Community Sector Banking, the not-for-profit and social enterprise banking specialist has become the first banking service in Australia to be certified as a B Corporation – a new type of company that uses the power of business to solve social and environmental problems.
‘We are absolutely delighted to achieve this certification which is a natural fit with our values, and recognises our contribution in building a more equitable society,’ said Community Sector Banking’s CEO and Managing Director, Greg Peel.
B Corp certification provides a globally recognised standard for sustainable business.
B Corps are certified by the not-for-profit organisation B Lab to meet rigorous measures of social and environmental performance, accountability, and transparency.
Community Sector Banking now joins a growing community of over 1,200 companies from more than 121 industries in 41 countries that have also achieved this honour. There are currently 62 B Corps in Australia.
‘As a profit for purpose organisation, we are passionate about driving positive social change through society and supporting organisations that make this happen every day.
‘More than just a banking service for over 9,500 not-for-profits, Community Sector Banking exists to help make our society better. We strengthen not-for-profits and social enterprises, to deliver real impact in their own sectors like community housing, Indigenous services, disability, health and employment,’ Mr Peel said.
‘Community Sector Banking is half owned by a consortium of not-for-profits, which brings strong influence on our governance and vision. It has encouraged us to create innovative funding models such as an affordable housing bond, annual grants for social investment, and awards to recognise achievement in social housing. Not least, our world first banking service called act. combining crowdfunding with banking, to transform the way individuals and organisations can invest in their communities.
‘B-Corp certification is an important global movement – we encourage more opportunities and acknowledgement of organisations committed to redefining success in business.
‘We’re thrilled to welcome the first banking service, Community Sector Banking into the Australian B Corp community,’ said Alicia Darvall, Executive Director, B Lab Australia and New Zealand.
‘Their mission is to find financial solutions for social enterprises, not-for-profits and help the marginalised in our community, which fits entirely with the spirit of B Corporations – working towards redefining the success of business”.