Business District “cash certificate” program encourages downtown discovery
FORT LEE, NJ—The Business District Alliance (BDA) of Fort Lee announces the start of Rising Rewards, a District “cash certificate” program aimed at strengthening the borough’s economy by encouraging local spending and discovering businesses old and new.
Rising Rewards are in $10 increments distributed by the BDA to consumers through giveaway and raffle promotions. Consumers may redeem their Rising Reward certificates at participating locations throughout the District in exchange for goods and services, just as they would cash or credit card.*
Businesses accepting the certificates display a Rising Rewards decal on their storefront. Participating businesses give their collected Rising Rewards to the BDA who then provide a full cash reimbursement to store owners for the exact amount of the certificates redeemed.
“The Rising Rewards program is modeled after successful community currency programs aimed at promoting local spending and community engagement,” said Stuart Z Koperweis, Executive Director of the BDA. “Locally, Keyport Borough in Monmouth County has their own program called Keyport Kash that’s well-received in the community, and there are others; as well as nationally, San Francisco’s Bay area has Bay Bucks and Baltimore circulates BNotes.”
Rising Rewards work similarly to non-store specific gift cards. Winners of the recently concluded Mid-Winter Madness promotion in Fort Lee received $100 each worth of Rising Rewards from the BDA, to be redeemed for $100 dollars at participating locations. The program stimulates the local business community by encouraging spending to visit local brick-and-mortar businesses in the district. It is a becoming a positive response to the growing popularity of big-box businesses and e-commerce retailers based outside of Fort Lee.
“Rising Rewards provides an incentive for shoppers to discover and support the diverse group of local businesses that make up the Fort Lee business community,” commented Mr. Koperweis. “Participating businesses will also enjoy new foot traffic as more shoppers use their Rising Rewards within the district.”
* Not redeemable for cash and no change/cash given.
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