(Via Getty Images)
Throughout the history of business startups, newcomers have always struggled with gathering enough money and customers to hold their ground in the marketplace. Now it seems like new business owners are having even more trouble getting up on their feet due to the coronavirus. However, many people don't realize how a virus has the power to bankrupt a fresh company.
Ever since the start of the pandemic, retailers across the country have been reluctant to give out change in coins. Instead of giving back cash, which could make it much easier to spread the coronavirus, many stores such as Walmart and CVS have been asking their customers to only pay by card or (in few cases) exact cash. On the other hand, small, content businesses are refusing the option of cash altogether.
This is causing a “coin shortage” throughout the United States. By spending money and not having it recycled back to the system, bucks and coins are withering away. A fate like this wouldn’t be so bad if it weren’t for “unbanked” companies fresh to the industry. These establishments are heavily reliant on cash, as it’s the only form of payment they’re able to accept. With less cash available to them, many of these businesses are internally collapsing, leaving managers no choice but to shut down for good.
Luckily, the Community State Bank of Kenosha, Wisconsin has a plan. The bank announced last Wednesday that anyone (whether a member of the bank or not) could bring in spare change in exchange for $5 every $100 worth of coins brought in. The extra money given to the Wisconsin bank would be going towards local businesses struggling with the great coin shortage caused by the pandemic.
Days after this announcement, hundreds of people flocked to the site, encouraged by the new opportunity to help out their community. As a result, many of the businesses in their areas that were just scraping by were able to flourish due to the major impact. The people involved in this “Coin Buy Back” program are not being charged for using coin counting machines and quite a few have even dropped off their coins without asking for anything in return.
The companies lifted up by this small program have reached out with appreciation to this supportive community. The miniature movement itself is teaching the world that small things such as simple change can really add up. If this opportunity made its way to you, would you participate?