If you ask people on the street (outside of Chicago) if they have ever heard of ShoreBank, the answer would likely be “no.” While ShoreBank isn’t a Goldman Sachs, a Bank of America, or a JP Morgan, to the Progressives, this “little” bank is in many ways every bit as big and important as the aforementioned “large banks.”
Why?
One of the core components of President Obama’s fundamental change for America is to create clean energy jobs, also known as “green jobs”. During his campaign and as recently as his State of the Union Address, President Obama continues to talk about the need “green” jobs. In fact, during his State of the Union 2010 speech, the President stated, “We should put more Americans to work building clean energy facilities – and give rebates to Americans who make their homes more energy-efficient, which supports clean energy jobs. “
In a speech given by the President in Virginia on Dec. 15, 2009, he said, “The simple act of retrofitting these buildings to make them more energy-efficient — installing new windows and doors, insulation, roofing, sealing leaks, modernizing heating and cooling equipment — is one of the fastest, easiest and cheapest things we can do to put Americans back to work while saving families money and reducing harmful emissions.”
In the stimulus package last year, President Obama devoted nearly $60 billion of his plan for building a new green-based economy.
Retro-fitting older homes to save money on heating and cooling costs is a great idea; but in today’s economy, how many people can afford to spend that kind of money up front? And if people aren’t buying green building materials, like replacement windows, how will any of this create green jobs? If there isn’t an increase in green jobs, then the billions spent in stimulus money would be a waste — and the President can’t let that happen.
Enter ShoreBank.
ShoreBank has been active in helping homebuyers with making their homes more energy efficient for years. In 2005, then-governor Rod Blagojevich “announced a $10 Million Homeownership Initiative to Revitalize Homes in Chicago’s South and West Sides.” This venture was administered by ShoreBank, which also provided homebuyers with education on “how to choose energy-efficient products…..”
ShoreBank’s own website states, “In Chicago, borrowers are rated on types of windows and light bulbs used, and a free energy audit is often required before a loan is granted.”
Recently, ShoreBank received $35 million in “new market tax credits” to finance green buildings and other projects in Chicago, Detroit and Cleveland – the communities it serves.
Now what if you just had a product that needed to be made by green jobs that could be sold by a bank? Enter Serious Windows, made by Serious Materials.
Serious Windows took over the Republic Windows and Door Factory in Chicago. They make energy efficient windows which have been selected by the Community and Economic Development Association of Cook County to be used in their low-income multifamily dwellings that qualify under the Illinois Home Weatherization Assistance Program. This Assistance Program was awarded $242.5 million in the ARRA stimulus money.
Serious Windows must be important windows in the Obama Master Plan. The company has been singled out (in speeches made by the administration) as being the best windows in America. And Serious Materials received $548,100 in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy manufacturing projects – while no other window company received this same credit.
Now you have all the pieces in place to put together a plan to create green jobs. You have a window manufacturer (Serious Windows) receiving government money. You have a weatherization project, also government funded, awarded to the Community and Economic Development Association of Cook County. And then there’s the Midwest Energy Efficiency Alliance, which recommends Serious Windows, trains energy auditors and develops certified contractor lists. And finally, there’s ShoreBank, a bank with long ties to the Progressives that has also received government money. ShoreBank requires that an energy audit be completed before a home loan is approved. (Oh, and did I mention that one of the board members for Midwest Energy Efficiency Alliance works for ShoreBank? Joel Freehling is the Manager of Triple Bottom Line Innovations at ShoreBank, whose “… primary task is the creation of innovative financial products to promote energy efficiency and green development in urban markets, such as ShoreBank’s Homeowners’ Energy Conservation Program.” )
If ShoreBank can loan money to people to buy homes and recommend Serious Windows (which creates green jobs), it will be a win-win for the green jobs stimulus project. Is it any wonder that Senator Dick Durbin and Rep. Jan Schakowsky are applying pressure as they ask for a $100 million bail out of ShoreBank?
Related Posts
- ShoreBank: Too Green to Fail?
- Shorebank: The First ‘Green’ Bank
- Pretendustrial Terrorism: Green Jobs Critic Receives Parcel From “Green” Company: Dismantled, But Otherwise Operational, Bomb
- Olbermann Touts Man Who Created 50 Green Jobs with $99 Million Stimulus Cash
- Green Jobs as Great Source of Job Destruction — By: Veronique de Rugy
Why is there so much attention on Serious Windows? What is so threatening about this company? There is very little by way of facts in this story or others I have read on this topic. I don’t care what side you are on politically in regards to the stimulus program. Is it not the intention of this program to stimulate our economy?
Serious Materials is the only window company to receive funds because it is the only company that has acquired other bankrupt companies. In fact Serious purchased Republic Windows after it shut down, leaving it’s workers unemployed without paying them the money they had earned. These workers fashioned a sit in for 9 days. These workers ultimately got paid as a result of this. Shortly there after Serious purchased this plant with help from an ARRA Grant. They also rehired the workers (from Republic) at the same rate of pay and seniority. A similar purchase was made of Kensington Windows in PA.(Kensington didn’t leave it’s workers unpaid, etc).
Serious Materials makes windows that out perform any of the American window manufacturers. I don’t understand why people make statements that imply that it is unfair that this administration acknowledges the fact that Serious Windows have superior energy efficiency. This is not only true but it’s about time that we demand more from our building materials. Serious Materials makes a fiberglass window (I shouldn’t have to tell you why vinyl is not “Green”) with u-values in the low to mid teens (series 925 casement u-value .15). Their glass technology also gives us the ability to have either low or high solar heat gains (series 925 casement (.24 low or .47 high) giving us the ability to fine tune our homes and take advantage of passive solar heating opportunities. Using this window in conjunction with other innovative envelope building techniques allows us to build homes that are net-zero energy consumption. The performance data for another fiberglass window is u-value .29 and SHGC .28. This is as good as it gets. We are starting to see triple glazing in vinyl and wood windows but this isn’t a good option for those within the green and sustainable community.
I do not work for Serious Materials, I do work for a distributor of Serious Windows. I sell the Serious window along with many other brands. I am not writing this because I want to further promote them. I am writing this because it is wrong and inaccurate.
Why wouldn’t we as Americans want to support a company that has helped save jobs and create new ones? Why wouldn’t we be in support of a product that out performs ALL of it’s American competition? Why wouldn’t we want to use these highly efficient windows in our own homes and save on our utility bills? Maybe it’s those of you that spread these untruths that we should all be weary of? Is there a reason why we shouldn’t support and promote a company and product like this?
I lost a contract to supply windows on a job funded with an ARRA Grant with made in America provisions to a Canadian company. Why isn’t anyone talking about this misuse of stimulus funds?
I am looking forward to a response to my questions. I am also more than happy to supply anyone with actual performance data from any American made window out there.