Robert Egger doesn’t need to wait: this is already happening in the US. I know of at least two institutions that are dedicating to supporting social enterprise and nonprofit organizations.
Self-Help Credit Union is a community development lender based in Durham. They specifically target loans to small businesses and nonprofits, particulary those serving core community needs and/or those focused on environmental sustainability. Individuals and businesses can open checking, savings, CD, IRA, and money market accounts with them, and you know your money is going to work for good.
While if you’re outside NC, you can’t just go to the branch to make a deposit, anyone around the country can have an account there and manage it online. I’ve done it for years. In addition, Self-Help is the credit union affiliate of the Center for Responsible Lending, a national group that advocates for responsible lending practices.
ShoreBank is a community development bank based in Chicago with what seems to be a similar approach. My only interaction with them has been speaking with their rep at the Alliance for Nonprofit Management conference last year, but they offer banking products tailored to nonprofits as well as lending to nonprofit organizations and business for community development and environmental sustainability.
So, it’s great what Robert says is happening in the UK, but it’s already happening to some degree here with at least two institutions.
