Toronto Dollars assists small business across the city Special

As many small towns across North America promote local currency to help fledgling small businesses, Toronto Dollars, an 11-year-old non-profit organization, is helping Toronto merchants.

Last week, Digital Journal reported on Toronto Dollars holding a booth at St. Lawrence Market’s 205th anniversary and as Matt Boire, a board member of the organization, tells Digital Journal, Toronto Dollars is “rooted in the heart of St. Lawrence Market.” Toronto Dollars, which opened in 1998, is a community organization that assists local businesses and communities across the City of Toronto. All one has to do to participate and help other small businesses is to exchange your Canadian Dollars for Toronto Dollars. The value of a Toronto Dollar is the equivalent of a Canadian Dollar (e.g. $1CAD = $1 Toronto Dollar). To help other businesses in Toronto, 10 per cent of all purchases go to Toronto Dollar Community Projects Fund and 90 per cent is directed into a reserve fund. “Our currency helps to retain money in a local loop that allows consumers to support and build connections with local merchants.” The Toronto Dollar initiative began in St. Lawrence Market, which is accepted by all merchants in the market, and has now spread to a wide variety of businesses around the vicinity of the market and also local businesses in Toronto. Boire notes that the City of Toronto has assisted the charity and has worked closely with them to reach their present and future goals. The goal as of now is to make their local currency more aware to Torontonians. “Our initiatives have focused on maintaining and furthering knowledge of the Toronto Dollars.” Boire feels that once Torontonians are more aware of this movement then they will be “quite receptive to the [Toronto] Dollar.” Nevertheless, Toronto Dollars is growing and has a merchant base of around 100, which fluctuates, according to Boire. At times, the group has sales from a few hundred to several thousand per weekend.