Public Bank East Bay
Public Bank East Bay hopes to open by 2024 or early 2025, and will be a transformative institution that keeps our money local, allowing local governments to divest from Wall Street and reinvest its profits back into our community. Public Bank East Bay’s initial loan policies will support affordable housing development, provide support for small businesses (especially for marginalized entrepreneurs), finance the renovation and electrification of existing buildings, and help cities and counties refinance their municipal debt.
A public bank is owned and controlled by the people of the city, state, or region it serves. It takes revenue deposits from the governments in its region (and can take deposits from semi-governmental organizations such as EBMUD or BART). Because it is a public entity, rather than a completely profit-driven corporation, it is in a position to both save money and make money for its depositors and — much more important — for the people who live in the cities, states, and regions using the Bank.
Instead of being a retail bank, our Bank will work with local community banks and credit unions to make better, more favorable loans to local businesses, and local individuals. Public banking has several strongholds around the world, including Germany — where public banking profits are largely responsible for the green energy surge — Costa Rica, and Vietnam. Public banks currently hold about ⅓ of the money in circulation in the world.
Diverse Social Enterprise
The TRANSFORM Support Hub is committed to accelerating diverse owned and led enterprises to build more equitable and resilient supply chains.