Friday, October 2, 2009

Finance Friday: A Social Mission with a Bank

Banks and Financial institutions are, in general, out to make a profit, and not to benefit the community. Sometimes they might support community endeavours as a sideline, but its not usually their raison d'etre.

Common good banks, on the other hand, will be a new kind of community savings bank, designed expressly for economic justice, sustainability and strong local economies, independent of the dollar.

As they say on their website, they are a social mission with a bank! They will run in such a way that:
  • All profits will go to schools and other nonprofits.
  • Depositors will decide what the bank should invest in.
  • They will provide free local credit card processing for local businesses.
  • They will offer micro-loans for new businesses and community projects.
  • They will have available a full range of secure, FDIC-insured banking services.
  • They will be committed to sustainability and economic justice.
To find out about how a Common Good Bank will work and who is involved in the project visit the Common Good Finance website.

The project is in its early stages and they need YOUR support to make this happen. You can help by spreading the word, actively working to get a Common Good Bank started in your community, signing up as a future participant, or making a donation.

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