#MoveYourMoney Local to Support our Local Arizona Economy
We love working with the folks over at Local First Arizona! Last month they enlightened us with their #MoveYourMoney campaign. #MoveYourMoney local is an easy way for YOU to support our local Arizona economy.
Local Banks and Community Credit Unions
When our money goes into the local banks and community credit unions, it gets reinvested back into our local community rather than supporting big corporate salaries on the other side of the country. I bet you already know that credit unions offer personal accounts, but did you know they offer business accounts too? Many of them right here in our Tucson community offer a full range of business services. Did you know that Credit Unions are nonprofit organizations, unlike big corporate banks? What’s more, they typically have lower interest rates on loans, while offering higher interest on deposits. Need a list for your Tucson options? Check this out!
Is it the Right Move for ME?
Most likely that answer is a big YES! but we never recommend making blind decisions and suggest you do your research. To help you out, the folks at Local First have offered items to consider before making a decision for your business or personal accounts.
Why Does it Matter?
You might be asking yourself – does it really matter if my money is in a global bank? Absolutely – and for more than one reason. Watch this video to get a better understanding of how global banks operate and how your actions make a difference.
The video talked a bit about lending practices but let’s look a little deeper at the numbers. This article in Forbes summarizes what many other statistical reports show: big banks approve loans to small business at a rate of 13%, while community banks and credit unions approve at a rate of 19.7%. That means big banking is approving 1 out of every 8 small business loans while local banking is approving 1 out of every 5 (rounded). By supporting local institutions, we increase business loan availability not only to ourselves but also to our fellow small business owners.
Here at EverythingCounts we have utilized a local credit union for our business account since the beginning. Will you join us to #MoveYourMoney local? Reach out to tell us why you choose to #MoveYourMoney!
