Impact Lending

Loans that provide social empowerment include loans to women and minority-owned businesses and loans to nonprofits. Over the past few years, Verity has provided $3 million in capital for the micro-loan program through Business Impact NW, a nonprofit Community Development Financial Institution dedicated to serving under-banked entrepreneurs. Business Impact NW provides coaching, classes and access to capital to community small businesses, with an emphasis on working with traditionally underserved populations, including entrepreneurial low/moderate income earners, women, people of color, veterans, immigrants or members of the LGBTQ community.  

Verity has also developed a comprehensive set of banking products and services for nonprofit organizations and their employees. We know that the best way to support our community is by supporting these organizations, and we do so in a number of ways, including financial contributions, volunteering and providing products and services specifically designed for them.

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. Some examples include loans for high fuel-efficiency or electric cars, loans for commuter bicycles or loans for solar panel installation.  

Chart of loan balances in each category

Green Autos $20 million

Solar Loans $106 million 

Bike Loans $40,153 

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. Verity provides a variety of home loans in this category, including those for first-time home buyers or loans with low or no down payment.  

A new opportunity to provide economic security came in early 2020 as the pandemic hit, and Verity was put to the test as employees, members and small businesses were severely impacted. When the Small Business Administration (SBA) rolled out a loan assistance program with two days’ notice, we weren’t even set up as an SBA lender. So team members were brought in from other departments and after working around the clock, we completed over 200 loans for small businesses and nonprofits with the Paycheck Protection Program. That allowed over 1,300 employees of small businesses to continue getting a paycheck for the next eight weeks. In addition, the Verity team provided skip-a-pays, payment forbearances, mortgage loan modifications, emergency assistance loans and financial coaching.