Entrepreneur Ken LaRoe had been in the banking industry for more than 15 years when he founded First Green Bank in Mt. Dora, Fla., in 2009. With a mission to promote positive environmental and social responsibility while operating as a traditional community bank, LaRoe says First Green has made loans to a solar-powered catfish farm, an organic blueberry farm, numerous medical practices, and many other small business in Lake County, Fla.
LaRoe calls his community bank the first “values based financial institution” in the eastern U.S., and one of a breed that he hopes to see expand. Small business owners stand to benefit, he says.
On the whole, LaRoe says, the shrinking banking industry has been bad for small business. He points to a Wall Street Journal report that revealed that the number of banks in the U.S. dropped below 7,000 last month, from a high of over 18,000, for the first time since the FDIC was formed in 1934.
Though it wasn’t the small community banks that crushed theRead More »from 4 Financial Tips from a Community Banker