Residents of Tenino—a community of fewer than 2,000 people halfway between Seattle and Portland—are addressing and helping each other overcome financial stress, brought on by the COVID-19 pandemic, through the deployment and adoption of wooden money. Those who can demonstrate the extent of their economic hardships caused by the current health crisis are eligible to receive up to $300 wooden dollars a month, subsidized by a City Hall grant program.
Each wooden dollar is equivalent to $25. Residents can use these to purchase necessities and services from licensed or certified providers. Stores, restaurants, and other businesses that accept this currency can substitute it for US Dollars at City Hall. The wooden money cannot, however, be used for purchases of alcoholic beverages, tobacco, or marijuana.
About the wooden money, store manager at Tenino Market Fresh, Chris Hamilton, shares: "The nice thing is it keeps the business in town," Hamilton said. "The currency is only good in Tenino, so it helps promote the small town and keep business local. It's a two-fold win for people."
Relief-Providing Wooden Money
Tenino, Washington Finds a Creative Solutions for Financial Stress
Trend Themes
1. Local Currency Adoption - The deployment and adoption of wooden money in Tenino showcases an emerging trend of local communities creating alternative currencies to support their local economies.
2. Financial Relief Programs - The implementation of the wooden money grant program in Tenino highlights the trend of communities finding creative solutions to provide financial relief and support to residents in times of economic hardship.
3. Community Collaboration - The use of wooden money in Tenino demonstrates the trend of communities coming together to support each other and overcome financial stressors caused by events like the COVID-19 pandemic.
Industry Implications
1. Retail and Local Businesses - The acceptance of wooden money by stores, restaurants, and other businesses in Tenino presents an opportunity for these industries to attract customers, promote local shopping, and contribute to the community's economic recovery.
2. Financial Services - The implementation of the wooden money grant program in Tenino creates an opportunity for financial service providers to offer specialized services or assistance in managing and converting the alternative currency for residents.
3. Community Development and Advocacy - The adoption of wooden money in Tenino opens up opportunities for organizations and professionals in community development and advocacy to support similar initiatives in other communities facing financial stress and economic challenges.