Being a for-profit company doesn't mean you can't have the community in mind, and Next Street Financial is an example of that. As one of 24 other social businesses named by Bloomberg Business Week as 'America's Most Promising Social Entrepreneurs' of 2011, Next Street's founders Tim Ferguson and Ron Walker created this innovative bank in 2005.
"We did quite a lot of transactions last year in helping to revitalize neighborhoods," Ferguson told Business Week.
Of all the industrialized countries, the United States holds the infamous title of having the most unequal income distribution. Next Street Financial believes in equality in business and finance and uses its unrivaled network to help small businesses and urban markets succeed and create jobs in their own communities.
Contact Information
Next Street Financial website
Next Street Financial on Twitter
What Makes This Trend Stand Out
- Community Banking
- There is an opportunity for disruptive innovation through banks that prioritize the revitalization of underserved neighborhoods and small businesses.
- Social Entrepreneurship
- Social businesses that focus on making a positive impact in their communities while remaining profitable have the potential to disrupt traditional business models.
- Local Economic Development
- Investing in small business development and urban markets can create jobs and promote economic growth, particularly in under-resourced communities.
Sectors Adopting This
- Banking
- Banks have the potential to prioritize community investment and support small business development to disrupt traditional banking models.
- Social Impact
- Social enterprise startups can create and scale innovative business models that prioritize making a positive impact in underserved communities.
- Economic Development
- Investing in small businesses and urban markets can transform under-resourced communities, making local economic development a promising field for innovation.
