HYANNIS – A local nonprofit is advising people on Cape Cod to consider how banking local can help the region’s economy.
Co-Founder & CEO of Love Live Local Amanda Converse spoke with CapeCod.com NewsCenter about this month’s Move Your Money: Bank Local initiative.
“When you’re banking with a smaller bank, typically those deposits go back into the community, so they’re invested in the community for community use. So that means residential loans, small business loans, charitable contributions,” Converse said.
Move Your Money, a movement created by the American Independent Business Alliance, is asking members of the public on Cape Cod and across the country to support community banks and credit unions.
Converse said that while big banks dedicate less of their resources to a community’s economy, small banks are often the biggest lenders for small businesses in the area.
“We’re really directing our attention to who is supporting our small businesses here on Cape Cod, and it really is the local banks, time and time again,” Converse said.
Other reasons Converse is encouraging people to consider the Move Your Money initiative is that local banks have more access to their communities and usually have better relationships with community members.
Although Converse noted Cape Cod 5, Cooperative Bank of Cape Cod, and Seamen’s Bank are not partnered with Move Your Money, she stated the importance of how the local banks all invest their deposits back into the region.
Check out Love Live Local’s site to learn more.
By Brian Engles, CapeCod.com NewsCenter
About CapeCod.com NewsCenter
