Crowdfunding provides comfort to Salvos
Salvos Legal was the sole law firm involved in a deal concerning a franchise of the Bendigo Bank.
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
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.”