Why did GSB create the Make ChangeSM account?
For more than 150 years, Gorham Savings Bank has aspired to be a force for good in our local communities. At this important time, we found ourselves asking the same thing as many of our customers, “What else can we do?” The idea for Make ChangeSM grew out of a simple desire to find a way for GSB and our customers to come together and help promote diversity and equality in a tangible way and help make a difference. We realize that Make ChangeSM is not the whole answer, but our hope is it’s a small part.
What is a qualified purchased?
A qualified purchase is any purchase made with a Make ChangeSM debit card that posts and clears to the checking account.
Who is Make ChangeSM right for?
Make ChangeSM is a great choice for anyone and everyone who wants to join us in helping to promote positive change in Maine. The more people that sign up for Make ChangeSM, the more good we can do together.
Can I open a Make ChangeSM account online?
No, not at this time. We anticipate that Make ChangeSM Checking will be available to open online in January 2021.
Does the money being donated come from customers’ accounts?
No. The 10-cent donation for every qualified purchase is made by Gorham Savings Bank at the bank’s expense. It does not come out of customers’ accounts.
Where will the money go?
Our vision for Make ChangeSM is to help advance economic progress, fairness, financial security, and prosperity in Maine. Initially, funds will be donated as a grant to Prosperity Maine’s Entrepreneurial Education Program, a non-profit dedicated to helping Maine’s immigrants and refugees, and Maine Community Foundation’s Start Up Scale Up Grant Program, which prioritizes support for entrepreneurs and businesses founded by 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.
Why minority-owned businesses? What about non-minority-owned businesses?
As a leading community bank, we’re fully committed to supporting all types of business in Maine and do so through our dedicated commercial/business banking team, and with a number of programs such as LaunchPad and Forward with Funding. Make ChangeSM is a program we developed to specifically support minority-owned businesses because we believe it to be an important and yet underserved segment, one in which we can make an impact.
Is Make ChangeSM a political statement?
Make ChangeSM is not a political statement, it’s a checking account.