Alternative Financing in Banking:
The New Wave in Venture
Funding
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;
- 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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