Green is golden as alternative financing
in banking gains prominence. There is a surge of banks looking for
"green" industries -- your company could be one that is funded.
It is very big news when over 200
investors join forces to form a new type of bank. That is just what
happened in Silicon Valley.
New Resource Bank is focusing on
investing in green industries, those industries that respect the
environment and provide energy savings. The increased concern over
the instability of traditional energy sources has promoted this formation.
New Resource Bank will be both a traditional
community bank and a backer of green ventures. They are focusing,
for instance, on
-
Organic farms that use environmentally sound
green techniques;
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Alternative energy technologies, such as
biofuels and solar energy;
-
Green building practices, such as buildings
with better insulation.
New Resource Bank has an initial funding
of $24.7 million. It is federally insured, and as soon as it begins
to take in money from depositors, it will be able to make initial loans of
$300 million.
While Silicon Valley is the first
location for New Resource Bank, this alternative financing banking option
may soon expand nationwide.
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