Gorham Savings Bank announced the launch of an innovative, mission-based checking account and debit card called Make ChangeSM, designed to support Maine’s minority-owned businesses.
How Make ChangeSM Works
For every qualified purchase a Gorham Savings Bank customer makes using their Make ChangeSM debit card, the Bank will donate $.10 to an earmarked fund. Those funds will be donated annually as a grant to organizations working to support the minority-owned business community.
Initially, Make ChangeSM funds will be donated as a grant to ProsperityME’s Entrepreneurial Education Program, a nonprofit service organization dedicated to helping Maine’s immigrants and refugees, and Maine Community Foundation’s Start Up Scale Up Grant Program, which prioritizes projects and organizations that support entrepreneurs and businesses founded and/or led by people of color.
GSB has pledged a minimum donation of $10,000 per fiscal year, which will initially be split between these two beneficiaries.
“As a community bank, we believe that local businesses are the foundation of a strong community,” said Gorham Savings Bank president and CEO Steve deCastro. “We’re always looking for ways to meet the financial needs of the communities we serve, and we hope that Make ChangeSM can help meet some of the needs of minority-owned businesses here in Southern Maine.”
“We appreciate this contribution from Gorham Savings Bank to MaineCF’s Start Up Scale Up Fund,” said Laura Young, vice president for philanthropy at the Maine Community Foundation. “It will provide grant funds for programs and collaborative workspaces to grow Maine’s economy, particularly through businesses founded by people of color.”
Open a Make ChangeSM Account
Current and prospective customers can open a Make ChangeSM account by making an appointment at any one of the Bank’s 13 branch locations. There is no additional eligibility requirement for opening an account. The account can be opened online beginning in January 2021.
The uniquely branded Make ChangeSM debit cards will be available in early 2021. New account holders will receive a temporary card before the new design is available.
Learn more at gorhamsavings.bank/makechange.