Banking to Build a Better World

by Celeste Hamilton, Community Outreach Coordinator, Idealist.org

I know banks are getting a bad rap right now. But hear me out.

With my job, I come across a lot of stories of people reaching across borders, ideologies, issues and more to enact change. But one of my favorites from the past year is CheckSpring, a community bank that serves the predominantly immigrant population in the South Bronx. In an area where check cashers abound, CheckSpring instead focuses on helping the disadvantaged accumulate savings, and empowering them with financial knowledge.

“We’re not out to teach people anything that they don’t seek out, or wave a paternal finger, but provide access to knowledge and tools,” says Charlie Wilcox, one of CheckSpring’s founders. “We have a great deal of faith in people’s ability in making decisions. If we provide these tools, we have a good shot at making a difference.”

It’s not your traditional approach to social change. What is striking about their story is that the entire community had a hand in erecting the building that now stands just yards away from Yankee Stadium. Charlie, along with Kelly Dillon and Mac Wilcox, may have come up with the innovative business model, yes. But the local owner of a meat company chipped in initial start-up money. Neighboring nonprofits helped get the word out. And residents now comprise the entire staff.

Charlie, Kelly and Mac imagined a better life for the poor. They connected with others. And they acted. Isn’t that what building a better world is all about?

Inventing another pathway to a world without poverty (Pt 2 of 2)

Transforming the world of global business enterprise

Danone and Grameen are, in fact, changing the game of business. They have created a profit-making enterprise where societal contribution is more important than maximizing profit (a “social business”), and opened the door for other new inventions that move us towards a world without poverty.

What could happen in the world of profit-making business if societal contribution became at least the equal of mazimizing profit in boardrooms throughout the world?

Inventing another pathway to a world without poverty (Pt 1 of 2)

What if the enormous power and potential of global business enterprise could become a force for social and environmental transformation just as it has been for the expansion of global commerce?

Grameen Danone – the world’s first “social business” as conceived and presented by Dr. Yunus in his new book – is a brilliant invention. What Grameen and Danone have done with great courage and insight is open the door to a new future – and to a new whole landscape of possibility for creating a world without poverty. And perhaps much more.

Given this first landmark step, what else might now be possible?

For instance, what could happen in the world of profit-making business if “global viability” became the equal of “maximizing profit” in the boardroom?