|Ideas:Co-housing Community Bank||<– Date –> <– Thread –>|
|From: Bruce Miller (bmillernzonline.ac.nz)|
|Date: Wed, 27 Jul 94 14:42 CDT|
Jerome F Rigot wrote : > Hello, > > At N St Cohousing, in Davis, CA, we are interested in starting a > coop bank or a coop credit union, basically a financial institution that > would allow us to become more economically self-sufficient, and could be > used in many ways, > i.e., providing small loans to members for home improvements, such as > purchase of energy efficient appliances, new roofs, home insulation, or for > the financing of community enterprises, as tools and car coops, Common > House improvements, etc...Does anybody have any experience or info about > what this venture would entail? > We are considering two options, either the legal way (either for > profit or non-profit), and thus we need appropriate legal details or just > doing an "in-house" coop financial institution, where your own experience > of the initial set-up, incentive to the members, start-up details and any > other info you could think of would be greatly appreciated. > I already posted this announcement, but I had problems and I lost > the info that was sent to me, also, I didn't receive many answers, but > since the membership for this bulletin board increases steadily, I am > hoping to get more info. Please send your feed back directly to me. > Thanks. > --Jerome > > -- > Jerome F. Rigot > Department of Environmental Toxicology > 4416 Meyer Hall > University of California, Davis > Davis, CA 95616 > U.S.A > Phone: W: (916)752-5896 > H: (916)753-7617 > e-mail: jfrigot [at] ucdavis.edu Jerome and others- I'm new to the cohousing server here and this is my first contribution, please bear with my unfamiliarity with protocol. Jerome asked for direct replies, but I've chosen to respond in the clear because I think this issue has a larger interested audience than might perhaps actively contribute. Onto the meat of my message.... There is an alternative bank in New Zealand where I live which sponsors ecological, ethical and social projects. Prometheus has regular depositors who get real interest and make real loans which require real committments for repayment. The difference is that they for one, have an understanding of the alternative community issues such as those to which you have referred in a cohousing environment. We arranged finance for a Steiner kindergarten by having each family pledge to be responsible for a small portion of the overall loan. No mortgage was placed on possesions or property. A variation on this theme might work for the AdHoc Improvement fund you are looking to setup. A proposal could be made to even a normal bank to open a line of credit, based on a collective pledge from members. A board would then be responsible for approving a project and a repayment plan. Hopefully the bank would give a good interest rate based on low risk and an expectation that a more or less continuous loan would be inplace for some time to come. In fact if a list of planned projects and thier cost were part of the proposal it would give the banks something to base thier bids on. The long term option of setting up your own credit union or private bank would then build on an established system and have the interest profit recyled in the specific community. If you are into banking I think that would be great. If not I personally think the existing banks can be educated to provide better service and even be proactive in offering tailored services for cohousing initiatives. Regards, Bruce K. Miller
Results generated by Tiger Technologies Web hosting using MHonArc.