Impact of Community Banks on Communities
Want to support your local community? Then support your community bank. Community banks may be small, but they have a huge impact on the people around them. Ready to learn more? Then let’s take a closer look at how community banks make a difference.
Jobs for Community Members
At Bundlefi, we often stress how much community banks support local economies. One of the ways that they do this is by hiring community members. Community banks employ your friends and neighbors. At a community bank, you’ll find people from your own neighborhood working as tellers, managers, and more. Non-community banks, on the other hand, often employ people from out of town. When community members get to work and thrive, they can spend more dollars in the local economy.
Thriving Local Businesses
Community banks help local businesses thrive. They often provide loans that local businesses couldn’t get from a megabank. Community business owners must go through more red tape to get a loan from a big bank. Community banks, on the other hand, often take a more holistic approach to loan approval. Obviously, they’ll still look at things like collateral and credit scores, but they also see more than just collateral and credit scores. Big banks, in contrast, don’t see people. They see numbers.
Customer Service and Community Service
When people know your name, you get better customer service. At community banks, you’ll get the kind of personalized service that big banks can’t provide. Community banks don’t just serve individual people, though. They also contribute to their communities on a larger scale. They often sponsor local teams, donate to local charities, and of course, spend money on local businesses.
Avoid the Megabank Takeover
Finally, community banks are often the last line of defense between their communities and a megabank takeover. Megabanks are impersonal and can harm local economies. When people use community banks, they keep those banks in business. As a result, by using a community bank, you can support your friends and neighbors.
Find Your Community Bank
Are you ready to find your community bank? You have more options than you may think. Whether you’re looking for a business loan or a place to open a checking account, Bundlefi is here to help you find what you need. At Bundlefi, we help people like you connect to the banks that meet their needs best. Check out Bundlefi today to start comparing your options.