Christopher White

Banks and credit unions are traditionally great supporters of nonprofit organizations. We’ve all seen at some time or another a presentation of an oversized check given by a financial institution and written out to an area nonprofit. By providing monetary support, these banking organizations are able to demonstrate a softer side to their clients, and their commitment to the communities they serve. 

And while financial donations are the lifeblood of just about any nonprofit organization, additional opportunities exist for banks and credit unions to develop full-fledged partnerships with nonprofits that result in much more than just a tax write-off. 

At Road to Responsibility, we’ve been lucky enough to develop these kinds of partnerships with several of our regional community banks and credit unions. They are generous financial supporters of our organization, and without their philanthropic commitment we could not effectively carry out our mission. But they offer much more than that. 

For starters, some are able to offer our employees discounted interest rates on loans, or enhanced interest rates on savings accounts. Others provide financial literacy training, financial planning and additional educational services. Still other organizations specialize in providing basic English–language services and assistance with citizenship questions.  

Different types of financial organizations may be able to provide other services that they might take for granted, but which would make a big impact in the life of a nonprofit employee, and potentially in the lives of the individuals served by that nonprofit. 

Deeper Partnerships Help Banks, Too 

For us, this type of relationship allows us to enhance our benefits to our employees, with no additional cost to us. Our employees love these services, and being able to offer them differentiates us from other similar employers – a huge plus in an industry that is constantly facing a shortage of good workers. These somewhat non-traditional benefits translate quickly into better recruitment and retention rates for us. 

Nonprofits are not the only ones who benefit in these relationships, however; the partnering financial institutions benefit as well. In addition to the usual publicity of a well-placed photograph of a check presentation, by adding these auxiliary services to their philanthropic commitment they’re able to quickly – and sometimes substantially – increase their customer base and reach a demographic they may have otherwise struggled to attract. 

This kind of partnership is a great recruitment and retention tool for the financial institution as well. They are able to demonstrate that they are actively representing and reflecting their institution’s mission. A job that also offers a sense of benefiting something bigger than itself may be a big plus to prospective employees and may also instill a sense of pride and commitment within current employees.  

This type of arrangement may be especially beneficial for a smaller community bank or credit union looking to stand out from the crowd and the shadow of the bigger conglomerates. They have the advantage of acting more nimbly and can therefore get creative when it comes to developing the added benefits they could offer a partner nonprofit organization. And for a nonprofit, this added layer of commitment may make the annual financial donation a more reliable occurrence as well. 

True Partnerships Can Create Bigger Change 

Obviously, there should be a level of selectivity on both sides of the partnership – the organizations being considered by the financial institution should be in line with the mission of the financial institution. Likewise, the nonprofit should feel well-aligned with the financial institution, and not as if the rest of their activity runs counter to the mission of their organization.  

Most often, these partnerships develop out of already–established but less formal philanthropic relationships, in which case it’s unlikely that the missions of the organizations are too much out of sync. Either way, a little research can go a long way toward ensuring a fruitful and mutually beneficial relationship. 

Since realizing and more fully developing the potential of these kinds of relationships, we’ve begun suggesting them to some of our more established supporters in the financial industry. Some have been initially caught off guard with this approach, but quickly they’re very receptive, and excited to come up with a plan to work together. 

Partnerships between financial institutions and nonprofit organizations that go beyond the traditional relationship benefit both parties, leading to richer, more fruitful benefits for everyone involved. 

If you’re a banking institution looking to create real positive change and impact the community in which your customers live, work and play, consider what more you might be able to achieve with one of your community nonprofit organizations as your partner. 

Christopher White is CEO of Marshfield-based Road to Responsibility, which offers residential, work/employment, day habilitation and other day supports to individuals with complex emotional, behavioral and medical needs to nearly all communities on the South Shore and South Coast.