Post edited 7:46 pm – November 7, 2010 by wspademan

How to Create a Common Good Bank Community Division NOW

1. Join. Join us as a Founding Member (visit CommonGoodBank.com/join).
2. Reach out. Get 49 other people to join as Founding Members.
3. Choose leaders. Choosethree Division Advisers, who agree to serve. Division Advisers act as liaisons with other Common Good Bank communities and with the central office. They also oversee the democratic process in the community and advise the Common Good Bank loan committee as to which loan applications from the community best match the community's lending priorities, as decided by the members. Division Advisers can be volunteer or paid, at the community’s discretion. Beginning in summer 2011, online training sessions will be offered for Division Advisers.
4. Plan. Get together and figure out how to put people to work to get everyone fed and housed and to make your community sustainable — knowing that the money will be there to fund your solutions, because you own the bank. (sustainability hint: make circles)
5. Bank. When the bank opens, use it like a typical community bank for checking accounts, online banking, etc. Apply for loans for the sustainable solutions you found in step #4.
6. Profits. After a year, get together to discuss what schools and other nonprofit organizations will get the bank’s profits (from the loans you made in step #5).

Possible Requirements After the Bank Opens

Within six months after becoming a Community Division:

1. At least 5 local businesses offer automatic rebates to other Common Good Bank members (half the rebate goes to a Community Fund). All the business has to do is choose a percentage for the rebate (1/2% or greater). All the rest is automated. The business gets advertising in exchange. This requirement assures that there will be money in the Community Fund to give away, even if the community division makes no profit that year.
2. At least one local business agrees to accept the Common Good Card and give "cash back", with no purchase required. This works just like swiping a major credit card. Businesses benefit because it gets people in the store and it costs them nothing. For customers, it's like having a virtual ATM.
3. At least one local nonprofit (for example a library or credit union) agrees to help people use Common Good Bank's online system to open accounts and apply for loans. This is only necessary for people who are unable to use a computer without assistance or who have no other access to a computer.