Small businesses, which create the majority of new jobs, depend heavily on community banks for financing. Although small and mid-sized banks control less than one-quarter of all bank assets, they account for more than half of all small business lending.

Big banks, meanwhile, allocate relatively little of their resources to small businesses. The largest 20 banks, which now control 57 percent of all bank assets, devote only 18 percent of their commercial loan portfolios to small business.

Why Should You Care About This?

As a consumer and local resident, community investment should important to you. It has an impact on your home values, job opportunities and quality of life. Local community banks are built on the idea that an individual’s assets should be spent on investing in local small businesses, which creates more jobs and makes the local community stronger. Using your local community bank recycles money throughout the local economy.

Is a Local Bank More Likely to Approve Your Loan?

At your local community bank, loan approvals and other key decisions are made locally by people who live in the community. You have face-to-face relationships with staff, many may be your friends and neighbors. They understand your needs and local community needs. Because of this personal knowledge, community banks are often able to approve small business, personal, and other loans that big banks would reject. In addition, your loan is approved much quicker, again because we know you and our decision makers are here in the community.

If you’ve been avoiding switching to a community bank because you think it won’t be able to offer you the same technological perks as a big bank, think again. Many community banks now offer all the convenience tools such as online banking and automatic bill pay, people-to-people electronic payment options (POP Money), mobile banking, mobile check deposits and more.

If you ever have any questions or concerns, you can feel free to call Chelsea State Bank directly. Our calls are answered by our staff right here in Chelsea and Dexter, Michigan. We will take care of you personally.

There is one final advantage to local banking. As a community bank, our mission is to turn local deposits into local productive investments, business or personal loans.

Life is complicated – but your banking doesn’t need to be. For over 100 years, Chelsea State Bank has been the community’s trusted financial resource. Bring your financial questions and concerns to us. We are your local community bank. Keep it local. It has its advantages!