Community financial institutions (FIs) and credit unions (CUs) are triumphing over big banks at a time when the country's small businesses are making tentative steps toward economic recovery, the Christian Science Monitor reports.
The source notes that despite the financial crisis, "Community banks and credit unions all over the country are growing their market share and doing it in a way that benefits the communities they serve." In fact, more than 650,000 people sought out CUs to open an account over the past few months, subsequently depositing approximately $60 billion with such institutions.
Entrepreneurs' preference for seeking out a community bank or credit union over a larger FI is partly due to the fact that since the recession, many have struggled to obtain capital through traditional means. This led those who perhaps normally wouldn't have considered a CU or community institution to stop by for advice about commercial loans and other financial tips.
Many of those who drop in choose to stay, enjoying the local element and the fact that community banks cater to small business owners. Let My Bank show you what we have to offer by stopping by, giving us a call at 1-888-mybank4 or visiting mybank4.com.