10 Community Bank Benefits We Bet You Didn’t Know

Whether you are a business owner or an average American Joe, you may need funds to finance a project or expand your operation. And not every time, lending money from friends or monthly borrowing can do the trick. Sometimes, you need a reputable institution to invest in your endeavor. Community banks are the best places to get loans for various reasons. They exist to serve their customers and members, not to make a profit for outside shareholders. Here are the top ten benefits of taking out a loan from a community bank you ought to know today.

You Get Better Service

The primary mission of community banks is to serve their customers and members. They are not driven by Wall Street expectations or quarterly earnings reports. Because they don’t have to answer to outside shareholders, community banks can focus on providing the best possible service to their depositors and borrowers.

You Get Lower Fees

Community banks don’t have the high overhead costs of big banks, so they can pass the savings on to their customers in the form of lower fees. For example, ATM fees are typically lower at community banks than at large banks.

You Get Greater Flexibility

Since community banks are locally owned and operated, they have the flexibility to make decisions quickly without having to go through a lengthy approval process. This means they can tailor their products and services to meet the specific needs of their customers.

You Get Faster Approvals

Because an Oregon community bank has a more personal relationship with their customers, they can often approve loans faster than large banks. If you need a loan for your business, you won’t have to wait weeks or even months to find out if you’ve been approved.

You Get More Personalized Service

At a community bank, you’re not just another number. The bankers will get to know you and your business and be more invested in helping you succeed. You’ll be able to develop a long-term relationship with the bank, which can be beneficial when you need financial advice or other services.

You Get Local Decision-Making

Local decision-making is another advantage of community banks. Since the decisions are made right in your community, you can be sure that your loan will benefit the local economy. The funds you borrow will stay in the community and be used to create jobs and support businesses.

You Get Greater Loan Opportunities

Community banks are more likely to approve loans for small businesses and entrepreneurs because they understand the needs of these borrowers. Large banks typically only lend to businesses that have been in operation for several years and have a proven track record. But if you’re just starting out, a community bank may be more willing to take a chance on you.

You Get More Access to Credit

Community banks are required to hold less capital than large banks, which means they can lend more money. This can be beneficial if you need a large loan for your business. You’ll have access to the funds you need without going through a lengthy approval process.

You Get Support for Your Community

You support your local economy when you do business with a community bank. The bank will reinvest its profits in the community, which can help to create jobs and spur economic growth.

You Get Peace of Mind

When you bank with a community bank, you can be confident that your money is safe. Community banks are subject to the same regulations as large banks and must follow the same guidelines for safeguarding depositors’ funds. But because community banks are typically smaller, they can be easier to manage and less likely to fail.

Final Word

Banking with a community bank has many benefits that you may not have considered. Community banks can offer a better experience, from lower fees to faster approvals than big banks. So if you’re looking for a new bank, be sure to check what a community bank has to offer.