When you need a loan, a bank account, or other financial assistance, you have several more options than you used to have. In the past, most business owners had to get what they needed through a large and impersonal bank. These days, things are different. Not long ago, we talked about what credit unions do. Now, let’s focus on community banks. So, what do community banks do? Read on to find out.
Deposits, Savings, and Loans
Essentially, community banks will do all the same things that a large corporate bank can do. When you need to open a savings account, a checking account, or apply for a loan, a community bank has what you need. You get all the same benefits from a community bank as you get from a corporate one. For example, you can get a debit card, make simple deposits, and utilize other resources from your community bank. A lot of business owners prefer community banks when it’s time to apply for a loan. For one thing, it’s often easier to get a loan through a community bank. These banks are run by people who understand small businesses. They know that not everyone has a stratospheric credit score, and they know that not everyone has a ton of available collateral. At a community bank, you’re far more likely to find someone who will work with you and help you get started.
Focusing on Local Needs
Community banks keep a local focus. The people who work at these banks often live in the community. In fact, if you go into a community bank for a loan, you may recognize one of your friends working behind the counter. Part of the reason that local business owners go to community banks is because the people at these banks want to see local businesses prosper. They do what they can to invest in the community.
Speaking of investing in the community, these banks often become active participants in community activities. They know the local businesses because they help the local businesses. They may also do things like sponsor local youth sports teams, host financial literacy seminars, and make themselves available for questions.
Looking for a Community Bank?
Would you rather get your loan from a community bank than a corporate giant? Wondering where you should start? Let BundleFi help. We connect small businesses with local banks and credit unions so that they can reach their full financial potential. Contact BundleFi today to get started.