How Does a Community Bank Support the Local Community?
Are you passionate about shopping local, supporting small businesses? Does that passion extend to your banking habits? Just like your favorite restaurant or nail salon, community banks are small businesses too, and like other small businesses, they support local communities in several ways. Here are just a few of the reasons community banking helps strengthen local neighborhoods.
Community Banks Foster Local Economies
Few things strengthen a local economy the way community banking does. Community banks are uniquely focused on serving their neighborhoods. This means that community bank owners can often look at the whole picture instead of seeing their clients as nothing more than risks or numbers.
Think about loans, for example. A megabank may turn down a loan seeker in the hospitality business because these businesses are seen as “high risk.” A community bank owner, on the other hand, may take other factors into consideration. For example, perhaps the loan seeker has a local reputation for responsibility and paying back their loans. Maybe the hospitality industry actually performs quite well in that particular neighborhood.
In any case, local banks support local businesses, which in turn bolsters local economies.
Community Banks Create Local Jobs
Local banks tend to hire local workers. This means keeping more jobs in the neighborhood. The more work a community has, the more it can thrive and keep dollars circulating in the community. Job security can result in healthier, happier neighborhoods.
Community Banks Reinvest in Their Communities
Of course, community banks don’t just spend their dollars on local businesses. They reinvest in communities in other ways, too. Local businesses, including local banks, are the most likely entities to invest in arts programs, community services, Boys and Girls Clubs, and similar programs. Community bank owners know what their communities need and the services that can help their communities most. Megabanks don’t have that same kind of connection.
Community Banks Offer Personalized Services
Local banks can also provide more personalized services than megabanks. Again, megabanks tend to see their customers as risks and numbers. Community banks see their clients as people, and they treat those clients with respect and care.
Find Your Community Bank With Bundlefi
Are you ready to find your community bank? Bundlefi can help. Use our comparison tool to see local banks side by side. With Bundlefi, you can find the bank that fits your needs and lifestyle.