Blog Amazing things that
bring positive results


GreenChoice Bank is a thrift institution owned by an Illinois benefit corporation and claims to be the first bank organized under a benefit corporation. Read more about this bank here and here.

In reading the profile on GreenChoice Bank, nothing much struck me as unusual for a socially-responsible business or social enterprise — it pays a living wage, health insurance premiums, includes employees in management decisions, recycles, has LEED certified buildings, offers E-statements to customers, etc. All this is becoming rather standard in the social enterprise sector. But then one particular business strategy jumped out at me — GreenChoice provides better rates to green builders that are incorporating sustainability strategies into their building methods. GreenChoice is rewarding and encouraging “doing good.” While many may claim that the benefit corporation or social enterprise in general is just about branding, it seems that GreenChoice proves that theory wrong with its rewards strategy. Indeed, many social enterprises attempt to encourage customers to “do good” but most strategies that I’ve seen do so through psychic, not tangible rewards — e.g., customers of Better World Books can feel better about buying books from a company that recycles books and donates to literacy and educational programs. But the GreenChoice strategy goes beyond psychic rewards and offers tangible rewards (i.e., better deals on small business loans). I’m interested to hear of other social enterprises that offer tangible rewards to customers or clients in return for “doing good.” Of course, trying to make the world a less polluted, healthier, and equitable world is also a pretty tangible benefit, so maybe I should cabin my inquiry to direct and immediate tangible rewards.

Comments (0)

    Add a Comment