By Andrew Korfhage
During a key scene in the classic holiday film It’s A Wonderful Life, savings-and-loan proprietor George Bailey, played by Jimmy Stewart, memorably explains to the townspeople how his business works – that he’s not sitting on piles of money just because he runs a small, local bank.
“Your money’s not here,” George tells the crowd. “It’s in the Kennedy house and the MacLaren house, and a hundred others. You all put your savings in here and then we make loans to people to buy homes and cars and other things.”
Alas, when you save or invest in big corporate banks in the 21st century, the bank isn’t likely to explain to you, George-Bailey-style, how your money is going to work in the world. Imagine what it would be like if they would.
“Your money’s not here,” the bank might say. “It’s financing fossil-fuel energy projects that are polluting our environment, or helping a corporation move jobs into overseas sweatshop factories. It’s in the CEO bonus, and the CFO bonus, and a hundred others.”
As Occupy Wall Street and related protests grew this fall, anger at the giant banks rightfully swelled as well, with a “Bank Transfer Day” declared for pulling money out of the big banks and moving to smaller local banks and credit unions. But not every news story covering this issue took note of the financial institutions specially designed to play a positive role in local communities.
Community development banks and credit unions — collectively called CDFIs, for “community development financial institutions” — direct their lending toward those who have been overlooked by conventional lenders. Unlike the conventional banks that contributed to the 2008 global economic crisis by lending out billions in unsound and predatory subprime mortgages that their borrowers couldn’t repay, CDFIs take pride in their expertise with lower-income borrowers. They take the time to get to know their clients, determining what homeowners and small-business owners can actually afford.
With more of a community focus, CDFIs pursue reasonable, rather than excessive, rates of return. They target projects that lift up underserved communities, and boost local economies by financing small businesses that perform vital local services. By contrast, the New Rules Project reported in 2010 that the 20 biggest banks “devote only 18 of their commercial loan portfolios to small business,” despite the clear need to spur small-business growth to jump-start our economy.
Where are the big banks directing all their money if they’re not supporting small businesses? For one thing, mega-bank CEOs as a group have seen their pay skyrocket back to 2008 levels and higher. The Financial Times reports that big-bank CEO pay rose 36 percent in 2010, while average workers in private industry saw their pay rise only 2 percent.
If you’d rather see your banking and investment dollars going to improve your own community, rather than lining the pockets of CEOs or financing projects that don’t match your values, there’s an easy solution. When you pull your money out of your mega-bank and start banking with CDFIs, your old bank will hear your voice even louder and clearer than if you were standing on Wall Street with a bullhorn.
And you’ll be joining a growing movement. Funds invested in CDFIs grew from $5 billion in assets to nearly $40 billion over the last decade. You can find lists of banks and credit unions maintained by the Community Development Bankers’ Association (www.cdbanks.org) and the Federation of Community Development Credit Unions (www.cdcu.coop). You can use these resources to find your own local “George Bailey” and make a New Year’s resolution to make your banking part of the solution, rather than part of the problem.
Andrew Korfhage is Green America’s online and special projects editor. www.greenamerica.org

On your marks get set ready go!. The weather has cooled down to where walkers, runners and their families can come out for fun-runs while supporting their favorite charities.
Bring your family and friends for the following healthy fun-filled walks and runs in the community:
Saturday, October 22
Junior League Monster Dash
5K & 10K
Entry fee $20
Courthouse Athletic Club
Before October 15th
early registration online at
www.nolimitstiming.com
Day of race 7am

Saturday, November 26
Newgate Mission Gobble Wobble 5K & 10K
No entry fee – donations welcome
Paul Boorman Trail – Loop 281 entrance across from Austin Bank
Registration 8:30 am

Saturday, December 10
Healthy Woman 5K Wreath Run/ Walk and Kids K
Proceeds benefiting Children’s Advocacy Center (CAC)
LRMC Parking Garage
$20 early registration adults/ $10 kids
More information soon

cialis free shipping class=”alignnone size-medium wp-image-1467″ title=”collage3″ src=”http://www.easttexasreview.com/wp-content/uploads/2010/05/collage3-271×300.png” alt=”" width=”271″ height=”300″ />The new Longview Historic Farmers’ Market has held its second monthly open air agricultural sales day. The market place was scheduled to open at 8:00 a.m., but local residents were already buying produce at 7:30.
The first Market Day back on the 15th sold out in just one hour. Locals did not want to risk missing out on the choicest selection of East Texas produce. Customers arrived early and swept up the vendors’ delectable crops. There is also the attractive personal touch.
In the good old days people went to market to buy produce from local farmers who were their friends, neighbors and relatives. The crops sold were grown and harvested without the pesticides and artificial colors included in modern grocery store produce. Consumers at the Farmers’ Market purchase veggies from the men and women who grew it, and can ask them questions about their methods. At this venue there is no need for “buyers beware” warnings.
Dr. Frank Tibiletti, Eleanor Kirk, Christina Massey, Evalonia Bolton, Ana Walker, her family and many other health-conscious Longview residents made the rounds of the booths, buying nutritious produce. Gynecologist Tibiletti brought a shopping list that included squash, potatoes and herbs. Still, a healthy diet was not his sole reason for coming.
“We definitely want to support this,” he said. “It is good for downtown revitalization.”
Professional photographer Christina Massey found the market both healthy and entertaining.
“I am here to get the very best,” she gushed. “This is locally grown, tastes better and [is] loaded with nutrition.”
Massey also bought homemade soap and urges everyone who has not come to the market to do so.
“You need to come and experience the market,” she said. “There are good people Ampicillin Online all over the place, and there is something for everyone.”
Wisconsin natives Steve and Cody Husman and their daughter Cheyenne and their horses love both the market and the Texas weather.
“We have been trying to get down here,” said Steve. “The ranch we bought around Liberty City has solar and wind turbines and all kinds of fruit trees.”
The family believes the property is just right for them, and they are vendors themselves in the Farmers’ Market, selling their home grown green beans. They plan to bring their elderberries for sale on the 29th. They grow their crops strictly organically, using compost fertilizers.
“This is locally grown, fresh picked and chemical-free,” said Cody.
Janet McKinney from Lanesville brightened up the array of edible merchandise by bringing her flowers for sale.
“We grow these beauties with the help of our five kids,” she said. “We sell wholesale and retail,” adding that her business phone number is (903) 854-2468.
Lowell Tanksley of Tanksley Farm recalled how early he sold out in the previous market, so he brought twice the amount of his crops this time. His busy booth was one of many where customers bought and socialized, meeting old friends and making new ones.
The Farmers’ Market still needs singers, musicians and other entertainers. Also, volunteer workers are needed to help set up and dismantle the booths before and after the market. Market Vice-President Danielle Heard described the market as a part of the local sustainability movement that will help the community grow and prosper. This makes volunteers even more vital.
The Longview Historic Farmers’ Market is located at the confluence of Cotton, High and Center streets. For now it opens Saturdays at 8:00 a.m., with plans to eventually also be open during the week as increasing volumes of produce are harvested and brought in by vendors. For more information call 903-746-2708.