Business Headlines: Shop Local First; ‘Crowdfunding’ Plan
BOSTON (CBS) – If shopping at the big box stores over the holidays doesn’t seem like your cup of Christmas cheer, there’s a movement to try to get people to steer customers to home-grown local businesses.
Local First is asking customers to go 100-percent local this year.
They call it a great opportunity to make an impact on the local economy and their local communities.
Senator Scott Brown calls it “crowdfunding.”
It would let startup companies sell up to a million dollars in securities to people who want to invest.
Each investor could only put in up to a thousand dollars.
But here’s the thing, the whole process would not be subject to a lot of SEC regulations.
The purpose of this would be to cut out a lot of red tape and let a lot of startups get off the ground a lot quicker.
Senator Brown is pushing for his “crowdfunding” bill to be passed in the Senate.
HANCOCK JOB CUTS
John Hancock Financial Services will cut 116 jobs in Boston.
That’s about three-percent of its local workforce.
John Hancock was sold to a Toronto-based company in 2004, says it remains committed to the Boston area and its presence is as strong as its ever been.
Watch Lisa’s report:
Lisa van der Pool of the Boston Business Journal can be seen weekdays at 6 a.m. on WBZ-TV.