The Merc on New Resource Bank

The SJ Mercury News has an article on New Resource Bank:

... Hoping to cash in on fast-growing demand for solar power, organic food and other green industries, a group of investors -- including a number of prominent Silicon Valley business leaders -- has formed what it is calling the nation's first commercial bank targeting green industries. New Resource Bank holds its grand opening today in San Francisco.

The bank is headquartered in a building on Howard Street ranked as ``gold certified'' under green building standards because of its recycled materials, non-toxic paints and energy-efficient lighting and heating systems.

... The bank is modeling itself after Silicon Valley Bank, which began with one branch in San Jose in 1983. By catering to technology and life sciences businesses -- trying to understand them and respond to their needs better than large banks did -- Silicon Valley Bank has boomed, and now has 30 locations from New York to Shanghai, with $5.4 billion in assets.

... One of the first deals by New Resource Bank is a partnership with SunPower, a San Jose company that makes solar panels. Under the terms, the bank will make 25-year loans to homeowners to install solar panels, so that the monthly payments are similar to what the customers' electricity bills had been.

So far, environmentalists also like the idea.

Eric Antebi, Sierra Club spokesman, noted that socially responsible mutual funds began about 15 years ago, followed by venture capital firms five years ago that focused on environmental technology. Banks are the next logical step, he said.

``Groups like the Sierra Club can reach people's hearts,'' Antebi said, ``but banks can reach their wallets.''