Amalgamated Bank — the US’ largest socially responsible bank, which recently acquired New Resource Bank — has committed to double the amount of assets New Resource has dedicated to financing socially responsible businesses over the next two years, moving from its current commitment of $350 million to at least $700 million by 2020. This commitment, “2X Impact,” will focus on doubling the bank’s impact in four core impact areas: Environmental Protection, Health & Wellness, Education & Community Empowerment, and Sustainable Commerce.
President and CEO Keith Mestrich commented: “Amalgamated is proud to be able to help sustainable and socially responsible businesses by providing funding to fuel their growth and impact — whether it’s to fund new equipment needed to meet larger orders, energy upgrades to reduce operating costs and achieve higher margins or real estate loans for green businesses that are expanding. We believe that if our clients are achieving their missions, then we are achieving ours: making the world a more just, compassionate and sustainable place. We look forward to working with existing and new customers to provide them with the financing they need to grow and expand their businesses, while building a more socially and environmentally just world.”