Don't Forget about Local Banks

We all know the importance of shopping local and the impact those dollars have on a community. However, a recent article by SmallBizDaily reminds us all of the importance of banking local, too.

In "Why Banking Local Matters As Much As Buying Local," Bill Brunelle, Co-founder of the small business movement, Independent We Stand, states:
 

"Banking local isn’t just better for your money — it’s also better for the community. Think of it like this: at the core, local banks are small businesses themselves, meaning they operate similarly to your brick-and-mortar retail store. They make decisions on a local or regional level, they offer face-to-face customer service and they give back to their communities."

Yes, local banks are small businesses, too, and need local support as much as the mom and pop shops along Main Street do. While small and mid-sized banks control less than one-quarter of all bank assets, they account for more than half of all small business lending, an important consideration for a growing business community.

​Brunelle also reminds us that local banks turn deposits into loans and other productive investments that benefit communities. "Local investment programs and responsible banking practices make local banks an asset for small businesses. Small businesses generate the sales dollars, tax revenue and employee wages that keep the community running. Leaving those funds to the management of a big bank is a risk the community can’t afford for you to take."

The success of local banks and credit unions are tied to the prosperity of their local communities and the more the community prospers, the more the local bank benefits. There's no better incentive for their involvement in the community. It's a win-win for all.

Why Banking Local Matters As Much As Buying Local