Comments on: The First National Nonprofit Bank

By: loan

loan — Thu, 11 Jun 2009 09:43:53 +0000

Nice site! thanks for the great post…%d%a%d%aPeople should read this.

By: MerrY

MerrY — Sat, 16 May 2009 15:02:42 +0000

I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.

By: New Edge Credit

New Edge Credit — Wed, 06 May 2009 17:36:59 +0000

I think non-profits should merge in order to be profitable……….right decision..

By: michael kolodny

michael kolodny — Tue, 17 Mar 2009 01:38:11 +0000

I found your post in a search I did in response to my own idea that there should be banks that operate on a not for profit basis in order to eliminate one sector of corporate greed. Today, as bank bailouts reach epic proportions, with CEOs floating away on golden parachutes right in plain sight of the angry mob, we must realign values with investments to nip this criminal greed here and now.

This is a fine idea, thank you.

By: Adam

Adam — Wed, 18 Feb 2009 22:29:16 +0000

This is a wonderful idea one that I shared myself. I created a website at http://www.BankSerf.com were we can exchange ideas and debate on solutions for potential problems. I encourage everyone to take a look at it at share a comment. Lets make trickle down economy into raging rivers of prosperity! I am a person with a name, Em hotep. Peace.

By: Christa

Christa — Thu, 25 Dec 2008 04:42:08 +0000

Thanks for the interesting article.

By: Fran Loosen

Fran Loosen — Wed, 19 Nov 2008 18:39:44 +0000

My friend,

I met Alessandra DalColle at a Social Innovation meeting this summer. Banca Prossima has a fantastic model and would be a *very* cool thing to have here. It’s gotten some interest in the funding community too…maybe a push is needed?

Slides from her presentation.

http://www.slideshare.net/sixslides/alessandra-dalcolle

Be well, rabblerouser!

By: Kate Barr

Kate Barr — Fri, 14 Nov 2008 16:02:40 +0000

The idea of using the power of deposits from community focused, mission driven nonprofits for good use is terrific. There is an existing structure that offers some opportunity for tis – Community Development Financial Institutions (CDFIs). Most CDFIs are nonprofits that gather capital (including deposits, in some cases) and lend to nonprofuts, small businesses and individuals to build healthier communities. Nonprofits Assistance Fund, for example, has made over $60 million in loans to about 1400 nonprofit organizations.

By: Leonard Glickman

Leonard Glickman — Mon, 03 Nov 2008 19:52:57 +0000

I read with great interest “The First National Nonprofit Bank.” While certainly not on the scale of what you are proposing, we at FJC have long recognized the need for capital in the nonprofit sector.

FJC manages the unique FJC Agency Loan Fund (ALF) which provides secured loans to charitable organizations. Often these organizations have limited access to other credit sources. The loans are made at prime rate plus 3 percent. There are no fees or pre-payment penalties to the borrower.

Decisions about whether to provide a loan are made by FJC‘s Loan Committee. The Committee generally meets with a loan applicant’s representatives to review the application, including the organization’s financial statements, staff and board of directors, description of available collateral, and to discuss the structure of the potential loan. Applicants must be able to convince FJC that:

· The cost and viability of the project are logical and achievable;

· The applicant can both pay the loan’s debt service and maintain operations;

· The loan can be repaid in full;

· The applicant has in-house or outside expertise to manage the project.

The net return on the FJC Agency Loan Fund is credited to FJC accounts that selected this investment option and will ultimately be directed to a worthwhile charitable organization. The return varies with changes in market interest rates and utilization ratios.

The interest earned by the FJC Agency Loan Fund is credited to the donors’ accounts, thereby increasing the funds available for grants. FJC manages the liquidity of the ALF to ensure that account holdings invested in the FJC Agency Loan Fund are available for grants at any time.

The loans are frequently made to provide bridge financing for agencies awaiting government and other funding and to address short-term needs. Some of the loans have helped finance the establishment of group homes for the disabled, classes for special needs children, programs at community centers for the aged, adult literacy programs and support for young recovering drug addicts.

The loans provide critical, timely financing that enables charities to accomplish their missions.

Since FJC began making loans to nonprofits in 1995, we have advanced loans to more than 125 different charitable agencies.

By: Jermyn Shannon El

Jermyn Shannon El — Mon, 03 Nov 2008 08:27:56 +0000

This is perhaps one of the brightest ideas post recession that makes sense. I have been lobbying for this concept for yeards with area leadership in Jacksonville, Florida – Non-profit haven. I am interested in developing a similar model here to engage non-profits in the black community from overlapping time, resources and money. This plan is feasible and necessary. Please let us know how we can help.