Crowdfunding provides comfort to Salvos

By Reporter|03 December 2014

Salvos Legal was the sole law firm involved in a deal concerning a franchise of the Bendigo Bank.

 

Advertisement
Advertisement

Firms: Salvos Legal (Community Sector Banking)

Deal: Launch of Community Sector Banking’s (CSB’s) “act.” division, which allows consumers to contribute financially to community-focused projects via a crowdfunding platform

SPONSORED CONTENT

Value: Undisclosed

Area: Corporate / commercial

Key Players: The Salvos Legal team was led by managing partner Luke Geary, with assistance from special counsel Sally Holmes and associate William Kontaxis (pictured). “We worked across a broad range of areas – including banking law, general corporate law, privacy and tax issues,” said Kontaxis. The Salvos Legal team worked closely with the in-house team from the Bendigo Bank for the six-month duration of the project

Deal Significance: act is an online and telephone banking service that offers a range of traditional banking products, such as transaction accounts and credit cards issued by the Bendigo Bank with standard interest rates. CSB says the amount of impact dollars a customer generates will depends on their banking habits, with a customer who holds a $250,000 mortgage with act. able to generate $31 per month to reinvest in the social project of their choice. “We believe in profit for purpose and act. is a world-first – a new way of banking where who you bank with does matter,” said Amanda Watt, CSB’s head of marketing and communications. Sailors with disabilities and RACQ CareFlight Queensland are two not-for-profit organisations using act. to raise funds. “This is such a natural fit for Salvos Legal to be involved with,” said Holmes.  “A socially-focused project like this goes hand in hand with our own values.”

 

Crowdfunding provides comfort to Salvos
Intro image
lawyersweekly logo
Big Law

latest

Rethinking wellness for law

Rethinking wellness for law

Andrew Gouveia

LeBron James, tattoos and copyright

Insolvency could be an opportunity for transformation

Insolvency could be an opportunity for transformation

Jillian Gardner

Greenwoods names new infrastructure partner

FROM THE WEB
Recommended by Spike Native Network