Earth Day 2023: Where You Bank Matters. Berkshire Bank and UMass Five are Dedicated to Helping their Communities Live More Sustainably.
Berkshire Bank:
2022 SBN Sustainable Business of the Year Awardee
Berkshire is at the forefront of building more just, equitable and sustainable communities through its core business, financial solutions and community programming. This includes its multi-year $5 billion BEST Community Comeback which aims to strengthen communities by supporting small businesses, improving equitable access and lending to low-carbon projects. In an effort to further amplify that work, Berkshire became the first public U.S. community bank holding company with under $150 billion in total assets to issue a Sustainability Bond to help finance renewable energy, affordable housing and other sustainable projects.
Building stronger communities requires a better approach to banking. Berkshire Bank’s vision is to be a high-performing, leading socially responsible community bank in New England and beyond. It’s their purpose as a values-guided organization dedicated to unlocking their stakeholders shared potential for more than 175 years. And its why Berkshire believes where you bank matters.
UMass Five College Federal Credit Union:
2020 SBN Sustainable Business of the Year Awardee
“At UMassFive, we believe a sustainable tomorrow starts today. As one of the highest volume renewable energy lenders in the Commonwealth, we’ve funded over $120 million in residential solar financing since 2017. We are particularly proud of our success in financing arrays for low and moderate income households, and of our project in partnership with the University of Massachusetts Clean Energy Extension where we successfully developed and won a national grant for an ongoing pilot of a solar siting and financing model for rural communities that supports bottom-up solar siting. We have partnered with the City of Northampton and Town of Amherst to subsidize the costs for solar-powered community bulletin boards and continue to support our local areas by providing solar financing for 10-12 small businesses each year. Outside of strictly solar, we’re also a top lender in MassSave’s HEAT Loan program, with a portfolio of 1,800 Loans and balances of $14 million, all at 0.00% interest to the consumer. Our proprietary offerings include an Energy and Fuel Conservation Loan at a deeply discounted interest rate, low-rate Bicycle Loans (down to 0.00% on certain electric bikes), and no-interest, no-fee Farm Share Loans in an effort to support food equity and local agriculture. Looking to the future, we currently have an open bid with the Mass Clean Energy Center with high hopes of winning funding for a pilot to decarbonize commercial buildings throughout the Commonwealth.”
- Richard R. Kump, UMass Five President & CEO