Comfort Dollars

A local complementary currency created to raise initial capital

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US United States
Web Unknown
Maturity

Mature

About the project Edit

The Comfort Dollar is a currency issued by the Comfort Restaurant in Hastings on Hudson. It is issued by the restaurant's owner in order to raise capital that would otherwise be too hard to get from financial institutions.

Here's how it works:
Comfort issues VIP Cards that can be used to purchase meals at their restaurant. For each US dollar used to buy a VIP card, the customer receives $1.20 credit (Comfort dollar) on his/her card.

Themes

In what ways is this project unique and creative? Edit

It is a complementary currency used at the local level.

What is the social value of this project? Edit

Because the Comfort dollar can only be used at this restaurant and in local shops, it promotes the local economy on a micro level. The sale of VIP Cards also allows the restaurant to leverage initial capital that would otherwise be very hard to get from financial institutions. The Comfort Restaurant repays the customer with food and labour that is in ample supply.

The Comfort dollar system also benefits the customer. Due to its exchange value of $1US to $1.20 Comfort dollar, the customer gets more food for his/her money.

What is the potential of this project to expand and develop? Edit

Local complementary currencies projects can be found in the thousands all over the world. An initiative like the Comfort dollar can easily be replicated by any small and medium enterprise around the world.

What was the triggering factor of this project? Edit

The chef and owner of the restaurant needed initial capital in order to start another restaurant. He couldn't get this capital from financial institutions, so he started to sell VIP Cards which could be exchanged for meals at his restaurant.

What is the business model of this project? Edit

VIP Cards are sold to customers for a $1 US. They receive $1.20 in Comfort dollars. VIP cards are issued when the restaurant needs extra capital.


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