BerkShares are an alternate financial means of keeping money inside the region. The nonprofit says that over 10 million BerkShares have circulated since launching in 2006, and are accepted by over 400 local businesses. Schumacher Center for a New Economics Director of Communications Jared Spears spoke to WAMC on behalf of BerkShares.
“This change enables us to be sort of more small business friendly, and hopefully to encourage more participation with small businesses in the area," he told WAMC. "And it just means that someone walking into one of those participating banks today looking to acquire 100 BerkShares would simply exchange $100 U.S. and received that amount.”
For businesses converting BerkShares back to federal dollars, fees have dropped from 5% to 1.5%.
