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Investing Guide
INSIDE:
How your banking and investing can:
• strengthen local communities
• support good green businesses
• lift families out of poverty
and how you can get started today!
Green America’s
Community Investing Guide Green America's mission is to harness economic power for a just and sus-
tainable society. We work for a world where all people have enough,
The global economic crisis has focused public scrutiny on the predatory where all communities are healthy and safe, and where the abundance of
practices, gross mismanagement, and outright greed of some of the the Earth is preserved for all the generations to come. Our programs
biggest conventional banks and financial institutions. The housing crisis grow the green economy, stop corporate abuse, tackle climate change,
build fair trading systems, support local communities, and help families and
has clearly shown what happens when lenders treat borrowers as a businesses go green. We define “green” to mean social and economic
means for leveraging greater corporate profits, providing deceptive and justice, community and environmental health—people and the planet.
unsound terms and inappropriate products and services. A publication of Green America (formerly Co-op America)
Add in unemployment, plus diminishing services from state and local COMMUNITY INVESTING GUIDE EXECUTIVE TEAM
EDITOR Andrew Korfhage EXECUTIVE DIRECTOR Alisa Gravitz
governments caught in budget crises, and it becomes clear: the work EDITORIAL ADVISORS Alisa Gravitz, EXECUTIVE ASSISTANT Elizabeth O’Connell
of community development financial institutions (CDFIs) is Todd Larsen, Fran Teplitz
COMMUNITY INVESTING DIRECTOR CORPORATE RESPONSIBILITY
more important now than ever before. Fran Teplitz PROGRAMS
GRAPHIC DESIGN Andrew Korfhage DIVISION & CLIMATE SOLUTIONS DIRECTOR
While not a substitute for a sound governmental economic development PUBLISHER Denise Hamler Todd Larsen
policy, CDFIs provide all of us with a much better choice for banking CLIMATE INTERN Joe Edwards
PUBLICATIONS BETTER PAPER PROJECT DIRECTOR
and investing. They’re also uniquely positioned to help commmunities in DIVISION DIRECTOR Dennis Greenia Frank Locantore
EDITOR Tracy Fernandez Rysavy
need, because it’s been their mission for years. Even better, CDFIs on ASSOCIATE EDITOR Victoria Kreha
BETTER PAPER PROJECT
CAMPAIGN ORGANIZER Sophie Glass
the whole are weathering the economic crisis well. We hope this SENIOR WRITERS Joshua Marks, FAIR TRADE COORDINATOR
guide helps you find CDFIs that can serve your banking and investment Sarah Tarver-Wahlquist Elizabeth O’Connell
SPECIAL PROJECTS & ADVERTISING MANAGER RESPONSIBLE SHOPPER COORDINATOR
needs while putting your money to good use in the world. Rob Hanson Victoria Kreha
GREEN BUSINESS SALES & DEVELOPMENT DIRECTOR, SOCIAL INVESTING &
COORDINATOR Sandy Burke STRATEGIC OUTREACH Fran Teplitz
IN THIS GUIDE: ADDITIONAL ADVERTISING Dennis Greenia
ONLINE & SPECIAL PROJECTS EDITOR GREEN CONSUMER MOBILIZATION &
Andrew Korfhage TECHNOLOGY
Investing in Communities...............................................................................3 DIRECTOR Mouhamad Alem
GREEN BUSINESS NETWORK™ SENIOR INFORMATION SYSTEMS ANALYST
Community Banks vs. Community Development Banks..................................................4 DIRECTOR Denise Hamler Bernadette Morales Gaskin
Break Up With Your Bank!.................................................................................................................7 GREEN BUSINESS DIVISION ASSISTANT IT/SYSTEMS ADMINISTRATOR Pat Keyes
Misha Deborah Clive SENIOR WEB DEVELOPER
BUSINESS SCREENING DIRECTOR Shireen Karimi
Investing for Good...............................................................................................8 Rebecca Shaloff TECHNOLOGY CONSULTANT
SCREENING INTERN Hans Bauman
Success Stories of Community Investing Sara-Katherine Coxon
SENIOR RESEARCHER Tish Kashani ORGANIZATIONAL SYSTEMS
FAQs: What You Need to Know.................................................................12 SR. MANAGER, MARKETING & MEMBERSHIP CHIEF BUSINESS OFFICER Russ Gaskin
Desireé Wolford DIRECTOR OF FINANCE &
GREEN AMERICA EXCHANGE MANAGER ASSISTANT DIRECTOR OF ADMINISTRATION
A Primer on Community Investment Vehicles..................................14 Keaty Gross Nora Marsh
How Darilyn Kotzenberg Broke Up With Her Bank.......................................................15 GREEN FESTIVAL REGIONAL DIRECTORS SENIOR ACCOUNTANT &
CHICAGO & DC: Alix Davidson BENEFITS MANAGER Linda Carpenter
What About Online Microfinance?............................................................................................19 SAN FRANCISCO: June Brashares ACCOUNTS RECEIVABLE SPECIALIST &
SEATTLE: Jenny Heins DATA ENTRY Deanna Tilden
Resources.................................................................................................................20 DIRECTOR OF COMMUNITY &
DEVELOPMENT PROGRAMS DONOR SERVICES Becky LaBounty Keyes
DIRECTOR OF DEVELOPMENT COMMUNITY & DONOR SERVICES
Richard Kim-Solloway COORDINATOR Jesse DiLaura
Ryan Taylor for University Bank
Green America
1612 K St. NW, #600, Washington, DC 20006
800/58-GREEN fax 202/331-8166
On the cover: Danny Schwartzman (in stripes) started his green business, GREENAMERICA.ORG
the Common Roots Café, thanks to a loan from University Bank, a community Copyright 2011. Printed on 100% de-inked recycled fiber, elemental chlorine-free.
development bank in Minneapolis. His café sources locally, from this urban garden
he created, as well as from other organic farmers in Minnesota and from Fair Trade This Guide was made possible in part through
suppliers around the world. His University Bank loan created 30 green jobs. generous support from the Underdog Foundation.
F
or 30 years, a vacant lot stood at after the system has been installed a local community, and each needed an
the corner of Wood and 58th St. and is working. The worker-owners influx of capital to survive.
on the South Side of Chicago. of Pioneer Valley (also known as PV- Fortunately, all three have something
Within three miles of this street corner, Squared) realized they’d need a line else in common. Each of them found
there was no place for local residents of credit to keep them afloat between the solution to their financial challenge
to buy a fresh tomato. To help change payments. through support from a community
that, the Chicago nonprofit organiza- And when Danny Schwartzman grad- development bank, credit union, or
tion Growing Home was looking to ex- uated from college, he knew he wanted loan fund — groups collectively known
pand its urban agriculture projects, but to become a green entrepreneur, giving as “community development financial
to complete its newest project at Wood back to his community in Minneapolis institutions” or “CDFIs” for short. Un-
and 58th, and remain a stable organiza- by opening a café serving local, organic, like conventional financial institutions,
tion while expanding, Growing Home and Fair Trade food, and paying work- CDFIs include social impact as part of
would need to take out a loan. ers a living wage. But Schwartzman their mission and as a measure of their
Across the country, in New England, found that few banks were interested success — making the three projects
a worker-owned cooperative known as in financing a start-up green restaurant described above natural fits for funding.
Pioneer Valley Photovoltaics was con- with a young prospective owner. In the case of the urban garden project
fronting a cash flow problem because As a non-profit organization, a work- in Chicago, for example, Growing Home
of the nature of their solar installation er-owned business, and an individual had already approached traditional
business. Most of their clients use just starting a career, Growing Home, lenders, and found that to conventional
state-sponsored solar rebates to pay for PV-Squared, and Danny Schwartzman banks, the project’s social benefits
a chunk of their installation, but these had something in common — each was couldn’t outweigh what they foresaw
rebates don’t become available until working on a project that would benefit as a low return on investment. But
CDFIs AND
THE HOUSING MARKET
One issue with a long history
in the CDFI community is the issue
of affordable housing. Many com-
munity development lenders, banks,
and credit unions have cultivated
an expertise in helping low-income
individuals, or others underserved
by conventional lenders, to become
home-owners.
“Community development lend-
ers are unique in the current banking
environment,” says Deborah Momsen-
Hudson, vice president of Self-Help
Credit Union m in Durham, North Car- ECD/Hope
olina. “We are able to take the time Local residents participate in a houseraising financed by ECD/Hope Community
to get to know our borrowers and do Credit Union in Mississippi after Hurricane Katrina. The local credit union was
old-fashioned underwriting, not using instrumental in helping storm victims recover from the disaster.
computer models, to determine what
homeowners and small business own-
ers can afford. The relationships built and increasing job losses left many And in May of 2010, Self-Help used
during the lending process and the of Peachtree Hills’ families unable to grant funding to purchase playground
large amount of information we gather hold on to their homes. equipment and worked with commu-
on the borrowers make a difference By the end of 2008, a neighborhood nity volunteers to install a playground
so that if a borrower does temporarily that was only a few years old had for Peachtree neighborhood children.
lose their job or become underem- become a ghost town. One third of the “It’s become just a charming little
ployed, we can work to modify their community’s 178 homes were for sale, neighborhood,” says Brenda Granados,
loan to make it truly affordable in in foreclosure, or owned by the bank, who with her husband Silvio purchased a
their new situation.” and crime increased as the neighbor- Peachtree property through Self-Help. “It
It’s that type of personal touch that hood declined. just needed some tender loving care.”
differentiates CDFIs from less respon- Remaining residents who were Because of their deep experience
sible banks and lenders. Their goals determined not to see their community helping individuals in need on a daily
are primarily community-focused, fall apart reached out to several partner basis, CDFIs find themselves uniquely
focusing on reasonable — not exces- organizations willing to collaborate on positioned to step in during a crisis,
sive — rates of return. They work with
their borrowers toward a common
goal of stable communities of hom-
Community development lenders get to know their borrowers.
eowners with secure loans set at terms They focus on reasonable rates of return, and they work to
each borrower can afford. establish loans at terms their borrowers can afford.
For example, one current project in
Self-Help’s portfolio is the rescue of
the Peachtree Hills neighborhood in saving Peachtree Hills. That’s when whether a global economic crisis like
Charlotte, North Carolina. Peachtree Self-Help Credit Union got involved. that which devastated Peachtree Hills,
Hills sprang up during the housing Since 2008, Self-Help has purchased or a local crisis like Hurricanes Katrina
boom in the early 2000s as a lower- 30 of the vacant properties in Peachtree and Rita in the Gulf Coast in 2005.
middle class subdivision of modest Hills and has sold 17 of them, each Many individuals who had never
starter homes. time working closely with borrowers before found themselves in such a des-
Unfortunately, with the collapse to provide loan terms they can afford. perate financial situation were left with
of the subprime lending market, For two families not yet able to literally nothing after the hurricanes.
communities like Peachtree Hills purchase a Peachtree home, Self-Help More than 3,500 of them turned to the
— with its higher concentration of has worked out leasing arrangements, expertise of local CDFIs for assistance
lower-income households — got hit with the goal of moving them toward getting back on their feet.
disproportionately hard. Exploding home-ownership as their financial “Every client who came to us re-
interest rates on abusive home loans situations improve. ceived a highly individualized recovery
m Designates an approved member of Green America’s Green Business Network™ Green America’s Community Investing Guide 5
gency funding from the American Red
Cross, and already connected by their
pre-existing relationship, Fonkoze
was able to respond immediately
to Mednard’s situation. The group
distributed one-time emergency pay-
ments to about 18,000 Fonkoze clients
including Mednard, and arranged for
new loans to help those who lost their
businesses get started all over again.
“The money from Fonkoze
brought my family hope,” Mednard
told the American Red Cross. “My
husband has been unable to work
for the past six months. I’m
supporting my family now.”
International CDFIs aren’t only of
benefit in a crisis. They have a strong
Talia Frenkel/American Red Cross anti-poverty mission in developing
Odette Mednard in her store in Port-Au-Prince, Haiti. Mednard is a participant in a countries at all times. Often known as
microloan program created by Fonkoze in conjunction with the American Red Cross “micro-lenders,” these groups empow-
that has helped many in Haiti to recover in the aftermath of the earthquake. er aspiring entrepreurs like Mednard
to provide the services needed by their
communities.
plan,” says Laura Howe, counseling a long history of working with low-in- As implied by the term “micro-
manager for the Enterprise Corpora- come borrowers in Haiti — a country lender,” the sums lent out to busi-
tion of the Delta m , a CDFI based in where 80 percent of the population ness owners are often very small by
Jackson, Mississippi. “We guided falls below the poverty line. When the US standards, but they make all the
them through every step, from receiv- disaster hit, Fonkoze was alredy there, difference for someone in Haiti, or
ing grant money to selecting a contrac- with existing relationships already Nicaragua, or Bangladesh.
tor, to credit repair, to fraud preven- in place to help those affected by the The model was the brainchild of
tion. And we celebrated with them earthquake get back on their feet. economist Muhammad Yunus, who
when they finally moved back into For example, Odette Mednard has won the Nobel Peace Prize in 2006
their completed homes.” been a client of Fonkoze since 2005, for his anti-poverty work. It was in
the 1970s that Yunus realized that for
The economic downturn blocked access to essential lines someone earning only pennies a day,
a small loan of as little as two dollars
of credit for many small businesses. CDFIs remain an important could change their life.
source of capital to keep vital community businesses afloat. Conventional banks balked, how-
ever, at his idea that those living
under the poverty line, with no access
INTERNATIONAL when a Fonkoze loan helped her start to collateral, could still be consid-
COMMUNITY INVESTING her own dress-making business and ered credit-worthy. So in 1983, Yunus
Of course, terrible community di- open a small food shop attached to her founded his own bank (the Grameen
sasters aren’t confined to the United home. Mednard’s relationship with Bank) to further his mission of extend-
States, and fortunately, community Fonkoze has only deepened over time, ing credit to those not reached by
development lenders aren’t either. as she has repaid loans and taken out conventional lenders.
Several lenders have years of experi- others. She has also become a Fonkoze Not only has Grameen Bank stood
ence working in various countries group leader, hosting regular client as a huge success on its own, but also
around the world, and stand ready meetings in her home to counsel other for nearly thirty years it has inspired
to step in with aid, with counseling, small-business entrepreneurs on how consecutive generations of micro-lend-
and with loans for recovery, when to manage their loans. ers to take Yunus’s idea and extend it
disaster strikes. Mednard was hit hard by the from his native Bangladesh into coun-
This was the case in Haiti, when the earthquake, losing most of her store’s tries all around the world.
devastating earthquake struck in Janu- inventory in the wreckage and sustain- What’s more, Yunus was right.
ary of 2010. The international commu- ing significant damage to her home as Grameen Bank and other micro-lend-
nity development lender Fonkoze m has well. Bolstered by $8 million in emer- ers have found that on average their
6 Green America’s Community Investing Guide GREENAMERICA.ORG
clients from below the poverty line pay lenders, our economy wouldn’t be in
back their loans at a rate of about 97 the shape it’s in today,” says Larsen.
percent, better than the rates recorded Directing more of your banking and
by many conventional banks. Access to investing toward CDFIs, you can help
collateral, it turns out, is not a prereq- keep them strong, and help a proven
uisite for credit-worthiness. system support communities in need.
“While not a replacement for gov-
NOW MORE THAN EVER... ernment action to address the needs
Like Grameen, US-based CDFIs see of struggling communities, commu-
similar (or better) returns on their nity investing plays a crucial role in
loans to low-income individuals, and grassroots economic development,”
unfortunately, in the US, the need for says Fran Teplitz, Green America’s
CDFIs has never been greater. A June Social Investing Director. “People
2010 study by the Center on Budget who place their accounts and invest-
and Policy Priorities confirms a dis- ments in CDFIs are taking a step that
heartening truth about income inequal- has enormous positive repurcussions,
ity in this country: the gap between the strengthening communities in their
richest and the poorest is widening. own backyard, across the US, and
Between 1979 and 2007, the report around the world.”
found, the income gap separating the
richest one percent of Americans from
the poorest 20 percent more than
tripled. And those at the top saw their BREAK UP WITH YOUR MEGA-BANK!
incomes rise an astonishing 281 percent
JOIN GREEN AMERICA’S CAMPAIGN
over this period, even adjusting for
inflation. Green America’s “Break-Up With Your Bank” campaign is inspiring people across
The global economic downturn that the country to leave their mega-banks. You too can say good-bye to grossly
began in 2008 briefly slowed the widen- over-compensated CEOs, abusive or deceptive lending and marketing practices,
ing gap, but in its aftermath, the study and the use of your dollars to support projects like sweatshop factories and
finds, it is the rich who are recovering fossil-fuel development. You won’t be alone in telling your mega-bank that you
first and fastest. CDFIs, however, have can have the same services (or better!) with a community development bank or
been there to help those with less access credit union while ensuring that your deposits will support projects that improve
to wealth find the investment capital people’s lives. Here’s what others are saying:
they need to get ahead.
“While the downturn led to many When I closed my account, I was asked to state a reason. I said
financial institutions pulling back on “philosophical differences” and the teller replied with a slight smile:“That’s
their lending, CDFIs have actually not one of the choices I have to choose from.” I walked down the street to
increased their lending and invest- my local credit union and felt a new freedom.
ments in underserved communities,” —Jim G., Bainbridge Island, WA
says Todd Larsen, Green America’s
Corporate Responsibility Director. “For Over the past year, I have moved my accounts from Bank of America to
many small businesses that have lost One PacificCoast Bank and a local credit union. I am now in the process
access to essential lines of credit from of phasing out my Bank of America credit card, and have begun using the
conventional sources, CDFIs remain Green America credit card instead. It feels really good to have made these
an important source of capital to keep changes!
vital community businesses afloat.” —Lynette B., Fresno, CA
That’s just part of why now is an Thanks for the nudge, Green America. I’ve been meaning to do this for
excellent time to support CDFIs with years. I think it’s the bonuses the banks gave themselves after the bailouts
your banking and investing dollars. that finally pushed me over the edge. There’s just so much they do that I
Unlike the conventional banks that lent can’t support, and now I don’t have to. I switched to a community bank
out billions in unsound and preda- that has a commitment to green values.
tory subprime mortgages that that —Valerie K., Minneapolis, MN
their borrowers couldn’t repay, CDFIs
didn’t engage in the reckless financial
For the story of how one Green American broke up with not just one but two
games that brought about the crisis.
mega-banks and found a community development bank she could trust, see p. 15.
What’s more, CDFIs are an active part
And if you choose to “break up with your bank” after reading this Guide, we’d
of the solution for those hardest hit by
love to hear your story. Let us know at breakup@greenamerica.org.
the downturn. “If all lenders took the
approach of community development
m Designates an approved member of Green America’s Green Business Network™ Green America’s Community Investing Guide 7
INVESTING FOR GOOD
SUCCESS STORIES SHOW THE POWER OF COMMUNITY INVESTING
You can find community investment opportunities that help you put your money to work for positive change in every issue area
covered by Green America. The stories below represent just a small sampling of the ways your banking and investing dollars can
create great green jobs, build affordable housing, install green energy systems, support the Fair Trade marketplace, and much more.
Creating Good Jobs and green features for its new space, in-
cluding an energy-efficient refrigeration
Leanne Nunley and her children found access to affordable housing Richard Lord for the Calvert Foundation
m Designates an approved member of Green America’s Green Business Network™ Green America’s Community Investing Guide 11
frequently
asked questions
* Chart created by the Social Investment Forum Foundation for the 2010 Report on Socially Responsible Investing Trends in the United States, using data from the Aspen Institute,
Calvert Foundation, CDFI Data Project, CDVCA, National Community Investment Fund, National Federation of Community Development Credit Unions, and Opportunity Finance Netwok.
extended family when she was able to purchase a home in Portland, OR via a program Community development banks and
funded in part by the CDFI One PacificCoast Bank (formerly ShoreBank Pacific). credit unions operate on the theory
that ownership allows people to take
U
nless you keep all of your “Your money’s not here,” George responsibility for improving their
money in cash in a shoebox, tells them. “It’s in the Kennedy house, economic situation, and that the end
or under your mattress, or in a and the MacLaren house, and a hun- result is good for individuals and com-
buried sack in the backyard, your dol- dred others. You all put your savings munities alike.
lars are constantly having an effect on in here and then we make loans to These banks and credit unions in-
the world — one way or another. people to buy homes and cars and tentionally support projects that build
When you spend your money, other things.” healthy communities, oftentimes chan-
you’re often choosing businesses to Alas, when you save or invest in neling funds to those without ready
support because of the effects you conventional banking products in the access to more conventional forms of
know your choices have immediately, 21st century, the bank isn’t likely to be credit. They help low- and moderate-
in the real world. You know the dif- able to talk to you face-to-face, George- income people buy homes, start small
ference between buying organic and Bailey-style, and explain exactly what businesses, continue their education,
local vegetables vs. conventional and you’re helping other people to buy or or create much needed community
packaged snack food, or between build, by giving access to your money. services like child care.
electricity from a wind farm vs. elec- Do you wonder what it might be like if When you open a checking or sav-
tricity from a coal plant. you could get a straight answer to that ings account with one of these banks
Deciding where and how to save sort of question? or credit unions, you know that your
or invest your money presents you “Your money’s not here,” the bank money is helping to support an insti-
with the same sort of choice, because might say, “It’s financing an oil-and- tution that is working hard for social
where you choose to place your money gas exploration project in the Gulf of change. Your accounts are federally
affects how your money will be used. Mexico, and helping a mega-corpo- insured up to $250,000, and many
When you put your money in the ration expand into new sweatshop banks and credit unions also offer
bank, it doesn’t just sit there. It’s like factories in Southeast Asia. It’s in the online banking, so even if there isn’t
in the movie “It’s a Wonderful Life,” CEO bonus, and the CFO bonus, and one near you, you can still use your
when the Jimmy Stewart character, a hundred others.” everyday banking to create healthy
George Bailey, reminds the townspeo- But nobody asked you if this is the communities.
ple that their money isn’t physically effect you want your money to have on What’s more, you can find most any
sitting in the bank. the world. What can you do, instead? other conventional banking product
14 Green America’s Community Investing Guide GREENAMERICA.ORG continued on p.16
Kotzenberg
How Darilyn Kotzenberg Broke Up With Her Bank
“I just wanted a bank that isn’t mean.”
New Resource Bank’s financing gave Jason Tanko, owner of Tanko Streetlighting Ser vices, the capital he needed to New Resource Bank
start his business providing energy-efficient lighting retrofits to cities around the countr y.
m Designates an approved member of Green America’s Green Business Network™ Green America’s Community Investing Guide 15
Florida Community Loan Fund
COMMUNITY DEVELOPMENT
LOAN FUNDS
Community development loan
funds (CDLFs) provide low-cost
financing to individuals, coopera-
tives, and nonprofit organizations in
developing urban and rural areas in
the US and around the world.
Choosing to invest money in a
CDLF means you might be helping
a local developer build affordable
housing or helping a first-time entre-
Vermont Community Loan Fund
below-market, falling between zero which is backed by the US-based micro-lender Shared Interest. These entrepreneurs use
and four percent, depending on the their micro-loans to launch and run small businesses vital to their local community.
m Designates an approved member of Green America’s Green Business Network™ Green America’s Community Investing Guide 19
RESOURCES
F IN D TH E R IG H T C O MMU NI T Y B A NK I NG A ND I NVE S T I NG VE H I C L E S F O R Y O U.
Use the following sample resources to direct more of your banking dollars – checking, saving, investments, etc. – into community development.
Institutions marked with the symbol m are approved members of Green America’s Green Business Network™ and our colleague organization,
the Social Investment Forum (SIF). Banks marked with an asterisk (*) are members of the Community Development Bankers’ Association
(www.cdbanks.org), and the notation “cc” indicates that the bank or credit union also has a credit card available (see the sidebar, facing page).
These institutions operate much like Community Capital Bank of Virginia * Mission Valley Bank *
traditional banks and credit unions, but Christianburg,VA; 540/260-3126 Sun Valley, CA; 818/394-2300
with a special focus on providing capital to www.vacommunitycapital.org www.missionvalleybank.com
rebuild low-income communities. First American International Bank * Native American Bank *
New York, NY; 718/871-8338; www.faib.com Denver, CO; 800/368-8894: www.nabna.com
Albina Community Bank cc *
Portland, OR; 503/287-7537 Franklin National Bank m Neighborhood National Bank *
www.albinabank.com Minneapolis, MN; 651/259-2221 National City, CA; 619/789-4400
www.franklinbankmpls.com www.mynnb.com
Alternatives Federal Credit Union cc
Ithaca, NY; 607/273-4611 Guaranty Bank and Trust * New Resource Bank m
www.alternatives.org Belzoni, MS; 800/859-9825 San Francisco, CA; 415/995-8100
www.gbtonline.com www.newresourcebank.com
Broadway Federal Bank *
Los Angeles, CA; 323/634-1700 Hope Community Credit Union m One PacificCoast Bank cc (formerly
www.broadwayfederalbank.com Jackson, MS; 601/944-1100; www.hopecu.org ShoreBank Pacific): Ilwaco, WA;
888/326-2265; www.eco-bank.com
Carver Federal Savings Bank * International Bank of Chicago *
New York, NY; 718/230-2900 Stone Park, IL; 773/769-2899 One United Bank * Boston, MA;
www.carverbank.com www.inbk.com Los Angeles, CA; Miami, FL; 323/290-4848
www.oneunited.com
Central Bank of Kansas City * Legacy Bank *
Kansas City, MO; 816/483-1210 Milwaukee, WI; 414/343-6900 Pan American Bank m *
www.centralbankkc.com www.legacybancorp.com Chicago, IL; 773/254-9700
www.panamerbank.com
City First Bank of DC * Louisville Community
Washington, DC; 202/243-7100 Development Bank m * Park Midway Bank m *
www.cityfirstbank.com Louisville, KY; 502/775-2521 St. Paul, MN; 651/259-2221
www.morethanabank.com www.parkmidwaybank.com
City National Bank of New Jersey *
Newark, NJ; 800/966-8262 Lower East Side People’s Credit Union Permaculture Credit Union m cc
www.citynatbank.com New York, NY; 212/529-8197 Santa Fe, NM; 866/954-3479
www.lespeoples.org www.pcuonline.org
Santa Cruz Community Credit Union m
Santa Cruz, CA; 831/460-2342
GET YOUR COMMUNITIES INVOLVED www.scruzccu.org
It’s not just individuals who can invest in communities. If you have influence over Self-Help Credit Union m
Durham, NC; 919/956-4400
how your workplace, faith community, or other community group does its banking,
www.self-help.org
you can encourage these groups to “break up with their bank” and move to a CDFI.
Our allies provide the following resources for encouraging other groups to use their Southern Bancorp *
investment dollars to help build communities. Arkadelphia, AR; 870/246-3945
www.southernbancorp.com
• Community Investing Toolkit for the Faith Community — University National Bank m *
Published by the Social Investment Forum, this toolkit can be downloaded at St. Paul, MN; 651/259-2221
www.socialinvest.org/resources/pubs (scroll down). www.universitybank.com
• Responsible Endowment Coalition’s “Move Our Money” Campaign — Urban Partnership Bank * (formerly
This campaign provides resources and a handbook for shifting your college or ShoreBank); Chicago, IL; Cleveland, OH;
Detroit, MI; 800/669-7725; www.sbk.com
university toward community investing.
www.endowmentethics.org/community-investment-campaign Wainwright Bank and Trust m * cc
www.endowmentethics.org/handbook Boston, MA; 617/478-4000
www.wainwrightbank.com
(merging with Eastern Bank in spring 2011)
20 Green America’s Community Investing Guide GREENAMERICA.ORG
Community Development CREDIT CARDS THAT BUILD COMMUNITIES
Loan Funds Each of the following credit cards is issued by one of the banks or credit unions on the
Community development loan funds operate previous page. Cut up your mega-bank credit cards, and use a card that gives back to
in specific geographic areas and pool communities. The Green America card also directs a portion of your charges back to
investments and loans provided by individuals Green America, to support our corporate-responsibility and green-economy programs.
and institutions, often at below-market rates,
to further community development.
Alternatives Federal Credit Union Visa
Available to residents of Ithaca, NY,Tompkins
Boston Community Capital m
County, and contiguous counties.
Boston, MA; 617/427-3640
www.bostoncommunitycapital.org www.alternatives.org
Enterprise Corporation of the Delta m New Jersey Community Capital m Vermont Community Loan Fund m
Finance Fund m Columbus, OH; Nonprofit Finance Fund m Washington Area Community
800/959-2333; www.financefund.org New York, NY; 212/868-6710 Investment Fund m
www.nonprofitfinancefund.org Washington, DC; 202/529-5505
First Nations Oweesta Corp. m www.wacif.org
Rapid City, SD; 605/342-3770 Northcountry Cooperative
Development Fund m
International Funds
www.oweesta.org
Minneapolis, MN; 612/331-9103
Florida Community Loan Fund m www.ncdf.org
Orlando, FL; 407/246-0846; www.fclf.org These institutions offer community
N. California Community Loan Fund m
development loan funds that focus on
Leviticus 25:23 Alternative Fund, Inc. m San Francisco, CA; 415/392-8215 providing capital to low-income individuals in
Elmsford, NY; 914/606-9003 www.ncclf.org countries around the world.
www.leviticusfund.org
Opportunity Finance Network m
Mercy Loan Fund Philadelphia, PA; 215/923-4754 Calvert Social Investment Foundation m
New York, NY; 646/442-0182 Portsmouth, NH; 800/767-1729 Colorado Springs, CO; 800/422-7284
www.sharedinterest.org www.paxworld.com www.firstaffirmative.com
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The Community Investing Guide is published by
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The global economic crisis has focused public scrutiny on the predatory practices, gross mismanagement,
and outright greed of some of the biggest conventional banks and financial institutions. The housing
crisis has clearly shown what happens when lenders treat borrowers as a means for leveraging greater
corporate profits, providing deceptive and unsound terms and inappropriate products and services.
Add in unemployment, plus diminishing services from state and local governments caught in budget
crises, and it becomes clear: the work of community development financial institutions
(CDFIs) is more important now than ever before.
While not a substitute for a sound governmental economic development policy, CDFIs do provide all of us
with a much better choice for banking and investing. They’re also uniquely positioned to help commmunities
in need, because it’s been their mission for years. Even better, CDFIs on the whole are weathering the
economic crisis well. We hope this guide helps you to find CDFIs that can serve your banking and
investment needs while putting your money to good use in the world. Take action with us today.