Community banking comes of age

Those of us involved in community finance in the UK and Europe can take good heart from the success across the Atlantic.

Pat Conaty and Cliff Rosenthal point to a ten year review of the community finance sector in the USA.

Between 1999 and 2009 the review shows that assets in Community Development Loan Funds have grown from $1.7 billion to $11.9 billion, assets in Community Development Credit Unions have grown from $610 million to $11.1 billion, assets in Community Development Venture Capital Funds have grown from $150 million to $2 billion and assets in Community Development Banks have grown from $2.9 billion to $17.3 billion.

As a result community investment in America is coming of age with growing numbers of US households, businesses and institutions moving their accounts and funds from mainstream banks to community finance.

Small is bankable.

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