Business Headlines: Shop Local First; ‘Crowdfunding’ Plan

By Lisa van der Pool, Boston Business Journal

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.


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.

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