|
||||
|
Since 26 years
the South Shore Bank of Chicago gives |
||||
|
In 1973, four citizens of Chicago (USA), working in the field of finance, decided to take care of certain neighbourhoods of their city, which were near to total degradation, a situation made even more serious by the fact that the most educated people started to move away. «Required investments: to help the people initiate small commercial outlets, to restructure apartments, to modernise shops... needed a bank!», concluded the four friends. After having collected the necessary capital (3 million dollars offered by foundations and associations, both secular and religious, such as the Baptist Church and some women's congregations), they bought a small bank in the neighbourhood and thus gave life to South Shore Bank, the first ethical bank in the world. The new bank had to confront the scorn of the financial community, who considered their initiative - to give credit to the poor - absolutely inconsiderable. But, very soon, the friends were proved to be right: thanks to a large quantity of micro-loans, the inhabitants of perhaps the most miserable zone of the city were helped to transform the face of the «inner city». Through the giving of credit, 250 residential blocks were restructured benefitting almost 80 thousand people. In this way the South Shore Bank expanded throughout all the states, giving - until now - more than 650 million dollars in the most economically depressed areas. Years of success, but above all of experience are now what the Chicago bank put at the disposal of all by organising training courses on ethical banking to help the employees of other ethical banks worldwide (including the Grameen Bank), to have an effective administration and management. From all over the world new bankers come to learn the golden rule taught by the South Shore Bank: «Ethical finance can combat poverty in degradated zones, in cases where community feeling is not completely dead. If there are citizens’ associations who have the neighbourhood at heart, this is a good sign: it indicates that someone else other than the bank is also ready to take up the risk and the challenge». It is for this that, when South Shore decides to accept an investment, it does so because it has evaluated the social material of the area, making sure they can count upon local non-profit organisations to positively involve the energy of the area. This form of ethical credit manages, in the USA alone, around 3 billion dollars: nothing, if compared to the 500 billion dollars of «real» finance. But, it represents a great deal for millions of poor: who we see restored together with trust and human dignity. Roberta Passerini |
||||
|
|
||||
|
||||
