 |
www.hopedance.org
|
| <back | home Permaculture Credit Union A Financial Institution that "walks lightly" on the Earth by Donald J. Sarich CEO PCU and Eileen A. Banashek PCU Talented Employee Permaculture Credit Union, located in Santa Fe, New Mexico, opened its doors on May 18, 2000. The idea of the Permaculture Credit Union was the product of a think tank in Santa Rosa, California, at a Bioneers conference that took place around 1997. A group of Santa Fe residents took that idea back home and led a courageous group through the formation process to get a credit union charter. From the beginning, many individuals have helped out by volunteering their time or making donations to further the credit union’s operations. The generous spirit of these individuals has helped build a strong foundation for the Permaculture Credit Union and its members for years to come. Some wonder why people thought it was important to form a financial institution based on the ethics and practices of permaculture. How does it relate to sustainability, or ecological relationships? How do we handle money in a sustainable manner? How is our credit union different from other credit unions and banks? The Permaculture Credit Union (PCU) was formed to serve a particular group of people, to promote the ideas and practices of those people, and, in particular, to empower them to manifest their dreams by financial support. Compared to most credit unions that are employer or community based, PCU has a field of membership that goes beyond geographical location or type of employment. We have members all over the U.S. and some in foreign countries as well. The primary requirement for membership is that you are aligned with the ethics of permaculture. As stated in its brochure, PCU is dedicated to Care of the Earth, Care of People, and Reinvestment of surplus to benefit the Earth and its inhabitants. Many of the members of Permaculture Credit Union are affiliated with a Permaculture Institute or have completed a Permaculture Design Course or other related course around the U.S. Others have come by the permaculture way of thinking through experiences in their own lives, and when they hear about PCU are immediately drawn to it because they know it represents their views. PCU is a not-for profit cooperative that not only serves its members with financial opportunities but also gives them a great sense of belonging. For example, members with as little as $50 or as much as $100,000 in their share account have an equal chance to run for a position on the Board of Directors. The cooperative environment of the Permaculture Credit Union is enhanced by the production of a newsletter that goes out to all members at the end of each quarter. This is an effective way to give our members vital information, such as when we need more deposits to fund loans or when new services are being added or old ones modified. The newsletter also includes articles written by members about what they are doing and how PCU is affecting their lives. And there is an Annual Meeting at which members come together for a short business meeting and to share their ideas and a festive table. Permaculture Credit Union returns as much of its surplus as sustainably possible to its members rather than stockholders. We invest in other socially responsible banks and in credit unions in general because of the strong cooperative spirit of people helping people. Our members’ deposits allow the Permaculture Credit Union to offer loans to its members at reasonable rates. The income from loans helps in paying for expenses in operating the credit union. It also helps to pay dividends on the share (savings) accounts of members. We offer auto loans, unsecured loans, real estate loans, Visa card and student loans at this time. Our members who are doing something that helps to conserve resources are eligible for a discount on their loan rate. For example, we give discounted rates on fuel-efficient cars and projects such as rain catchment systems or solar technology. Our members are proud of the fact that they are rewarded for making wiser choices with borrowed funds. And they are willing to take a lower return on their share account because they are concerned with what their money is doing on both the investment side and on the interest they pay. They know their interest payment helps to fund the operations of the credit union and is recycled back to their fellow members who care about making a difference on our planet. The credit union, in turn, is conscientious when making decisions about where to invest our surplus funds for our members. The Permaculture Credit Union is housed on the upper floor of a small building in Santa Fe, New Mexico. On staff we have one full time and two part-time employees. We have seven members on our volunteer Board of Directors and about a dozen other active volunteers. All share accounts are insured up to $100,000 per account by the National Credit Union Administration (NCUA). This is the credit union industry regulatory body that is equivalent to the FDIC for banks. We currently have 819 members holding about $2.7 million dollars in assets. Our share accounts pay .40% APY. We have a national field of membership with 215 of our members currently from California. All services are handled through the mail or in person at our local office in Santa Fe. We plan to offer more services once we establish a more sustainable membership base. PCU has helped 299 members with over $4.6 million dollars in loans since opening on May 18, 2000. 50% of all dollars invested are available to help fund our sustainable mortgage program. These loans are normally for homes that are off the grid and/or are using sustainable building technologies. Currently Permaculture Credit Union holds 151 loans with over $1.9 million dollars outstanding. Of our outstanding loans, 44 are from California in the amount of $412,000. As our credit union grows, we want to play a bigger role in a community of people who care as much for others as they do for themselves. We hope to grow in a sustainable way and always return twenty percent of our earnings back to our members. We try to offer our members competitive loans and very modest fees for services provided. And we will continue to establish policies in our operations that will help our credit union “walk lightly” on the earth we share. Permaculture Credit Union 4250 Cerrillos Road P.O. Box 29300, Santa Fe, NM 87592-9300, USA Phone:(505) 954-3479; Toll Free: (866) 954-3479 Fax: (505) 424-1624 Email: info@pcuonline.org <back | top^ |