I met John Kuhry many years ago. He was running a small Community Development Financial Institution that invests in Mendocino and Lake County in California. He was passionate about creating opportunities for more people in his region to invest locally. So, I helped him and his team at the Economic Development and Financing Corporation (EDFC) launch a Direct Public Offering.
They registered the offering with the state of California so that they could publicly advertise the offering and anyone could invest. They offered a promissory note which pays 2% interest annually. The minimum investment was $1,000.
EDFC raised over $350,000 which they invested in a start-up wool and fiber mill in Mendocino County. The mill will soon open its doors and will produce 100% locally sourced, processed, and dyed yarn. For details, check out this local news story.