New Resource Bank, a community bank, has launched a new certificate of deposit (CD) product, called the Impact CD to help investors choose one of three key sustainability-related sectors to support with their deposits.
The sectors include solar and other alternative energy projects, organic products or nonprofit organizations.
New Resource President and CEO Vince Siciliano said the Impact CD provides the customers with more choices, allowing them to divest their deposits to the area they want.
"The Impact CD also better reflects the depth and breadth of our lending to sustainability-oriented businesses and organizations," Siciliano added.
Available with a $2,500 minimum opening balance, the Impact CD is valid for one month to five years, and support new loans by New Resource Bank to solar and other alternative energy businesses and projects, businesses in the organic product sector or nonprofit organizations.
The newly launched product replaces the bank’s previous offering called the Solar CD, which funded loans to solar installers and other solar businesses.
New Resource Bank offers customized banking to entrepreneurial businesses, developers and professional service firms.