Research the business side of banking
Setting up a wetland mitigation bank is much like setting up a store. Before you would set up a store, you would likely do some customer research to see if your store would be successful. Here are some items to think about when considering establishing a bank. Along with understanding the physical and biological conditions that make a site suitable for a bank, you should consider other elements regarding feasibility for developing and marketing the bank:
- Do the local jurisdictions in the watershed allow banks to be used as mitigation for wetland impacts?
- What does the site look like now and what activities would need to be done to make this site a bank (i.e., enhancement, restoration, creation)?
- Is the site large enough to generate enough credits to make it viable?
- Do you have the money to make the site a bank that is ecologically appropriate and sustainable?
- Do you have the qualifications to perform the necessary actions or will you need to hire wetland consultants or engineers?
- Are you setting up the bank for your own use or to sell credits to make a profit?
- If you did have a bank site with credits to sell, would you have buyers?
- After construction, what type of on-going maintenance and monitoring will the bank need?