Sustainable Banking For Small Businesses

In honor of the push to bank local by Green America, the push to buy local by Business Alliance for Local Living Economies, and because business bankers want to see business plans and December is National Write a Business Plan Month, I present this guest post from Tim Chen of NerdWallet, on sustainable banking.

Take it away, Tim:

Seems like everywhere you turn these days people are promoting something green. From locovore diets, to green building and green business, there’s a big push for more sustainable living, and a certain trendiness that goes along with it. Chances are if you’re reading this blog, you’re already in the know. Maybe you have your own sustainable business venture, and you’re looking for tips and ideas to make it work. Here’s one for you: Green banking.
Green banking means different things to different people. Maybe you switched to online statements, and you’re darned proud of it. If so, good for you. If not, check it out. Going paperless with your banking is one of the easiest ways to give the environment a little help, and just about every bank offers the service.
But there are other ways to green your banking, and options you may not have heard of. Take, for example, New Resource Bank in San Francisco. The bank only offers accounts to green businesses, and allows accountholders to network with each other. New resource composts and recycles in an effort to meet their goal of 95% waste diversion away from landfills, and every swipe of your debit card earns money for their nonprofit partners.
There’s also GreenChoice Bank, which is based in Illinois. The bank targets their lending to the sustainable business community, and half of the management is accredited in Leadership in Energy and Environmental Design (LEED).
Houston-based Green Bank will donate $50 to one of a list of local environmental organizations when you open a business or personal money market or checking account. The bank headquarters are LEED Gold-Certified, with minimized resource consumption and rainwater irrigation.
If these banks aren’t in your area, don’t despair! Green America offers a list of community development banks and credit unions, as well as a campaign to “break up with your mega-bank.” Switching to a greener bank can help you take your business sustainability one step further. It will also put you in good company––who knows, you might even make valuable connections with likeminded entrepreneurs.
Tim Chen is the CEO of NerdWallet, an unbiased resource for the best business credit cards.