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Crowdfunding provides comfort to Salvos

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

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.”

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Crowdfunding provides comfort to Salvos
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