January 7 at 10:00 am, 3845 North Swan Street – “What is a Public Bank and Why It Would Be So Amazing”
Charmeine Wait will talk about Public Banks, how they work, how they differ from commercial banks and why a Public Bank would be good for New Mexico.

The Alliance for Local Economic Prosperity (AFLEP.org) has been working to establish a public bank. AFLEP’s mission is committed to creating local economic prosperity by maximizing equitable access to, and opportunities for, financial resources that support thriving economies throughout New Mexico especially in rural areas and in areas associated with agricultural adaptation to climate change and food production, processing, and distribution. Additionally, small businesses that cannot secure a commercial loan from a big bank would have access to funding.

Currently, New Mexico state taxes and funds go into large commercial banks, which operate from Wall Street and pay dividends to shareholders outside of our state. A public bank would use New Mexico’s money to serve New Mexicans. It would be operated by an independent board with transparency not currently available by the commercial banks.

“A public bank does not operate like a retail bank. You and I would not open an account with the bank, instead it would operate as a funding tool for all commercial, local banks and credit unions. Currently a small business needing just a few thousand dollars would most likely not be approved for a commercial loan, or if so, it would be at a high commercial interest rate. The public bank would not compete with banks, but would serve as a source of funding at lower rates (it would have nonprofit status) that all local banks could access increasing the banks’ capacity to lend, grow, and meet our communities’ needs,” Wait said.



Public banks are found throughout the world and here in the United States; North Dakota has had a public bank for over 100 years! The history of Bank of North Dakota (BND) demonstrates that with strong partner lending programs between the BND and the community banks and credit unions, the latter institutions flourish.

“At this presentation you will learn why it is time to put New Mexico’s money to work toward strengthening local communities.  It is time to invest in creative, hardworking New Mexicans. It is way past time to create a New Mexico Public Bank,” Wait added.

Charmeine Wait has worked in the non-profit sector for 20 years in economic development and historic preservation. She is a former director of Silver City MainStreet and is passionate about programs that serve small local businesses and agriculture.

 There are speakers on the patio if you wish to listen to the service outside.

 UUFSC Safety Protocol as pursuant to our most recent UUA Guidelines:

Masks are now optional, but their use is encouraged. We will continue to serve refreshments on the patio and in the building. Visitors are always welcome.

    
The Unitarian Universalist Fellowship of Silver City is a diverse group of religious independents seeking knowledge, spiritual sustenance, fellowship and opportunities for service to others. Our programs encompass humanism, liberal Christianity, earth-based spirituality, Buddhism and many other traditions. If you’d like to find out more, email uufellowshipofsilvercity@gmail.com , visit our website at www.uufsc.com  or visit us on Facebook at  Unitarian-Universalist-Fellowship-of-Silver-City .