Shorebank's model is similar to City First Bank of DC, investing in affordable housing, small businesses, and other investments in undercapitalized neighborhoods as a community development financial institution (CDFI). CDFIs receive a range of private investments plus some federal investments through programs at the U.S. Treasury.
A Green Bank is yet another model, as in the Connecticut entity you notes focuses on energy efficiency and renewable energy investments. This is similar to the type of role the DC SEU could play if it were reorganized as a actual independent entity (nonprofit or government chartered organization) with an independent governing board of directors and the ability to issue private bonds to capitalize significant investments, as the Delaware SEU has done for energy efficiency already. The Delaware SEU has a relatively small annual budget and leverages millions of dollars of investment capital and the expertise of ESCOs (energy service companies) to monetize and guarantee the future energy cost savings for energy investments it funds.
The DC Public Bank is a different model Ruth described earlier as a state-level bank that holds the deposits of the state (DC in our case) government and invests them in a range of local projects.
I want to differentiate these three models so everyone is clear of the three roles they play, all potentially important in financing a green economy. The third model is the one that has been vetted through the Sustainable DC Green Economy working group. THe second model is on the table for the Energy working group's recommendations for the DC SEU. People are of course welcome to explore taking additional actions.
Steve Seuser
On Feb 24, 2012, at 8:07 AM, Matthew Slavin wrote:
Also, I'm not sure if everyone is familiar with Shorebank Pacific, a community bank that served the Pacific Northwest, focused upon lending to sustainable businesses and non-profit enterprises. It was a subsidiary of Chicago based Shorebank, which pioneered socially beneficial community development lending in under served communities.
Unfortunately Shorebank is no longer in business, having been acquired by One California Bank in the aftermath of the banking crisis. Shorebank is now operating as One Pacific Coast Bank (http://www.onepacificcoastbank.com/), still with a sustainability mission, however.
On Fri, Feb 24, 2012 at 7:32 AM, Matthew Slavin
<matti...@gmail.com> wrote:
Ruth,
The CEFIA web site is at http://www.ctcleanenergy.com/default.aspx. CEFIA as created from the state's Clean Energy Fund. I've also attached a brochure on CEFIA.
I will be participating in the below March 15 training and will be happy to share what I learn afterward.
Best,
Matt
On Thu, Feb 23, 2012 at 9:46 PM, Ruth Caplan
<rca...@igc.org> wrote:
Matt, Is there a way to learn more about the CT green bank without
having to register for this course which costs $295 according to the
brochure?
