The Benefits of Community Banking for Small Businesses

This spring during the height of the Covid shutdowns I tried to apply for a Paycheck Protection Program (PPP) loan through Chase Bank, the large multinational bank that I used for business banking. After weeks of receiving no assistance from Chase, I reconsidered my banking choices in their entirety. I have now moved my business banking to a community bank in my region, and I am so happy that I did. I received immediate assistance on my PPP loan application, and I’m already beginning to see the long lasting benefits of banking within my local community. 

Today I’m joined by Paul Merski of the Independent Community Bankers of America (ICBA), a trade organization representing over 5,000 community banks, for a conversation about how Community Banks work to champion and support small businesses. 

In this episode, we’ll cover: 

  • What community banking is, and how does it differs from large multinational banks

  • Community banking’s dedication to small business loans 

  • How keeping your money in your community bank supports a thriving local economy

  • Tips for moving your small business banking from a large bank to a community bank 

If you’re interested in exploring how community banking could benefit your business, visit ICBA.org and use their bank locator to find a community bank near you. 

Let me know what you got from this episode! Take a screenshot, add it to your Instagram Stories, tag @andreasagerlaw and let me know! 

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Transcript

Disclaimer: 

The Legalpreneur Podcast is advertising/marketing material. It is not legal advice. Please consult with your attorney on these topics. Copyright Andrea Sager Law 2020

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