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impak Finance: Let’s create tomorrow’s bank

Posted on November 30, 2016
By Sienna Jae Taylor

Our vision is to create the first bank in Canada that will grant 100% of its loans to profitable businesses that make a positive social and environmental impact. The opportunities are huge in this new market. “According to the Global Impact Investing Network, the market for impact capital, currently sized at $60 billion, could grow over the next decade to $2 trillion, or 1% of global invested assets.” - Brian Trelstad, Harvard Business Review

Some have dreamed it. We are doing it.

The impak Finance team is working to create a true “VALUE BANK”.  impak Bank will use its money for profitable projects that have a positive impact on society and the environment, and it will allow everyone to be an agent in their financial ecosystem. As with traditional banks, anyone can open an account, get a mortgage or invest with impak Bank. Where we differ is in our unique algorithm that qualifies impact projects and manages risk. All banks have the same decision-support algorithm based on financial viability, but ours takes into account the business in its environment, considering its financial impact along with its social and environmental impact.

We want to make a positive contribution to address the social and environmental issues of today and tomorrow. We believe that a responsible, transparent and collaborative bank has a place in the Canadian economic landscape. PEOPLE, PLANET, PROFIT- THE TRIPLE BOTTOM LINE OF THE 21ST CENTURY.

Our goal for the online public opening: end of 2018

Our Equity Crowdfunding Campaign.

A month ago, we launched our pan-Canadian equity crowdfunding campaign. That means we are opening our capital to citizens, so they can invest in their future bank. It was important for us to turn to equity crowdfunding because we wanted to create a movement that includes every Canadian. We chose to do a crowdfunding campaign because we believe in a more collaborative and fairer way to finance our project. For as low as $100, you can help us build impak Finance, and also have a return on investment in the next few years.

You will have a voice with us. We really want you to express what you want and what you are seeking in your financial institution. As a part of our team, we want you to be a member, and a creator, of the community we are building together. We use the cooperative model for our governance system: one person, one vote. As an investor, you will be able to vote for our independent Trust foundation. The members of this trust will make sure in time that our mission stays the same.

It’s not just a simple transaction you are doing with us. When you become a shareholder, we build a trust relationship with you, and we are going to do everything in our power to respect the promise we make to you when you give us your support.

Our equity crowdfunding campaign is on until December 12th, 2016 on FrontFundr: bit.ly/impakfinance.

Our objective: 4000 citizens co-founders of impak Finance.

Canadian Tour

We held our first workshops last May and June in Montreal and Toronto with local citizens. These workshops helped us to understand what you expect from a bank, and they still inspire us today! That’s why, after a recent brainstorming session, we decided to insert ourselves into the kitchens of coworking spaces, hubs, and chambers of commerce across Canada. We want to understand what businesses and entrepreneurs expect from your bank. With the input of people working on the ground, we want to know what impak Finance can do to help create and support the bank of tomorrow.

Through workshops and talks, we want to discuss what businesses and entrepreneurs expect from their bank. We want to know how impak Finance can support entrepreneurs and impact organizations. We aim to create, with your input, the perfect banking ecosystem that will serve real projects and the real economy.

To follow our journey across the country, connect with us on our Website, Facebook, Twitter and Instagram

Topics:
Poverty Reduction


Sienna Jae Taylor

By Sienna Jae Taylor

Sienna Jae Taylor has a love for all things community and a deep passion for positive, social change. She recently worked with the Tamarack Institute as a Community Animator and previous to that was a member of the Pillar Nonprofit Network team as the 2015 ChangeTheWorld Coordinator. Sienna brings to her work experience in community engagement and animation, strength and creativity in the art of communication and a natural flair for relationship building. Sienna is motivated by the incredible world-changers and inspiring projects that she encounters everyday and believes that with a little community, celebration and passion, anything is possible.

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