Scrip Money: Keeping it Local

The 2022 Scrip Money available for holiday shopping with the community was utilized by 46 members of the local Chamber of Commerce. The program was available at the First State Bank of Malta, Independence Bank, and the Bank of Malta. Chamber Treasurer Kaylee Williamson said the three financial institutions loaned out a total of $205,415 to customers this year, compared to $208,170 in 2021.

Chamber President Julie Snellman said though the numbers were down, the Chamber feels it was a good year.

Most feedback offered by businesses was positive, and most were in agreement it is a worthwhile program. It is one means to help keep the funds local during trying times. Small towns are struggling to compete against large chain stores when looking to make the holidays a bit more enjoyable.

Some customers did not understand that the merchant pays a fee of $.04 to utilize the scrip money. Some had customers who insisted on their change back on transactions. In giving back, for example, $3.00 on a transaction of $100, the merchant paid $4.00 PLUS the change of $3.00, costing the merchant $7.00.

The $205,415 undoubtedly assisted in keeping some doors open for the businesses. What merchants really appreciate is the return customer. Make it a great day in Malta!