State Bank of Minnesota

by Jack Ray | Apr 03, 2013
| 1 Comment

Summary:

I believe we should use the prize for seed money to organize and create a State Bank of Minnesota modeled on our neighbor's to the west, North Dakota. The State Bank would be a public entity that receives as deposits all tax, fee and other receipts of governmental units in Minnesota from the State on down. The Bank would be a responsible lender, would strive to show a profit on its operations, and reinvest that profit in supporting sustainable, local economic development in Minnesota.

The Minnesota State Bank could be innovative in a way ordinary commercial lenders cannot, not by being reckless with its portofolio of loans, but by utilizing best value calculations when making a judgement about a project's or organization's credit worthiness.

About You

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About You

First Name

Jack

Last Name

Ray

City

Minneapolis

County

Hennepin

Country

United States, MN

Website (if you have one)

Names of others who helped contribute to my idea

How did you hear about the Forever Saint Paul Challenge?

About Your Organization (if applicable)

Organization Name (if applicable)

City of Saint Paul

Organization Website

Organization Phone

651-266-8968

Organization Address

15 West Kellogg Blvd

City

Saint Paul

Organization Country

United States, MN

Your idea

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Title of your idea

State Bank of Minnesota

Give us the highlights of your idea for making Saint Paul great (2,000 characters maximum or approx. 250 words)

I believe we should use the prize for seed money to organize and create a State Bank of Minnesota modeled on our neighbor's to the west, North Dakota. The State Bank would be a public entity that receives as deposits all tax, fee and other receipts of governmental units in Minnesota from the State on down. The Bank would be a responsible lender, would strive to show a profit on its operations, and reinvest that profit in supporting sustainable, local economic development in Minnesota.
The Minnesota State Bank could be innovative in a way ordinary commercial lenders cannot, not by being reckless with its portofolio of loans, but by utilizing best value calculations when making a judgement about a project's or organization's credit worthiness.

Website address (if applicable)

Innovation

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What makes your idea different or unexpected? (4000 characters maximum or approx. 500 words)

The innovation here is mostly having the brass to buck the banking lobby and beginning to do something that has worked very well in North Dakota for many decades. There is a great need for credit and working capitol for small businesses, but we have a system that mostly makes credit available to folks that don't really need it. I am not suggesting we abandon prudence in lending, but more a flexible business credit environment will help support socio-economic mobility. We have tremendous inequity in employment and income and a well run State Bank can help address this.

Impact

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This Entry is about (Issues)

How will your idea make a difference in Saint Paul? (4000 characters maximum or approx. 500 words)

The direct lending and investment of the State Bank will be advantagous, but it will also force commercial lenders to offer better products and service in our state.

Sustainability

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Why do you think people will recognize or remember your idea after it comes to life? How might it inspire others to do something similar in their community? (4000 characters maximum or approx. 500 words)

Banking is profitable and our state citizens should be able to collectively benefit from our capacity to engage in an endeavor collectively. Let's see some of the profit from banking services in Minnesota go directly to public benefit.

bhjhgj hgjjg said: As a bank we must be careful all the time. What we want is the safety of our depositors. - YOR Health Products about this Competition Entry. - 2626 days ago read more >

Jack Ray updated this Competition Entry. - 2851 days ago

Jack Ray submitted this idea. - 2851 days ago