Firsthaitianownedbank

The current economic crises have had major effects in every sector of the economy especially the banking industry. While these effects have brought down many institutions that are vital for economic growth and development, business leaders must continue to develop new ways and ideas that foster growth in our economy. Ben Bernanke, chairman of the Federal Reserve board, speaks at the global financial literacy summit, Washington D.C on June 17, 2009 about community development financial institutions challenges and opportunities, where he states the importance of financial literacy and financial education has never been more important or evident.

Community bank plays a vital role in community development!!!!

Minority owned banks focused on community development have many advantages, yet minority groups either don’t know how to form a community bank or believe that the capital requirement is unachievable. The Federal regulators along with state regulators provide several types of financial assistance to minority owned bank or group desiring to open a bank to meet the credit needs of the community in which they serve.

As a community bank, you could qualify as a community development financial institution, whereby you would be entitled to find funds from the treasury department as well as attracting several type of low funds investment. You can also be part of the Federal home loan bank under a provision of the Federal Housing and community development act section 8.

As a community bank, your focus is to help develop the community in which you operate and facilitate small business investment and provide non-traditional banking services to your customers: including determining a new risk rating based on other factors to determine eligibility for financial products such home loans, auto loans and other.

You can provide one stop financial services to your customers and non-customers such check cashing, bill payment, phone card and other financial service. As a community bank fostering economic growth also include financial education programs where by teaching people to be more financially responsible, the importance of creating and maintaining good credit, how to save for child education.

Only if minority group knew how to take advantage of their purchasing power, they could change their lives as well as the lives of the people in their community. All and all, the most important thing is education and the need to support each other through community banking, such a way will lead to economic development and growth and higher standards of living.

I currently work for a regional accounting firm in the downtown Miami area and I specialize in financial institutions. I believe that it is about time that we the Haitian community join hands together to open the firsthaitianownedbank as a community development bank to serve and meet the credit needs of our people; however, the strategy should be bold enough to not only serve the Haitian community but also surrounding communities. Current analysis shows the need to provide support to many small businesses that are considered undercapitalized and could potentially grow, yet if the financial support is not available, economic growth can not occur.

I must state that our current strategy is to open our first community bank focusing on low to moderate income communities in the North Miami Beach, FL area and to grow across the united state as a national bank. This blog is being posted here in search of support especially in the Miami, Fl area so that we can build a strong management team to help execute the business plan as written once we file the application and obtain approval from the regulators. I Hope to read from you and read your comments. if you are interested in knowing or being part of the organizing team please state so in your comments. To become a director or an officer of the bank will require specific qualifications; however, you can always become a stockholder!!!!!!!!!!!