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Originally posted by TruthMagnet
I have, of course, watched and re-watched Money as Debt, and The Money Masters as part of my financial education - and I have even looked into how to start Non-Profit Credit Unions - but here is my question to the ATS elite:
Would it be possible to start a "Patriot" Bank that loans out money to Legal Citizens at the lowest interest rates possible to still remain viable.
(enough to pay staff well - but to minimize much profit taking)
Wouldn't such a bank suddenly get get a HUGE influx of business from other banks who charged higher interest on loans?
Perhaps one could require customers to have x amount in savings deposted to be elligible for these low interest loans?
As for start up capital - couldn't it be possible for someone (such as Eric N.) to do a series of several grass roots money bombs to help cover initial start up costs - with donors of x or more being first priority for fractional lending at low interest rates?
Perhaps I am not seeing the obstacle to setting up such an institution as this - I know accreditation must occur - but that obviously can be accomplished as many smaller local banks exist in nearly every city.
Does anyone here work in this industry, and know any reason such a bank could not be established?
Such a bank could help re-finance many good hardworking citizens who have fallen into injurous usery by other, less ethical, banking institutions and practices.
Any advice on this would be greatly appreciated!