Sustainable Banking Questions

As Maine’s first B Corp™ Bank, we understand that sustainable finance can be a powerful catalyst for change. The Sustainable Impact Program is an initiative designed to forge a meaningful collaboration with sustainably focused companies, allowing them to direct their deposits to fund our Maine based lending aligned with the 17 United Nations Sustainable Development Goals. These include such categories as loans to women and BIPOC led businesses, renewable energy, sustainable agriculture, non-profits, rural healthcare, and clean water.

The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. These are an integrated set of goals that recognize that action in one area will affect outcomes in others, and that development must balance social, economic and environmental sustainability.
To learn more here, visit the UN's Sustainable Development Goals website.

We allocate a significant portion of deposits to projects that align with the United Nations Sustainable Development Goals, including renewable energy, affordable housing, and support for minority-owned businesses. Read our 2024 Impact Report to learn more about how your deposits can make a difference.

The Sustainable Impact Program is a long term focus for Androscoggin Bank. Your participation in the Program is fluid, and may be further defined by the Banking products you choose. The Bank offers liquid and term deposits and a variety of terms on loans and lines of credit.

Yes, when you participate in the Bank's Sustainable Impact Program, your funds stay right here in Maine. Examples would include our pioneering financing alternative for Islamic homebuyers, which is of special interest to our New Mainer Community, as well as electric school bus financing for local school districts, lines of credit for community farming organizations, and numerous other loans to small businesses and non-profits that are delivering sustainable and/or inclusive impacts in our Maine communities.

In this first stage of the Sustainable Impact Program, we are not matching deposits to specific SDGs categories. We do expect to offer this option as the program develops. At this phase, your deposits support the development of all loans that meet SDG eligibility.

As a benefit of the Sustainable Impact Program, active management of your funds is not required. The Bank will ensure that your deposits are pledged against qualifying loans and will regularly review those loans to ensure ongoing alignment with the UN's Sustainable Development Goals.

The Bank prioritizes the privacy of its clients, and in this initial phase visibility into depositors and borrowers will be at the category level with anonymized data, other than the borrowers chosen to be  spotlighted in the programs marketing collateral. We are committed to sharing stories about impact in our Annual Impact Report, and invite you to contact us if you would like to share your story.

There is no limit on your investment. Additionally, Androscoggin Bank is FDIC insured, and we're able to insure your deposits up to $50MM.

We offer a variety of bank solutions to ensure deposits can be insured up to $50 million per depositor. We also undergo regular FDIC exams to attest to our safety and soundness and annual independent financial audits.

Partners in our Program will receive an annual statement demonstrating how funds are being matched against SDG aligned loans.

This is a safe, insured bank deposit vs a speculative investment in the stock market. Another important difference is that your deposits will fund local impact.

There are no direct fees to participate in the program. Your participation in the Program is fluid, and may be further defined by the Banking products you choose. However, certain products such as Certificates of Deposit may be subject to early withdrawal penalties.

We’re happy to connect you with an expert Lender to understand your needs, and help you navigate the lending process.