses Cash Mobs to Support Locals

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October 31, 2012; Source: Financial Brand

As communities seek additional ways to create local wealth and promote local business, we see unusual new strategies emerging.

In Vancouver, the Vancity credit union is using an interesting strategy to call attention to its social enterprise brand: cash mobs that it directs to some of the local businesses in which it invests. “We make you good money by putting money to good” is Vancity’s catch phrase, and the concept of the “Good Money Mob” is designed to attract the younger set. To decide which of the businesses it supported it would direct people to, Vancity asked its Facebook fans and then it employed social media to promote the “Good Money Mob” event.

In the first event, 100 people descended on the East of Main Café, which more than doubled its typical earnings for an evening. You can watch a video showcasing the event here:

In the second mob, 80 people eventually stormed CocoaNymph Chocolates & Confections, tripling normal sales. –Ruth McCambridge