Community Banking with a Difference
25 September 2000 at 12:09 pm
While ‘ethical funds’ and community banking have been gaining momentum in recent years there’s a new player in the market trying to create a niche specialising in lending money to the Not for Profit sector.
Sirius Community Finance is a unit of the Endeavour Credit Unit that says its offering an alternative to mainstream banking.
According to the CEO, Duncan Power, the vital difference is the transparency in its investment portfolio.
‘Sirius savings and term deposit account holders may request a preferred field of ethical activity where their monies can be lent. These ‘directed’ savings are used for socially constructive and environmentally friendly purposes.’
Power says special term deposit accounts have been set up with charity partners such as Earth Share, Opportunity International, Mission Australia and Save the Children Australia to enable you to donate a percentage of your interest to charity.
Power says Sirius is unique in the market by offering loans to diverse groups within the Not for Profit sector.
Loan applications are considered from organisations and individuals throughout Australia that are undertaking projects regarded to be socially, environmentally and culturally positive as well as meeting viable and sustainable criteria.
Power says some of the applications have covered projects such as buying property, a school building project, and an overdraft facility.
Sirius will have a web site up and running in the first week of October. Check it out at www.sirius.org.au.