Old Skool Café 2015 Holiday Card –Thanks to New Resource Bank and The San Francisco Foundation’s community of donors, they now own their building!
We are pleased to announce a new mission deposit in New Resource Bank. By placing $250,000 in a 12-month Certificate of Deposit, we are providing NRB with capital for lending to small local businesses, nonprofits and social enterprises. At the end of the 12-month period, we can extend our mission deposit or draw the funds back into our PRI Fund to go towards new program-related investments.
Organized in 2006, New Resource Bank is a state chartered banking institution headquartered in San Francisco. The bank was founded by a group of entrepreneurs, bankers and business leaders with a vision of bringing new resources to sustainable businesses and ultimately creating more sustainable communities. In 2010, New Resource Bank underscored its commitment to serving people, planet and profit by becoming a Certified B Corporation. They’re dedicated to achieving environmental and social as well as financial returns and their mission is to advance sustainability. They are focused on lending to businesses with green products and services, businesses that are committed to improving their operational sustainability, and sustainability-oriented nonprofits.
NRB ensures that its borrowers have a commitment to sustainable business practices. All commercial loan applicants complete a “Sustainability Assessment”, which gives NRB a picture of the company’s or organization’s current sustainability level and serves as a guide to help the borrower become more sustainable. NRG uses the assessment to evaluate loan applicants, and while no minimum score is required, they lend only to businesses that commit to improving the sustainability of their operations.
One great example of New Resource Bank’s work in the community is their partnership with Old Skool Café. Headquartered in Bayview/Hunter’s Point, Old Skool Café is a one-of a kind youth-run, jazz-themed supper club. They train and employ at-risk youth, ages 16 to22, to run all aspects of the business. Learning to be hosts, servers, chefs and entertainers, they offer youth a solution for addressing their basic needs and breaking the cycle of poverty and incarceration.
Recently, the site for Old Skool Café, which was owned by a church, was suddenly put up for sale. CEO and founder Teresa Goines scrambled to secure the funds to buy the building. With a loan from New Resource Bank and a generous donation from a San Francisco Foundation donor to cover the down payment, Teresa was able to purchase the building and ensure a permanent home for the organization. You can read more about their amazing journey in this NRB blog post: Old Skool Café Gives At-Risk Youth a Better Future. (Teresa was also a Koshland Program Fellow, and we’re delighted to support her work.)
In partnership with our donors, we are proud to support New Resource Bank with this investment.
Learn more about our Program-Related Investment Fund and our current portfolio of loans at sff.org/pri.