This conversation is closed.
I would like to charter a new bank with a simple concept: 99% of the profit goes back into the communities it serves.
I would like to charter a new bank with a simple concept: 99% of the profit goes back into the communities it serves. I’m not reinventing the wheel! This bank works like a regular bank. The only difference is that after paying interest to account holders, paying employees, rent, taxes, holding reserves and all other operations and management costs, 99% of the profit that would normally go to stakeholders, stockholders or private hands will be used to fund community projects.
Bank 99 will pay interest to its account holders like any other bank and all other functions will remain the same as well. The key fundamental change is that 99% of profits will be used for projects like fixing roads, building parks and libraries, offering job training and many other projects that will all contribute to the community as a whole. Basically, Bank 99 will offer its account holders unprecedented opportunity to invest in themselves and the communities in which they live. Taking on part of the cost of fixing roads and helping with other public/municipal needs that are usually taken care of by the government via tax money means that, in theory, the community should get a tax relief. The best part is, this will be done with the interest earned on the community's money without asking for a handout. Account holders get to vote for projects online.
Instead of working like a Credit Union or other banking models where members are paid small dividends, say, $5, BANK 99 will use big chunks of the money without red tape to take care of community needs. For example, let’s say after all the "expenses," we have a profit of 1 million dollars - BANK 99 will put $990,000 back into its community. Imagine if we use $250,000 to fix streets and clean up the town, another $300,000 to help fund schools and after school programs and the rest to start construction programs for new libraries, parks and more.
For more information please visit: www.facebook.com/startbank99 and click the "about" section.