The first Local Investing Opportunities Network (LION) was started in Port Townsend, Washington in 2006, as a way to create connections between investors and local enterprises needing capital. Its members have collectively invested more than US$7 million in local businesses. The Economic Development Council of Jefferson County reviews opportunities submitted by local entrepreneurs, and circulates them to the group. Interested investors then meet with the entrepreneur and individually negotiate the terms. Often, the decision to support a business through a LION is based not just on a solid business plan and product, but also on trust and friendship that comes from years of living as neighbors. Today, LIONs exist throughout the USA. Read the story of the Port Townsend LION here.
Category: Local Business & Finance