As a socially-responsible financial institution, Verity takes care to ensure that a growing percentage of our loans are dedicated to the areas of social empowerment, environmental sustainability and economic resiliency. The goal is to ensure that money is being made available through loans to individuals and enterprises that provide value in one or more of these key areas. Our goal is to have 40% of our loans dedicated to these areas by 2023.
Social empowerment lending
Loans that provide social empowerment include loans to women and minority-owned businesses and loans to nonprofits.
Loans geared toward environmental sustainability, or what we call eco-loans, are designed to provide access to funds that are specifically dedicated to something that has a positive impact on the environment.
Loans that are aimed toward economic resiliency are those that provide access to credit for underserved populations or for those who are working toward financial security.
In 2019, Verity, along with 27 other members of the Global Alliance for Banking on Values, pledged to track and monitor the carbon impact of our loans and investments over the next three years. This Commitment aligns with the Paris Agreement goals to keep global temperature increases under control.
The Climate Change Commitment is a powerful example of how the banking industry can take steps to address the climate crisis impacting our planet. By assessing our carbon impact, we can make financial decisions to limit the emissions impact of our financed assets.
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