Community Development Banking: What Your Bank Could Do to Support You
April 30, 2013
The film It's a Wonderful Life grows more relevant every day as more American consumers lose the value in their homes and anonymous customer service calling centers become our primary contact with our banks. However, there are still more than 7,000 banks and 7,000 credit unions in the United States. Each of these still has the ability to convert your insured deposit into a loan to a local business and to step up as a community civic leader. Just under 100 of those banks are certified by the U.S. Treasury as "community development banks" and another 500 nonprofit community loan funds finance housing rehab, small businesses, and nonprofit facilities.
In this program, Ron Grzywinski and Mary Houghton discussed the role that ShoreBank played as the first and largest community development bank and the increasing importance of community development financial institutions as long term partners in community and economic development. They will touch on the new Global Alliance for Banking on Values as well as opportunities for planners to contribute to more liveable, renewed communities.