Now More Than Ever, Community Banking is Good Business
National Small Business week is April 30-May 6, 2017. That’s something to celebrate because small business plays a vital role to the economies of our local communities. We all win when our local economy is strong and growing.
Right now, it’s especially important for small businesses to be thinking about the future. Big changes are coming down the pike: new tax policies, regulatory changes, interest rate changes, and so much more. When these changes go into effect, as your local community bank, we can help you understand how they will affect the fiscal health of your businesses both positively and negatively. Whether you come to us for business lending, merchant services, equipment leasing or any of your other business banking needs, we’ll be there to help you navigate the changes.
Community Banking Benefits Everyone
As community bankers, we maintain a mutually beneficial relationship with our customers. We take in local deposits and put them to use by lending that money back into the local economic ecosystem—to small businesses, entrepreneurs, farmers and home buyers. That’s why community banks are so important to small businesses and our communities. Through recessions and economic booms alike, community banks have worked with small businesses and farmers to help them survive and thrive.
If you aren’t convinced, consider this: according to the Independent Community Bankers of America (ICBA), community banks make 90 percent of agricultural loans and more than half of all small business loans. Not surprisingly, community banks are the lender of choice for small businesses, above large banks, credit unions and nonbank lenders.
These are just a few of the ways community banks help small businesses succeed.
- Access to Local Business Expertise – Local loan officers aren’t just there to review your loan application and check off the boxes – we understand the local business climate, the specifics of your business and the opportunities and/or hurdles you may encounter. We see ourselves as trusted advisors, not just paper-pushers.
- Better Access to Credit – Our customers aren’t just a number to us. Community banks consider character, family history and discretionary spending when making loan decisions, not just your credit score. Decisions are locally made, making the process faster and smoother.
- Competitive Technology – We know we have to keep up with Megabanks when it comes to technology and modern banking options. We offer the same array of services, from online bill paying to merchant services, at lower cost than most big banks.
Community Participation and Caring
As local small businesses, community banks like ours only thrive when our customers and our communities flourish. For instance, when communities need help with a fundraiser, whether it’s a sponsoring at Little League team or raising money for a nonprofit agency or a homeless shelter, community banks and small businesses are often the first to answer the call. From Nashua to West Glen, and all our local communities in between, you’ll find LSB team members working to help our businesses and our communities succeed.
Whatever changes this year brings, you can be sure that LSB will be working with our local businesses and celebrating their successes all year long. Stop by one of our locations this month to say hello or find out how your local branch is celebrating!
Lincoln Savings Bank, Member FDIC