How community banks drive local economic growth
April is Community Banking Month
By Josef Britschgi, BAC Community Bank
April is Community Banking Month, a time to recognize the important role that community banks play in supporting local economies while helping individuals and small businesses achieve their financial goals. As part of this celebration, community banks across the country are highlighting their commitment to local economies.
Community banks play a vital role in supporting local economies. Small banks are often key lenders to small businesses, providing the capital they need to start, grow, and succeed. Often referred to as America’s favorite lenders, community banks provide roughly 60% of all small business loans. By investing in local businesses, community banks help create jobs, drive economic growth, and build strong communities. “As a small business ourselves, we take our role in the local economy very seriously,” says Eddie Lira, Chief Commercial Banking Officer at BAC Community Bank.
Another way community banks support their local economies is by providing financial education. Community banks understand that financial education is essential to making informed decisions about money management, investing, and credit. BAC Community Bank is a local example of a community bank that provides online educational videos and tools to customers. BAC recently expanded its community outreach by providing the Banzai financial literacy program to Antioch High School, Bidwell Continuation High School, and Deer Valley High School. By promoting financial literacy, community banks are empowering individuals to make informed decisions about their finances and build a strong financial future.
Community banks prioritize building personal relationships with their customers. This means taking the time to understand each customer’s unique financial needs and goals, and then providing customized financial solutions. Relationship banking is a hallmark of community banking. Such personalized service builds customer confidence and trust.
Community banks are also keeping pace with advances in technology – sometimes even setting the pace. For example, BAC Community Bank recently launched their Smart ALAC service to provide customers anywhere face-to-face interaction with a dedicated personal banker without the need to travel to a branch. Such innovations, along with other advanced digital banking services, are provided by BAC while continuing to be recognized as one of the strongest financial institutions in the nation.
Community Banking Month highlights the value that community banks bring to their customers and communities. Through their focus on community investment, financial literacy, and relationship banking, community banks are helping individuals and small businesses achieve their financial goals and driving economic growth in their local communities.
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April is Community Banking Month
