Specialists in not-for-profit banking, Community 21, have issued shares to 21 new investor organisations.
“Community organisations have amazing resilience, our new shareholders have over 850 years of experience working within social justice, environment, or social service arenas,” Peter Quarmby, executive director of Community 21 said.
Community 21 was “delighted by the calibre and spread of the organisations that have applied for shareholding,” said Quarmby.
Community Sector Banking is the primary asset of Community 21, and it “is having a better than forecast year and as such, a minimum subscription level of $700,000 was resolved by the board to be sufficient for the first injection of capital and to move on to the next phase,” David Thompson, Chair of Community 21 said.
“We now go straight into our second phase, and we are inviting shareholdings starting at $2,000, making it affordable for all organisations,” he said.
Most of the capital raised from round one will be injected into the crowd funding and banking platform called act. launched late last year by Community Sector Banking.
All up, Community 21 is looking to raise up to $4 million in capital to develop new finance pipelines for social impact projects, to strengthen the not-for-profit sector’s financial sustainability, and reduce reliance on government funding.
Phase two of the offer is open till June 30, 2015.
A full list of new shareholders can be found here.
Community Sector Banking formed as a 50:50 joint venture between shareholders Bendigo Bank and the Community 21 consortium of not-for-profit organisations including Oxfam, Scope, and Yfoundations.