<div class="xblock xblock-public_view xblock-public_view-vertical" data-block-type="vertical" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="VerticalStudentView" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@12dd17b326d94b08b40191a82acd7d5c" data-graded="False" data-runtime-class="LmsRuntime"> <h2 class="hd hd-2 unit-title">Examples of Impact</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@57f38ecd0fca4b2dac5b03b7b8109c76"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@57f38ecd0fca4b2dac5b03b7b8109c76" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="text-rendering: optimizelegibility; margin: 0pt 0px 0pt 0in; padding: 0px; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; color: #313131; direction: ltr; unicode-bidi: embed; word-break: normal;">In&nbsp;this section we will be exploring examples of the impact of&nbsp;Just Banking around the world. &nbsp;In the last video, we defined four levels of impact:</p> <p style="text-rendering: optimizelegibility; margin: 0pt 0px 0pt 0in; padding: 0px; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; color: #313131; direction: ltr; unicode-bidi: embed; word-break: normal;"></p> <ol style="text-rendering: optimizelegibility; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.4em; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; color: #313131;"><ol style="text-rendering: optimizelegibility; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline; color: #313131;"> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><span color="#000000" style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">Level 1 - Isolated social &amp; green business projects or practices</span></li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><span color="#000000" style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">Level 2 - Just banking in the core of the business model</span></li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><span color="#000000" style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">Level 3 - Strategic eco-system innovation - financing lead innovators or leverage points</span></li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><span color="#000000" style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">Level 4 - Intentional eco-system innovation - shifting the whole system&nbsp;</span></li> </ol></ol> <p style="text-rendering: optimizelegibility; margin: 0pt 0px 0pt 0in; padding: 0px; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; color: #313131; direction: ltr; unicode-bidi: embed; word-break: normal;"></p> <p style="text-rendering: optimizelegibility; margin: 0pt 0px 0pt 0in; padding: 0px; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; color: #313131; direction: ltr; unicode-bidi: embed; word-break: normal;">In order to illustrate this idea, see&nbsp;for yourself how the cases in this&nbsp;section fit into those levels. &nbsp;The tables in each section show our view.</p> <p style="text-rendering: optimizelegibility; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; color: #313131;"><span style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 12pt; line-height: 1.4em; font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif; vertical-align: baseline; color: black;">You will find the following cases when you click ahead:</span></p> <ul style="text-rendering: optimizelegibility; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.4em; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; color: #313131;"> <ul style="text-rendering: optimizelegibility; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline; color: #313131;"> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">Mongolia&nbsp;-&nbsp;</strong>XacBank: Eco Banking<strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;</strong></li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">Australia&nbsp;-&nbsp;</strong>Bank Australia: Conservation Reserve</li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">United States of America&nbsp;-&nbsp;</strong>Southern Bancorp: Rural Development</li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">Bangladesh&nbsp;-&nbsp;</strong>BRAC NGO: BRAC Dairy &amp; Food Project</li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">El Salvador&nbsp;-&nbsp;</strong>SAC Apoyo Integral: Small Business Loans</li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">Canada&nbsp;-&nbsp;</strong>Vancity Credit Union: Fair &amp; Fast Loans</li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">France&nbsp;-&nbsp;</strong>Cr&eacute;dit Coop&eacute;ratif: Lending&nbsp;to the Cultural Sector</li> <li style="text-rendering: optimizelegibility; margin-top: 0px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">The Netherlands&nbsp;-&nbsp;</strong>Triodos Bank: Wind Energy Fund</li> </ul> </ul> <p style="text-rendering: optimizelegibility; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; color: #313131;"><span style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline; color: #ff0000;"><strong style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;"><span style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline; color: #000000;">Certificate Track:</span>&nbsp;It is only required that you read or&nbsp;watch 4&nbsp;of the cases</strong></span>, but feel free to do&nbsp;more if you have time.</p> </div> </div> </div> </div>

<div class="xblock xblock-public_view xblock-public_view-vertical" data-block-type="vertical" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="VerticalStudentView" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@8139e3b3b61e4580821a3e3eefe34a19" data-graded="False" data-runtime-class="LmsRuntime"> <h2 class="hd hd-2 unit-title">XAC Bank: Home Energy Loans</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@bd819effdd30412e88e6426cc3b48439"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@bd819effdd30412e88e6426cc3b48439" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong><span lang="EN-GB">Background</span></strong></p> <p class="MsoNormal"><span lang="EN-GB">XacBank is based in Ulaanbaatar, the capital of Mongolia.<span style="mso-spacerun: yes;">&nbsp; </span>The bank was founded in 2001 upon the merger of two non-banking financial institutions in Mongolia, Goviin Ehlel LLC, funded largely by USAID, and XAC LLC, a project of the UNDP.<span style="mso-spacerun: yes;">&nbsp; </span>The bank has grown rapidly over its short history and has maintained its mission to provide accessible and transparent financial services to the most marginalized citizens of Mongolia.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB">Ulaanbaatar is the coldest capital city in the world, with temperatures routinely dropping below -30&deg; C in the fall, winter, and spring months.<span style="mso-spacerun: yes;">&nbsp; </span>Nonetheless, over 700,000 residents in the city of 1.3 million live in <em>gers</em>, felt tents typically used by nomadic herders in the countryside.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB">Ger districts tend to be deeply impoverished and disconnected from water, electricity, and other crucial elements of urban infrastructure.<span style="mso-spacerun: yes;">&nbsp; R</span>esidents often heat their tents with inefficient coal-burning furnaces.<span style="mso-spacerun: yes;">&nbsp; </span>This leads to two major issues:<span style="mso-spacerun: yes;">&nbsp;&nbsp;</span>The first is that energy costs often account for large portions&nbsp;a family&rsquo;s annual income.<span style="mso-spacerun: yes;">&nbsp; </span>The second issue is that burning coal for heat is a major contributor to the high levels of air pollution in Ulaanbaatar, the second most polluted city in the world and the most polluted during the winter.</span></p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@af155d2715cc44f59158f758266b9341"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-block-type="video" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@af155d2715cc44f59158f758266b9341" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "Video"} </script> <h3 class="hd hd-2">Interview with Anand Batsukh and Ryan Calvert</h3> <div id="video_af155d2715cc44f59158f758266b9341" 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Try using a different browser. </h4> </div> <div class="video-player-post"></div> <div class="closed-captions"></div> <div class="video-controls is-hidden"> <div> <div class="vcr"><div class="vidtime">0:00 / 0:00</div></div> <div class="secondary-controls"></div> </div> </div> </div> </div> <div class="focus_grabber last"></div> <h3 class="hd hd-4 downloads-heading sr" id="video-download-transcripts_af155d2715cc44f59158f758266b9341">Downloads and transcripts</h3> <div class="wrapper-downloads" role="region" aria-labelledby="video-download-transcripts_af155d2715cc44f59158f758266b9341"> <div class="wrapper-download-transcripts"> <h4 class="hd hd-5">Transcripts</h4> <ul class="list-download-transcripts"> <li class="transcript-option"> <a class="btn btn-link" href="/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@af155d2715cc44f59158f758266b9341/handler/transcript/download" data-value="srt">Download SubRip (.srt) file</a> </li> <li class="transcript-option"> <a class="btn btn-link" href="/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@af155d2715cc44f59158f758266b9341/handler/transcript/download" data-value="txt">Download Text (.txt) file</a> </li> </ul> </div> </div> </div> </div> </div> <div class="vert vert-2" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@35db0b53d7cc4eb08eefa60996328d98"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@35db0b53d7cc4eb08eefa60996328d98" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px; margin-top: 20px;"><strong><span lang="EN-GB">The Eco Banking Program</span></strong></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;"><span lang="EN-GB">Fuel-efficient stoves and other methods of&nbsp;<em>ger</em>&nbsp;insulation, such as blankets and door coverings, can be exorbitantly expensive for&nbsp;residents earning as little as $100 USD per month.<span>&nbsp;&nbsp;</span>XacBank, recognizing a need for better and more affordable heating methods, built a network of product centers throughout the&nbsp;<em>ger</em>&nbsp;districts of Ulaanbaatar.<span>&nbsp;&nbsp;</span>These centers sell subsidized energy efficiency products in partnership with the Millennium Challenge Corporation and the Clean Air Fund of Mongolia.<span>&nbsp;&nbsp;</span>Through these centers, the bank offers micro-loans for the purchase of the energy efficient products.<span>&nbsp;&nbsp;</span>These Eco Consumer Loans are designed to be accessible to the low-income population, with a low interest rate, flexible repayment plans, and low collateral requirements.<span>&nbsp;&nbsp;</span>On the provider side, XacBank also targets loans toward small and medium sized enterprises producing energy-efficient products.<o:p></o:p></span></p> <p style="font-size: 16px; line-height: 25.6px;"></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;"><span lang="EN-GB">Along with the product centers and loans, XacBank has worked with MicroEnergy Credits to calculate and monitor the reduction in carbon emissions that is a direct result of the products they have sold.<span>&nbsp;&nbsp;</span>MicroEnergy Credits buys carbon credits from XacBank and sells them on the mainstream carbon market.<span>&nbsp;&nbsp;</span>XacBank then uses the money from this exchange to further finance and develop its Eco Banking&nbsp;programs.</span></p> </div> </div> <div class="vert vert-3" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@70cb39c852cb4c3a9df85d8cea5ced45"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@70cb39c852cb4c3a9df85d8cea5ced45" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong>Level of Impact</strong></p> <p><strong></strong></p> <p><strong><img height="218" width="611" src="/assets/courseware/v1/d951fab58c25011995da4da4dad9af4a/asset-v1:MITx+11.405x+2T2020+type@asset+block/Level_of_Impact_XAC.png" alt="Level 4 Blended" /></strong></p> </div> </div> </div> </div>

<div class="xblock xblock-public_view xblock-public_view-vertical" data-block-type="vertical" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="VerticalStudentView" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@cf65d2d94bb6446ea65abd2db4c6fabc" data-graded="False" data-runtime-class="LmsRuntime"> <h2 class="hd hd-2 unit-title">Bank Australia: Conservation Reserve</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@0e395fc6e7e04752b8a0f27a55e235f2"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@0e395fc6e7e04752b8a0f27a55e235f2" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in; mso-padding-alt: 0in 0in 1.0pt 0in;"><strong>Background</strong></p> <p class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in; mso-padding-alt: 0in 0in 1.0pt 0in;">In recent years, there has been a massive consolidation of the cooperative banking sector in Australia.<span>&nbsp;&nbsp;</span>Through consolidation, credit unions are seeking growth, greater efficiency and economies of scale. However, with growth, a tension can arise between the core mission of the cooperative and the realities of going to scale. On the one hand, just cooperative banks aim to address the financial and social needs of their members in a way that is relevant and responsive to local conditions. On the other hand, there is a looming threat related to achieving scale: loosing touch with these core values. This raises the question: Is it possible for a credit union to efficiently and effectively serve communities and customers spread across a continent, without losing touch with its core values? Bank Australia, known until recently as bankmecu, is one of the banks facing this question.<br /><br />Bank Australia, has approximately $3.2 billion in assets under management (2014) and customers in every Australian state.<span>&nbsp;&nbsp;</span>It is also a member of the Global Alliance for Banking on Values. The goal of improving the wellbeing of the communities it serves across the continent prompted the bank to innovate around the issue of environmental sustainability, something that ultimately affects all of its clients. In 2008, Bank Australia started a customer-owned conservation reserve. The reserve serves as a biodiversity and carbon offset site for all new homes and cars financed by the bank.</p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@441f896819114c1f8737d39f6f4fa949"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@441f896819114c1f8737d39f6f4fa949" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><img src="/assets/courseware/v1/b3ed4b1122ce5a272ac11e71578a0455/asset-v1:MITx+11.405x+2T2020+type@asset+block/conservation_reserve.jpg" alt="Conservation Reserve" type="saveimage" target="[object Object]" preventdefault="function (){r.isDefaultPrevented=n}" stoppropagation="function (){r.isPropagationStopped=n}" stopimmediatepropagation="function (){r.isImmediatePropagationStopped=n}" isdefaultprevented="function t(){return!1}" ispropagationstopped="function t(){return!1}" isimmediatepropagationstopped="function t(){return!1}" width="871" height="490" /></p> <p></p> <p class="p1"><em>Image of Conservation Reserve &copy; Bank Australia, via:&nbsp;</em><a href="https://www.facebook.com/bankaust/photos/a.520126971397498.1073741831.494820897261439/842969042446621/?type=3&amp;theater" target="[object Object]">https://www.facebook.com/bankaust/photos/</a></p> </div> </div> <div class="vert vert-2" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@66c80215ebf04b79ae7ba16899175144"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@66c80215ebf04b79ae7ba16899175144" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in; mso-padding-alt: 0in 0in 1.0pt 0in;"><strong>The Conservation Reserve</strong></p> <p class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext .75pt; padding: 0in; mso-padding-alt: 0in 0in 1.0pt 0in;">It is not uncommon for mainstream banks or large businesses to purchase carbon offsets as part of their corporate social responsibility programs. In fact, this was what Bank Australia did before it founded the reserve. Establishing its own conservation reserve signified a long-term investment in both offsetting carbon and protecting biodiversity across the continent while supporting the local community where the reserve is located.<br /><br />Partnering with several conservation groups, the bank purchases plots of land in western Victoria that carry permanent conservation covenants. Under the covenant, even if ownership of the property changes, the land will remain undeveloped. When Bank Australia services home and car loans, it purchases parcels of degraded farm land and works with conservation groups, community groups, and schools to plant trees and re-introduce native species.<br /><br />Bank Australia&rsquo;s plots are connected to Habitat 141, a multi-state, 50-year conservation project to restore biodiversity and build a conservation corridor along the 141st longitude, which cuts across the length of the continent. Bank Australia only purchases unproductive or marginal farmland to expand the reserve. In some cases, local farmers have been trying to sell their land for a long time, with no prospective buyers. For these owners, the bank&rsquo;s acquisitions can act as a vital economic lifeline.<br /><br />Currently, the bank owns nearly 1000 hectares and since 2008 has offset over 57,800 tons of carbon. That is the equivalent of taking more than 14,450 cars off the road for a year.<br /><br />Ultimately, the conservation reserve is a means for Bank Australia to enact its values at a national scale in a way that distinguishes it from the rest of the banking sector, improves the environment, and benefits the local community.<b><span lang="EN-GB">&nbsp;</span></b></p> </div> </div> <div class="vert vert-3" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@5bf8cb855f47494bae694ccff455fa5e"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@5bf8cb855f47494bae694ccff455fa5e" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><img src="/assets/courseware/v1/05490414dc0f94b8f35574a320853b39/asset-v1:MITx+11.405x+2T2020+type@asset+block/10277077_842970452446480_4491939561260411240_n.jpg" alt="Seedling Trees" type="saveimage" target="[object Object]" preventdefault="function (){r.isDefaultPrevented=n}" stoppropagation="function (){r.isPropagationStopped=n}" stopimmediatepropagation="function (){r.isImmediatePropagationStopped=n}" isdefaultprevented="function t(){return!1}" ispropagationstopped="function t(){return!1}" isimmediatepropagationstopped="function t(){return!1}" width="858" height="569" /></p> <p><em>Image of Conservation Reserve (ground level)&nbsp;&copy; Bank Australia, via:&nbsp;</em><a href="https://www.facebook.com/bankaust/photos/a.520126971397498.1073741831.494820897261439/843007409109451/?type=3&amp;theater" target="[object Object]">https://www.facebook.com/bankaust/photos/</a></p> </div> </div> <div class="vert vert-4" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@f60fb38c7d8745e580ed48939b56b308"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@f60fb38c7d8745e580ed48939b56b308" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><em>This text has been modified from its original publication in&nbsp;<a href="http://colabradio.mit.edu/lessons-from-down-under-competing-against-the-big-four/" target="[object Object]">CoLab Radio</a>&nbsp;"Lessons from Down Under: Competing Against the Big Four" by Jason Spicer and Lily Steponaitis.</em></p> </div> </div> <div class="vert vert-5" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@ff4d36f6894443859eae3f391b86315d"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@ff4d36f6894443859eae3f391b86315d" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong>Level of Impact</strong></p> <p><strong><img height="278" width="791" src="/assets/courseware/v1/2d95877b3fe8cd25cb1c65e93d47c166/asset-v1:MITx+11.405x+2T2020+type@asset+block/Level_of_Impact_BA.png" alt="Blended Environmental" /></strong></p> </div> </div> </div> </div>

<div class="xblock xblock-public_view xblock-public_view-vertical" data-block-type="vertical" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="VerticalStudentView" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@a2e9dc3d6a7d4608aa947c9e43320e56" data-graded="False" data-runtime-class="LmsRuntime"> <h2 class="hd hd-2 unit-title">Southern Bancorp: Rural Development</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@9c3c6eea4ebe40c8bf384b7f5941a96c"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@9c3c6eea4ebe40c8bf384b7f5941a96c" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong><span lang="EN-GB">Background</span></strong></p> <p class="MsoNormal"><span lang="EN-GB">Southern Bancorp is a rural development bank based in the Arkansas and Mississippi delta region of the southern United States.<span style="mso-spacerun: yes;">&nbsp; </span>The history of the Delta is one of economic prosperity, extreme poverty, and deep racial division.<span style="mso-spacerun: yes;">&nbsp; </span>For a long time, the rich soils of the Delta, fertilized by the Mississippi river, made it the most important agricultural region in the US.<span style="mso-spacerun: yes;">&nbsp; </span>However, while the production of crops like rice, sugar, and cotton was booming, so was the slave trade.<span style="mso-spacerun: yes;">&nbsp; </span>The Delta region sat at the heart of slavery in the US.<span style="mso-spacerun: yes;">&nbsp; </span>Even after slavery was abolished by the federal government in 1865, the systematic political and economic disenfranchisement of African-Americans continued, and the region, in many&nbsp;ways, remains deeply impacted by this history.<o:p></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB">While the Delta was once a populous and prosperous region, the mechanization of agriculture starting in the 1920s, the growth of agribusiness in the 1960s, and the export of factory labor overseas have led to a huge out-migration and a persistent economic depression in the region.<span style="mso-spacerun: yes;">&nbsp; </span>In fact, the Delta is now the poorest region of the United States, with a poverty rate of nearly 50% in some counties.<span style="mso-spacerun: yes;">&nbsp;</span></span></p> </div> </div> <div class="vert vert-1" 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style="font-size: 16px; line-height: 25.6px; margin-top: 20px;"><strong><span lang="EN-GB">Banking for Rural Development</span></strong></p> <p class="MsoNormal" style="line-height: 19.2pt; margin: 15.0pt 0in 17.0pt 0in;"><span lang="EN-GB" style="font-family: 'Open Sans'; mso-bidi-font-family: 'Times New Roman'; color: #3c3c3c; mso-ansi-language: EN-GB;">As the economy of the Delta has stagnated and the population has dwindled, banks have closed their doors.&nbsp;&nbsp;In many cases, payday lenders and other predatory services have taken advantage of the conditions in the Delta. &nbsp;Indeed, the Delta was hit hard by home foreclosures after the 2008 financial crisis due to the predatory, subprime mortgages that were sold throughout the region.</span><span style="font-family: 'Open Sans'; mso-bidi-font-family: 'Times New Roman'; color: #3c3c3c;"><o:p></o:p></span></p> <p class="MsoNormal" style="line-height: 19.2pt; margin: 15.0pt 0in 17.0pt 0in;"><span lang="EN-GB" style="font-family: 'Open Sans'; mso-bidi-font-family: 'Times New Roman'; color: #3c3c3c; mso-ansi-language: EN-GB;">While other banks have left or shuttered, Southern Bancorp has stepped into these spaces to serve the needs of the communities in the Delta region.&nbsp;&nbsp;Southern Bancorp does this work in close collaboration with Southern Bancorp Community Partners, a non-profit Community Development Financial Institution.<span style="mso-spacerun: yes;">&nbsp; </span>Together, these institutions share the goal of revitalizing rural Delta communities in a comprehensive and sustainable way.<o:p></o:p></span></p> <p class="MsoNormal" style="line-height: 19.2pt; margin: 15.0pt 0in 17.0pt 0in;"><span lang="EN-GB" style="font-family: 'Open Sans'; mso-bidi-font-family: 'Times New Roman'; color: #3c3c3c; mso-ansi-language: EN-GB;">They do this through a variety of strategies&nbsp;which include&nbsp;employment services to help the unemployed find jobs and community-driven strategic planning processes to&nbsp;develop a vision for and build local capacity to implement economic recovery.<span style="mso-spacerun: yes;">&nbsp; </span>Non-traditional lending also plays a major role in Southern</span><span style="font-family: 'ＭＳ 明朝'; mso-ascii-font-family: 'Open Sans'; mso-fareast-font-family: 'ＭＳ 明朝'; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: 'Open Sans'; mso-bidi-font-family: 'Times New Roman'; color: #3c3c3c; mso-ansi-language: EN-GB;">&rsquo;</span><span lang="EN-GB" style="font-family: 'Open Sans'; mso-bidi-font-family: 'Times New Roman'; color: #3c3c3c; mso-ansi-language: EN-GB;">s revitalization efforts.<span style="mso-spacerun: yes;">&nbsp; </span>This applies to both individuals and businesses with potential to spur job creation and community development.<span style="mso-spacerun: yes;">&nbsp; </span>Southern also offers range of financial education courses, an income-qualified free tax return service, credit counseling, technical 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[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:Cambria; mso-ascii-font-family:Cambria; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Cambria; mso-hansi-theme-font:minor-latin;} </style> <![endif]--> <!--StartFragment--> <!--EndFragment--></p> <p class="MsoNormal" style="line-height: 19.2pt; margin: 15.0pt 0in 17.0pt 0in;"><span lang="EN-GB" style="font-family: 'Open Sans'; mso-bidi-font-family: 'Times New Roman'; color: #3c3c3c; mso-ansi-language: EN-GB;">Ultimately, what distinguishes Southern Bancorp is its ability and willingness to work with clients who are in difficult financial situations or in need of&nbsp;non-traditional services.&nbsp;&nbsp;While other banks would most likely turn these clients away, Southern works closely with them to build their business or net worth over time. This requires the bank to develop strong relationships with the clients and look at their whole financial picture.&nbsp;&nbsp;Though this can be time intensive and costly for the bank, it can lead to improvements in the life of the client as well as the community as a whole.&nbsp;<o:p></o:p></span></p> </div> </div> <div class="vert vert-3" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@f0444514577545db9ade65d3d9d03640"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@f0444514577545db9ade65d3d9d03640" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong>Level of Impact</strong></p> <p><strong><img height="261" width="784" src="/assets/courseware/v1/c70021a6bd8e0fd35705ff4864b33a04/asset-v1:MITx+11.405x+2T2020+type@asset+block/Level_of_Impact_SBC.png" alt="Level 3 Social" /></strong></p> </div> </div> </div> </div>

<div class="xblock xblock-public_view xblock-public_view-vertical" data-block-type="vertical" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="VerticalStudentView" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@75a8e27dfdc14640b19ffe657a706971" data-graded="False" data-runtime-class="LmsRuntime"> <h2 class="hd hd-2 unit-title">BRAC NGO: BRAC Dairy &amp; Food Project</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@367ed6cf2b934968bba398dd4b3da53d"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@367ed6cf2b934968bba398dd4b3da53d" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal" style="margin: 0in 0in 0.0001pt; font-size: 16px; font-family: Cambria;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;"><strong><span lang="EN-GB">Background</span></strong></span></p> <p class="MsoNormal" style="margin-right: 0in; margin-bottom: 0.0001pt; margin-left: 0in; font-size: 16px; font-family: Cambria;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">BRAC, based in Bangladesh, is the largest development NGO in the world.&nbsp;&nbsp;It operates in 14 countries, employs over 100,000 people, and reaches over 126 million clients.&nbsp;&nbsp;In addition to building up a massive microfinance network, BRAC founded BRAC Bank to help under-banked entrepreneurs grow their businesses by providing larger, more cost effective, loans.&nbsp;&nbsp;Through BRAC Bank, they are targeting what&rsquo;s known in finance as the &ldquo;missing middle&rdquo;, loans for businesses that are too big for microfinance and too small or complex for conventional banks.&nbsp;&nbsp;</span><o:p></o:p></p> <p class="MsoNormal" style="margin-right: 0in; margin-bottom: 0.0001pt; margin-left: 0in; font-size: 16px; font-family: Cambria;"><o:p>&nbsp;</o:p><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">BRAC, which aims to achieve comprehensive development, works with a unique strategy to support borrowers through training, education, and supply chain interventions. Some of these interventions become social businesses in their own right and help support the operation of the BRAC NGO.<span>&nbsp;&nbsp;</span>While the case we present below is not part of&nbsp;BRAC Bank, it is an important look a broader ecosystem intervention.<span>&nbsp;</span></span></p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@f8176001c6654d609f4f3a5de13cd2bc"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@f8176001c6654d609f4f3a5de13cd2bc" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><img height="550" width="808" src="/assets/courseware/v1/386d691df4ac5d17ec6128ba8cd2ec03/asset-v1:MITx+11.405x+2T2020+type@asset+block/BRAC_Dairy.png" alt="Woman with cows" /></p> <p><span style="color: #313131; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif;">BRAC client with cows&nbsp;</span><em style="text-rendering: optimizelegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 25.6px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; color: #313131;">&copy; BRAC, via:&nbsp;</em><a href="https://www.facebook.com/BRACWorld/photos/" target="[object Object]" style="text-rendering: optimizelegibility; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.4em; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; transition: color 0.25s ease-in-out 0s; text-decoration-line: none; color: #0075b4;">https://www.facebook.com/BRACWorld/photos/</a></p> </div> </div> <div class="vert vert-2" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@67ea51a24403409a80e5beb5d5c46460"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@67ea51a24403409a80e5beb5d5c46460" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px; margin-top: 20px;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;"><strong>BRAC Dairy and Food Project</strong></span></p> <p class="MsoNormal" style="margin-right: 0in; margin-bottom: 0.0001pt; margin-left: 0in; font-size: 16px; font-family: Cambria;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">In offering microfinance services, BRAC has become an expert in providing backward and forward supply chains to support its clients.<span>&nbsp;&nbsp;&nbsp;</span>One powerful example of this approach is the role BRAC has played in supporting dairy production in Bangladesh.<span>&nbsp;&nbsp;</span>In the 1990s, many low-income BRAC microfinance clients were investing in cattle. These borrowers hoped to generate income through the production and sale of cow&rsquo;s milk.<span>&nbsp;&nbsp;</span>However, these borrowers were struggling due to the poor quality of the cattle they were purchasing, lack of feed, and difficulty accessing markets where they could sell at a fair price.&nbsp;</span></p> <p class="MsoNormal" style="margin-right: 0in; margin-bottom: 0.0001pt; margin-left: 0in; font-size: 16px; font-family: Cambria;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">In order to support these borrowers, BRAC intervened by forming several social businesses around the dairy supply chain.<span>&nbsp;&nbsp;</span>They first intervened by creating BRAC Artificial Insemination and BRAC Feed Mills to support the breeding, health, and proper feeding of cows.<span>&nbsp;&nbsp;</span>But, even as their cows produced more milk, the rural farmers were still struggling to bring that milk to urban markets.<span>&nbsp;&nbsp;</span>In 1998, BRAC founded BRAC Dairy.<span>&nbsp;</span></span></p> <p class="MsoNormal" style="margin-right: 0in; margin-bottom: 0.0001pt; margin-left: 0in; font-size: 16px; font-family: Cambria;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">BRAC Dairy buys milk from rural farmers at a fair price, pasteurizes, refrigerates, and brings the milk to the Bangladeshi market.<span>&nbsp;&nbsp;</span><span>&nbsp;</span>There are now over 100 dairy receiving centers across Bangladesh collecting milk from over 50,000 farmers and the BRAC Dairy brand, Aarong Dairy, commands a significant share of the Bangladeshi market.</span></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px; margin-top: 20px;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;"></span></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px; margin-top: 20px;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;"></span></p> <p class="MsoNormal" style="margin-right: 0in; margin-bottom: 0.0001pt; margin-left: 0in; font-size: 16px; font-family: Cambria;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">In this case, BRAC recognized that in order to improve the quality of life of their borrowers, they had to intervene and build a better quality supply chain around their client&rsquo;s businesses.<span>&nbsp; This</span>&nbsp;has not only impacted their microfinance clients, but the profits from BRAC Dairy also feed back into BRAC NGO and contribute to the sustainability of the organization&nbsp;and it&rsquo;s other poverty alleviation programs.<span>&nbsp;</span></span></p> </div> </div> <div class="vert vert-3" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@1c4777a131d14c078a9a6b3db0d24e88"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@1c4777a131d14c078a9a6b3db0d24e88" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong>Level of Impact</strong></p> <p><strong><img height="272" width="766" src="/assets/courseware/v1/68a2022ab4d976fcfd6fce96337c02bd/asset-v1:MITx+11.405x+2T2020+type@asset+block/Level_of_Impact_BRAC.png" alt="Level 4 Social" /></strong></p> </div> </div> </div> </div>

<div class="xblock xblock-public_view xblock-public_view-vertical" data-block-type="vertical" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="VerticalStudentView" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@d34bd0490c634fbabf820b5be6b51201" data-graded="False" data-runtime-class="LmsRuntime"> <h2 class="hd hd-2 unit-title">SAC Apoyo Integral: Small Business Loans</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@4a64694efb694a7e84c081e5a099d1e3"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@4a64694efb694a7e84c081e5a099d1e3" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong>Background</strong></p> <p class="MsoNormal"><span lang="EN-GB">SAC Apoyo Integral, is a microfinance bank based primarily in El Salvador.<span style="mso-spacerun: yes;">&nbsp; </span>Integral was founded as a credit program by the Salvadoran Foundation for Integral Support (FUSAI), a non-profit, and has since become one of the fastest growing microfinance institutions in Central America with a loan portfolio of over $70 million.<span style="mso-spacerun: yes;">&nbsp; </span>This accomplishment is particularly impressive given the difficult economic and social conditions&nbsp;in El Salvador. Following a two-decades-long civil war that ended in 1992, extreme levels of violence have persisted.<span style="mso-spacerun: yes;">&nbsp; </span>The violence, driven primarily by gangs, has made El Salvador one of the most dangerous countries in the world.<span style="mso-spacerun: yes;">&nbsp; </span>There has also been a mass exodus of Salvadoran workers to the United States and remittances from these workers make up nearly 20% of El Salvador&rsquo;s GDP.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB">Under these conditions, Integral focuses on the segments of the Salvadoran population that are most in need of economic development and support.<span style="mso-spacerun: yes;">&nbsp; </span>However, unlike many microfinance organizations, which are driven primarily by a profit motive, Integral is driven by a mission to improve the overall quality of life of its clients and the communities they live in.<span style="mso-spacerun: yes;">&nbsp; </span>This means that the improvement is sustainable in the long run, and includes not only financial wellbeing, but also factors like education, health, and living conditions.<span style="mso-spacerun: yes;">&nbsp; </span>In addition to financial services, Integral offers programs such as technical assistance for home improvement, micro health and life insurance, and free financial and environmental education.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></p> <p><!-- [if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:AllowPNG/> </o:OfficeDocumentSettings> </xml><![endif]--> <!-- [if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> 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<div class="xblock xblock-public_view xblock-public_view-vertical" data-block-type="vertical" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="VerticalStudentView" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@31061d435d08479d885a8a1485e32d90" data-graded="False" data-runtime-class="LmsRuntime"> <h2 class="hd hd-2 unit-title">Vancity Credit Union: Fair &amp; Fast Loans</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@39f797df78a64b608a18f9c9959ef253"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@39f797df78a64b608a18f9c9959ef253" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal"><strong><span lang="EN-GB">Background</span></strong></p> <p class="MsoNormal"><span lang="EN-GB">Since the 2008 financial crisis hit North America, payday loans have become an increasingly popular credit option for families living paycheck-to-paycheck.<span style="mso-spacerun: yes;">&nbsp; </span>These loans are quick and easy to acquire and often have very short terms of no more than a few months.<span style="mso-spacerun: yes;">&nbsp; </span>However, payday loans have been widely criticized for their predatory nature (sometimes charging up to 600% APR<a style="mso-footnote-id: ftn1;" href="#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><!-- [if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 11.0pt; line-height: 115%; font-family: Cambria; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">[1]</span></span><!--[endif]--></span></span></a>) and their potential to exacerbate cycles of extreme debt for low-income individuals and families.<span style="mso-spacerun: yes;">&nbsp; </span>In fact, the Canadian government has taken steps to crack down on payday lenders and give provinces the right to set caps on interest rates.<span style="mso-spacerun: yes;">&nbsp;</span></span></p> <div style="mso-element: footnote-list;"><hr align="left" size="1" width="33%" /><!--[endif]--> <div style="mso-element: footnote;" id="ftn1"> <p class="MsoFootnoteText"><a style="mso-footnote-id: ftn1;" href="#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span lang="EN-GB"><span style="mso-special-character: footnote;"><!-- [if !supportFootnotes]--><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: Cambria; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">[1]</span></span><!--[endif]--></span></span></span></a><span lang="EN-GB"> </span><span style="mso-ansi-language: EN-US;">Annual Percentage Rate<o:p></o:p></span></p> </div> </div> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@cdba4fefb9214b1f9d299fc1bd974479"> <div class="xblock xblock-public_view 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Try using a different browser. </h4> </div> <div class="video-player-post"></div> <div class="closed-captions"></div> <div class="video-controls is-hidden"> <div> <div class="vcr"><div class="vidtime">0:00 / 0:00</div></div> <div class="secondary-controls"></div> </div> </div> </div> </div> <div class="focus_grabber last"></div> <h3 class="hd hd-4 downloads-heading sr" id="video-download-transcripts_cdba4fefb9214b1f9d299fc1bd974479">Downloads and transcripts</h3> <div class="wrapper-downloads" role="region" aria-labelledby="video-download-transcripts_cdba4fefb9214b1f9d299fc1bd974479"> <div class="wrapper-download-transcripts"> <h4 class="hd hd-5">Transcripts</h4> <ul class="list-download-transcripts"> <li class="transcript-option"> <a class="btn btn-link" href="/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@cdba4fefb9214b1f9d299fc1bd974479/handler/transcript/download" data-value="srt">Download SubRip (.srt) file</a> </li> <li class="transcript-option"> <a class="btn btn-link" href="/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@cdba4fefb9214b1f9d299fc1bd974479/handler/transcript/download" data-value="txt">Download Text (.txt) file</a> </li> </ul> </div> </div> </div> </div> </div> <div class="vert vert-2" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@18423e0ac64b4be184133a2b30a98a9d"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@18423e0ac64b4be184133a2b30a98a9d" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px; margin-top: 20px;"><strong><span lang="EN-GB">Fair &amp; Fast Loans</span></strong></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;"><span lang="EN-GB">In 2014, Vancity Credit Union in Vancouver, Canada, launched Fair &amp; Fast Loan as a payday loan alternative after finding that many of their members were using payday lenders.<span>&nbsp;&nbsp;</span>At the time, there were no other banks in Canada offering payday loan products Vancity could look to as models.<span>&nbsp;&nbsp;</span>Vancity underwent a six-month research process to better understand the payday loan market, the needs of their members, and the gaps in the loan services they provided.<span>&nbsp;&nbsp;</span>The team spoke to hundreds of members about their needs through interviews, focus groups, and online surveys, and also worked with the Center for Financial Service Innovation, a leading think tank, to learn from related US models.<span>&nbsp;</span><o:p></o:p></span></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;"><span lang="EN-GB">Through Fair &amp; Fast, members can receive loans of up to $1,500 with terms of up to two years.<span>&nbsp;&nbsp;</span>The loans are considered fair as the payment terms are flexible, the language simple and transparent, there are no fees, and the APR is only 19%.<span>&nbsp;&nbsp;</span>The loans are considered fast as Vancity promises that members will be able to apply for the loan and, if accepted, receive the money in less than an hour.<span>&nbsp;&nbsp;</span>An added benefit of the offering is that, unlike payday lenders, Vancity reports to the credit bureau, meaning Fair &amp; Fast can help members boost their credit scores or build a credit history.<span>&nbsp;</span><o:p></o:p></span></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;"><span lang="EN-GB">One of the major challenges in creating this offering was achieving the speed necessary to make Fair &amp; Fast a viable alternative to a payday loan. As a credit union, Vancity is regulated and required by law to do due diligence and review the applicant&rsquo;s credit history, income, and overall ability to make the payment.<span>&nbsp;&nbsp;</span>Furthermore, this due diligence is a crucial element of the values behind the credit offering.<span>&nbsp;&nbsp;</span>That is, Vancity would not make a loan to a member who was not in a reasonable position to pay back that loan.<span>&nbsp;&nbsp;</span>Thus, in order to come to a loan decision within an hour, Vancity had to modify its policies to give staff member the authority to decide on the spot.<span>&nbsp;&nbsp;</span>This, and other aspects of the program, required not only member research and feedback, but also extensive training with the Vancity staff and education about the importance of the program.<span>&nbsp;</span><o:p></o:p></span></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;"><span lang="EN-GB">For most mainstream banks, a payday loan alternative wouldn&rsquo;t make it to the table because the potential returns are quite low.<span>&nbsp;&nbsp;</span>Given a short-term perspective, a bank would almost always prefer to service a $500,000 mortgage application over a small $500 loan. The potential returns on the former are much larger than the latter. However, by helping clients avoid preventable cycles of debt, Vancity sees itself as enabling these same clients to one day apply for that $500,000 mortgage, among other benefits. In fact, it is estimated that in 2014, during the pilot of Fair &amp; Fast, clients saved $1 million in fees and interest. This is money that is freed up to be spent in the local economy in other ways.<o:p></o:p></span></p> <p style="font-size: 16px; line-height: 25.6px; margin-top: 20px;"></p> <p class="MsoNormal" style="margin-bottom: 1.416em; font-size: 16px; color: #3c3c3c; line-height: 25.6px; margin-top: 20px; font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><span lang="EN-GB">Thus far, Fair &amp; Fast Loans has been highly successful.<span>&nbsp;</span>It has also been singled out as one of the leading models for payday loan alternatives in North America.<span>&nbsp;</span><o:p></o:p></span></p> </div> </div> <div class="vert vert-3" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@127ac72ab13c46cc80cadc5ab00cac94"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@127ac72ab13c46cc80cadc5ab00cac94" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong>Level of Impact</strong></p> <p><strong><img height="278" width="790" src="/assets/courseware/v1/8f66191096ad5f48146b550d7eb113bc/asset-v1:MITx+11.405x+2T2020+type@asset+block/Level_of_Impact_VCU.png" alt="Level 2 Social" /></strong></p> </div> </div> </div> </div>

<div class="xblock xblock-public_view xblock-public_view-vertical" data-block-type="vertical" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="VerticalStudentView" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@63261fcb28f64076a8d156370319a9fa" data-graded="False" data-runtime-class="LmsRuntime"> <h2 class="hd hd-2 unit-title">Credit Cooperatif: Lending to the Cultural Sector</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@2cf609f60aea430198f396f0a6e62d6a"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@2cf609f60aea430198f396f0a6e62d6a" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong><span lang="EN-GB">Background</span></strong></p> <p class="MsoNormal"><span lang="EN-GB">Cr&eacute;dit Coop&eacute;ratif is perhaps the largest cooperative, values-based business bank in the world. With total assets under management (AUM) in excess of $25B, the bank is, by that measure, the largest member of the Global Alliance for Banking on Values. Established over a century ago by France&rsquo;s cooperative sector to finance cooperatives, Cr&eacute;dit Coop&eacute;ratif is entirely owned by the member customers, who are predominantly businesses.<span style="mso-spacerun: yes;">&nbsp; </span>Many of these businesses are cooperatives. <o:p></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB">In France, Cr&eacute;dit Coop&eacute;ratif is the bank of the social and solidarity economy.<span style="mso-spacerun: yes;">&nbsp; </span>The social economy is essentially the cooperative sector, associations, and NGOs.<span style="mso-spacerun: yes;">&nbsp; </span>Any cooperative company fits into the social economy, whether it is green or socially minded, or not.<span style="mso-spacerun: yes;">&nbsp; </span>Almost half of Cr&eacute;dit Coop&eacute;ratif&rsquo;s business is accounted for by cooperatives. The solidarity economy includes organizations that are not cooperatives, but have a social or environmental mission.<span style="mso-spacerun: yes;">&nbsp; </span>For example, non-cooperative social enterprises would be a part of the solidarity economy.<span style="mso-spacerun: yes;">&nbsp; </span><o:p></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB">Business banking for organizations like NGOs, worker associations, and arts and cultural organizations can be difficult, partly because many are non-profits or operate on very slim profit margins. This means the bank must be creative and use tools to their advantage that other banks may choose not to use.<span style="mso-spacerun: yes;">&nbsp; </span>One particularly interesting example of this is Cr&eacute;dit Coop&eacute;ratif&rsquo;s use of the Dailly Law in France.</span></p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@07521956e8ef4ab182a838caedea2900"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-block-type="video" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@07521956e8ef4ab182a838caedea2900" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "Video"} </script> <h3 class="hd hd-2">Interview with Marion Cuny</h3> <div id="video_07521956e8ef4ab182a838caedea2900" class="video closed" data-metadata='{&#34;saveStateEnabled&#34;: false, &#34;autoplay&#34;: false, &#34;publishCompletionUrl&#34;: &#34;/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@07521956e8ef4ab182a838caedea2900/handler/publish_completion&#34;, &#34;start&#34;: 0.0, &#34;prioritizeHls&#34;: false, &#34;saveStateUrl&#34;: &#34;/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@07521956e8ef4ab182a838caedea2900/handler/xmodule_handler/save_user_state&#34;, &#34;recordedYoutubeIsAvailable&#34;: true, &#34;streams&#34;: &#34;1.00:ZorrcKh1J2w&#34;, &#34;autoAdvance&#34;: false, &#34;transcriptAvailableTranslationsUrl&#34;: &#34;/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@07521956e8ef4ab182a838caedea2900/handler/transcript/available_translations&#34;, &#34;captionDataDir&#34;: null, 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Try using a different browser. </h4> </div> <div class="video-player-post"></div> <div class="closed-captions"></div> <div class="video-controls is-hidden"> <div> <div class="vcr"><div class="vidtime">0:00 / 0:00</div></div> <div class="secondary-controls"></div> </div> </div> </div> </div> <div class="focus_grabber last"></div> <h3 class="hd hd-4 downloads-heading sr" id="video-download-transcripts_07521956e8ef4ab182a838caedea2900">Downloads and transcripts</h3> <div class="wrapper-downloads" role="region" aria-labelledby="video-download-transcripts_07521956e8ef4ab182a838caedea2900"> <div class="wrapper-download-transcripts"> <h4 class="hd hd-5">Transcripts</h4> <ul class="list-download-transcripts"> <li class="transcript-option"> <a class="btn btn-link" href="/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@07521956e8ef4ab182a838caedea2900/handler/transcript/download" data-value="srt">Download SubRip (.srt) file</a> </li> <li class="transcript-option"> <a class="btn btn-link" href="/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@07521956e8ef4ab182a838caedea2900/handler/transcript/download" data-value="txt">Download Text (.txt) file</a> </li> </ul> </div> </div> </div> </div> </div> <div class="vert vert-2" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@83e2653ee584497f90abec87d184b6f8"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@83e2653ee584497f90abec87d184b6f8" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal" style="text-rendering: optimizeLegibility; margin-top: 20px; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline;"><strong><span lang="EN-GB" style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">The&nbsp;Dailly-Law Loan</span></strong></p> <p class="MsoNormal" style="text-rendering: optimizeLegibility; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline;"><span lang="EN-GB" style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">In France, many arts and cultural organizations such as theatres and music groups, rely on government subsidies and grants in order to survive.<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;&nbsp;</span>However, the cycle of payment of the subsidies does not necessarily align with when an organization receiving the subsidy needs an influx of cash.<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;&nbsp;</span>For example, if a theatre is putting on a production in May, but doesn&rsquo;t receive a grant until July, this could cause major cash flow issues and put the survival of the theatre in jeopardy.<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;&nbsp;</span>The Dailly-Law allows the claim on the subsidy to be legally transferred to the bank.<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;&nbsp;</span>This means the bank can essentially front the money for the arts and cultural organizations when they need it, so they don&rsquo;t have to wait for the subsidy to come through.<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;</span><o:p style="text-rendering: optimizeLegibility; line-height: 1.4em;"></o:p></span></p> <p style="text-rendering: optimizeLegibility; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline;"></p> <p class="MsoNormal" style="text-rendering: optimizeLegibility; margin-right: 0px; margin-left: 0px; padding: 0px; border: 0px; outline: 0px; font-stretch: inherit; font-size: 16px; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline;"><span lang="EN-GB" style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">Cr&eacute;dit Coop&eacute;ratif is the only bank in France to use this law.<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;&nbsp;</span>Why?<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;&nbsp;</span>First, it is complicated for the bank to administer as it involves a lot of bureaucracy.<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;&nbsp;</span>Second, the bank technically takes on the risk that the government may not pay the subsidy, even though this risk is relatively small.<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;&nbsp;</span>Despite the complications and the potential risk, Cr&eacute;dit Coop&eacute;ratif understands the importance of supporting the arts and cultural sector as aligning with their mission and providing a benefit to society as a whole.<span style="text-rendering: optimizeLegibility; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.4em; font-family: inherit; vertical-align: baseline;">&nbsp;</span></span></p> </div> </div> <div class="vert vert-3" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@47a7f942aba44d76bdeb1ec4db1f4535"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@47a7f942aba44d76bdeb1ec4db1f4535" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><em style="line-height: 25.6px;">This text has been modified from its original publication in&nbsp;<a href="http://colabradio.mit.edu/everyone-is-entitled-to-be-a-banker/" target="[object Object]">CoLab Radio</a>&nbsp;"Everyone is Entitled to Be&nbsp;a Banker" by Jason Spicer and Lily Steponaitis.</em></p> </div> </div> <div class="vert vert-4" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@2a8c3e6f605947149364c71fcbfef666"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@2a8c3e6f605947149364c71fcbfef666" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong>Level of Impact</strong></p> <p><strong><img height="263" width="778" src="/assets/courseware/v1/02a3bc212d2d0f9d07110e60c0981a39/asset-v1:MITx+11.405x+2T2020+type@asset+block/Level_of_Impact_CC.png" alt="Level 2 Social" /></strong></p> </div> </div> </div> </div>

<div class="xblock xblock-public_view xblock-public_view-vertical" data-block-type="vertical" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="VerticalStudentView" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@104737aad9e44355840be10597e870af" data-graded="False" data-runtime-class="LmsRuntime"> <h2 class="hd hd-2 unit-title">Triodos Bank: Wind Energy Fund</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@81439f34e884412ebede7bfefc4b279b"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@81439f34e884412ebede7bfefc4b279b" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal"><strong><span lang="EN-GB">Background</span></strong></p> <p class="MsoNormal"><span lang="EN-GB">In 1986, Europe experienced the worst nuclear power disaster in history.<span style="mso-spacerun: yes;">&nbsp; </span>A series of explosions at the Chernobyl plant in the Ukraine led to radioactive fallout across a large swath of Eastern Europe. One of the many consequences of the Chernobyl disaster was that it sparked a global discussion about alternative sources of energy. <o:p></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB">Triodos Bank, a just bank based in the Netherlands, was approached by depositors who were concerned about the energy question and who were shaken by the Chernobyl disaster. At the time, wind energy technology was in the early stages of its technological development. Triodos identified a promising wind farm project in Denmark and a small engineering company in the Netherlands as a partner.<span style="mso-spacerun: yes;">&nbsp; </span>However, despite the potential benefits to society, the risk of the investment was too high for the bank to take on.<span style="mso-spacerun: yes;">&nbsp; </span>Thus, Triodos created a separate legal entity, Triodos Ventures, to fund the investment in the first wind farm through a Wind Fund.<span style="mso-spacerun: yes;">&nbsp; </span>At that point in time, the Dutch government did not have any tax or other financial incentives in place that would support wind energy. Yet Triodos Wind Fund was profitable from its beginning.</span></p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@b25eecad6ba94adb9d448eb18ee9518e"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@b25eecad6ba94adb9d448eb18ee9518e" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><img src="/assets/courseware/v1/978296c5a1f07c9fbf574f6656370657/asset-v1:MITx+11.405x+2T2020+type@asset+block/Screen_Shot_2016-04-25_at_9.41.17_AM.png" alt="Wind Turbine" type="saveimage" target="[object Object]" preventdefault="function (){r.isDefaultPrevented=n}" stoppropagation="function (){r.isPropagationStopped=n}" stopimmediatepropagation="function (){r.isImmediatePropagationStopped=n}" isdefaultprevented="function t(){return!1}" ispropagationstopped="function t(){return!1}" isimmediatepropagationstopped="function t(){return!1}" width="603" height="608" /></p> <p><em>Wind Turbine. &nbsp;Photo Credit: Lily Steponaitis</em></p> </div> </div> <div class="vert vert-2" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@8f5e97ce29f64530b67c9cc66d546c48"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@8f5e97ce29f64530b67c9cc66d546c48" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px; margin-top: 20px;"><strong><span lang="EN-GB">The Wind Fund</span></strong></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px; margin-top: 20px;"><span lang="EN-GB">The Wind Fund was formed at a time when the idea of socially responsible investment was very new.<span>&nbsp;&nbsp;</span>The fund, traded only through Triodos and not through the stock market, enabled Triodos to raise the capital necessary to buy wind farms.<span>&nbsp;&nbsp;</span>The success of the Wind Fund was fueled, in part, by a calculation released by Triodos bank that the each Dutch family would need to invest 1 guilder<a href="#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 11.0pt; line-height: 115%; font-family: Cambria; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">[1]</span></span></span></span></a>&nbsp;per kilowatt/hour per year in green energy to offset their electricity usage.<span>&nbsp;&nbsp;</span>This averaged out to approximately &euro; 1,330 annually to clean up their energy footprint.<span>&nbsp;&nbsp;</span>This tool inspired people to calculate their personal energy responsibilities and invest in renewable energies through Triodos.<span>&nbsp;&nbsp;</span><o:p></o:p></span></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;"><span lang="EN-GB">Historically, Triodos had been a bank that earned money on its interest margins. Though not Triodos&rsquo;s first directed investment fund, the Wind Fund allowed Triodos to build a new business model by moving beyond its existing customer base and attracting individual and institutional investors interested in environmental issues and renewable energy.<span>&nbsp;&nbsp;</span>Triodos also began investing at a higher volume.<span>&nbsp;</span><o:p></o:p></span></p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;"><span lang="EN-GB">In addition to serving clients through socially responsible investments, the Wind Fund positioned Triodos as a leading expert in green energy finance in Europe.<span>&nbsp;&nbsp;</span>In this role, Triodos was also instrumental in initiating the green tax credit in the Netherlands, which had a huge impact on investment in green technology across the country. Ultimately, the expertise they acquired in the early phases of growth in the renewable energy sector laid the foundation for a set of knowledge and capacities that continues to differentiate Triodos from conventional banks in the Netherlands and attract customers in the green energy field.</span></p> <hr align="left" size="1" width="33%" style="line-height: 25.6px;" /> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;"></p> <div id="ftn1" style="mso-element: footnote;"> <p class="MsoFootnoteText"><a href="#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span lang="EN-GB"><span><span class="MsoFootnoteReference"><span lang="EN-GB" style="font-size: 12.0pt; line-height: 115%; font-family: Cambria; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; mso-ansi-language: EN-GB; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">[1]</span></span></span></span></span></a><span lang="EN-GB">&nbsp;</span><span>The Dutch currency at the time</span></p> </div> </div> </div> <div class="vert vert-3" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@1649f28ad7c24085bb5a37adfa4da794"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-block-type="html" data-has-score="False" data-runtime-version="1" data-course-id="course-v1:MITx+11.405x+2T2020" data-init="XBlockToXModuleShim" data-request-token="e9dd3fe003e111f099b202fa081815af" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@1649f28ad7c24085bb5a37adfa4da794" data-graded="False" data-runtime-class="LmsRuntime"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p><strong>Level of Impact<img height="273" width="774" src="/assets/courseware/v1/fde4651b2219ac7a050bb762a1ec3084/asset-v1:MITx+11.405x+2T2020+type@asset+block/Level_of_Impact_T.png" alt="Level 3 Environmental" /></strong></p> </div> </div> </div> </div>