Domini Social Investments, one of the largest socially responsible fund groups, has expanded its partnership with a so-called environmentally friendly bank to provide community development loans, Domini announced this week.
The company has expanded its Domini Money Market Account to include three additional branches of ShoreBank, a Chicago-based lender of community development funds. The money market product will now reach ShoreBank Cleveland, ShoreBank Pacific and ShoreBank Chicago. Funds from the product will be used by these facilities to provide community development loans to areas that have been largely ignored by other institutions, according to a statement.
Since the money market product was created in 1995, the account has become ShoreBanks largest, with more than $60 million in assets. ShoreBank has issued more than $145 million in such community development loans, the statement said.
ShoreBank, which Domini calls the "first and only environmental bank in the United States," also serves as sub-advisor to the Domini Social Bond Fund.