A Fund That Gives Back
by Barbara Hurst, BOL GuruGuru Bios
Community Bank of the Bay, Oakland, CA, has found a unique way to support its local community, combining an investment opportunity with support for local businesses and housing. The bank created the Oakland First Fund and promises depositors who invest in the fund that the money will be used exclusively for loans to businesses and individuals who agree to use the money in Oakland, whether it's to build housing, create jobs, expand a business or other community support mechanisms. The bank said it will issue regular reports on how the money is being used and bank officials predicted the fund may reach $3 million to $5 million within a few months. Individuals can deposit into the fund or have existing accounts designated as part of the fund.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 07, 10/04
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