How does a bank support its local community? It depends on the bank. On the one hand, big bank franchises may not support your community much or at all. Smaller local banks, on the other hand, make a big difference to local communities. They give back in a more personal way than a major bank ever could. Here are just a few of the ways that smaller banks help their communities flourish.
Boosting the Economy
First of all, just by existing, small banks support the local economy. They provide jobs for community members, they help businesses grow, and they often invest in those businesses, too. Often, small banks help community businesses stay afloat when big corporations would rather see those businesses disappear. When community banks help the local economy, then the community can retain its overall culture and individuality.
Supporting Small Business
Speaking of local businesses, let’s take a closer look at how community banks invest in them. Small banks are generally an excellent choice for small business loans. When it comes to the bigger banks, small business owners can struggle to get a loan. In fact, getting a loan from one of these banks can feel nearly impossible. Many banks demand nearly perfect credit scores and tons of collateral before they’ll even think about approving your loan. They don’t care about your story or your business. Their biggest concern is their bottom line. Smaller community banks make it easier. Often, small banks have less stringent requirements for loans and other small business help. Thanks to these banks, small business owners with lower credit scores can still fulfill their dreams.
Community banks give back in a lot of other ways, too. As a local business, a community bank may support local nonprofit organizations, sponsor sports teams, and maybe even offer financial literacy classes. Unlike larger franchises, small banks are a part of the community, so they want to see the community succeed.
Find Your Bank With BundleFi
Are you struggling to find the right bank for your small business loan? Do you prefer small banks and credit unions to large, imposing banks that don’t really care about your business? BundleFi can help you find the perfect match. Bundlefi connects small business owners with local banks and credit unions. When you’re ready to get a business loan from a trustworthy bank, get in touch with BundleFi. We’ll help you find the best choice for your unique circumstances.