Profile

Founded: 2007
Headquarters: Toronto, Canada
Number of Employees: 7
Public/Private: For-profit
Website: www.communitylend.com
Years on the WorldBlu List: 2009

About

CommunityLend connects people who want to borrow money with people who want to lend money. CommunityLend opens up the billion-dollar consumer loan industry to a wider community of eligible lenders than just banks and credit card companies.

Why

"CommunityLend operates Canada's first social lending service and has a clear business vision around the democratization of the financial services industry. Structuring our own corporation around democratic principles is a business imperative." — Michael Garrity, President, CEO, and Co-Founder

BLUNOTES :: SELECTED BEST DEMOCRATIC PRACTICES

ON DIALOGUE + LISTENING...

At CommunityLend, the employees have open team discussions before making any meaningful decisions related to the company. Each of the three founders maintains a veto right on any decision. However, the founders are fully conscious that the use of a veto usually indicates that the conversation is incomplete.

ON INTEGRITY...

The employees at CommunityLend are governed by more than just a set of principles pinned to the wall. The company's continued ability to operate requires that all personnel act in alignment with the specific legal and moral principles set out in the numerous regulatory regimes that govern the company's sector. All of the members of the team are informed about these principles and where to find out additional information about each of them.

ON ACCOUNTABILITY...

CommunityLend builds in performance accountability at its weekly staff meetings, where each employee reports on accomplishments related to their specific function. The team also discusses company goals, and lays out the interdependent plans that different staff members have to achieve those goals.