Permaculture CU promotes `socially responsible' business

SANTA BARBARA, Calif. – For Permaculture Credit Union, which markets itself as a "socially responsible" business devoted to the care of the planet, Earth Day 2002 was a good time to promote the financial institution. And that's exactly what the Santa Fe, N.M. credit union did during an Earth Day celebration held here Sunday, April 21. Its booth, among dozens of earth friendly displays at the Santa Barbara County Courthouse, promoted both Permaculture and the credit union. The credit union, which opened in August 2000, has members throughout the U.S. who have completed a Permaculture design course, belong to an affiliated Permaculture Institute or who subscribe to the ethics of Permaculture. Permaculture's goals are to "care for the earth, care for people and to reinvest the surplus to benefit the earth and its inhabitants." The credit union has more than 300 members and assets of $1.45 million. Most transactions are done through the mail; it does not offer online banking. "People have really taken an interest in it (the credit union) because there's nothing else out there like it," explained general manager Michelle Lowrie. The credit union offers share accounts, share certificates (CDs) and since April 1, 2001, home equity, auto, signature and share security loans. In September, it began offering a unique loan program offering discounted rates for projects which qualified for "sustainability" discounts. Only share secured loans are available to out-of-state members due to regulatory requirements. The sustainability loan program offers a .75% interest rate discount for projects that include upgrades for home energy efficiency, renewable energy generation, Permaculture landscaping, water catchment and delivery systems and farm machinery. The discounted rate also applies for members purchasing an automobile that achieves 35 miles per gallon; and extra .75% discount is applied if the car achieves 45 mpg. pjheller@west.net