Why Bank Locally?

Where You Bank Makes a Difference!

When you use a bank or credit union rooted in our community, you’re making a conscious choice to support our local economy. Local First Champion member Mascoma Bank is a great example of why it’s important to move your money to a local institution. Mascoma Bank has been committed to investing in and lending in our region since 1894. They prioritize supporting Upper Valley communities, small businesses, and entrepreneurs – keeping our economy and community vital!

5 Reasons to Move Your Money and Bank Locally

1. Get the Same Services at Lower Cost
Most locally owned banks and credit unions offer the same array of services, from online bill paying to debit and credit cards, at a much lower cost than big banks. Average fees at small banks and credit unions are substantially lower than at big banks, according to national data. Studies show that small financial institutions also offer, on average, better interest rates on savings and better terms on credit cards and other loans.

2. Put Your Money to Work Growing Your Local Economy
Small businesses, which create the majority of new jobs, depend heavily on small, local 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.

3. Keep Decision-Making Local
At local banks and credit unions, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with their customers, and understand local needs. Because of this personal knowledge, local financial institutions are often able to approve small business and other loans that big banks would reject. In the case of credit unions, control ultimately rests with the customers, who are also member/owners.

4. Back Institutions that Share a Commitment to Your Community
The fortunes of local banks and credit unions are intimately tied to the fortunes of their local communities. The more the community prospers, the more the local bank benefits. This is why many local banks and credit unions are involved in their communities. Big banks, by contrast, are not tethered to the places where they operate. Indeed, they often use a community’s deposits to make investments in other regions or on Wall Street.

5. Support Productive Investment, Not Gambling
The primary activity of almost all small banks and credit unions is to turn deposits into loans and other productive investments. Meanwhile, big banks devote a sizeable share of their resources to speculative trading and other Wall Street bets that may generate big profits for the bank, but provide little economic or social value for the rest of us and can put the entirefinancial system at risk if they go bad.

Have an Idea That Could Use a Lift?

New Hampshire Businesses, Farmers, Entrepreneurs, Nonprofits, Community Initiatives: 

Do you have an incredible project just waiting to happen?

Want to grow your organization, our community, and the local economy, but don’t have access to capital?

The Local Crowd Upper Valley is a rewards-based local crowdfunding platform that helps communities invest in local businesses, entrepreneurs, nonprofits, and initiatives that are mission-driven social enterprises. If your organization contributes to the community and could use a lift, apply to be part of a Route 11 Corridor cohort of campaigns.
Vital Communities is partnering with TLC Monadnock to bring local investment and capital access to the Route 11 Corridor of New Hampshire thanks to funding from USDA Rural Development.

Submit a proposal for 2021 crowdfunding campaigns if you:

  • Your organization is based in Claremont, Newport, Kearsarge Region
  • Have a project with a budget under $10,000 .
  • Have a simple, achievable project that will generate excitement in your community.
    (your proposal can be part of a bigger project, but it should have stand-alone value.)
  • Have a project that will create an economic and/or social benefit to your business and the community
  • Are able to invest time to build a successful fundraising campaign

Sample project ideas: Farm infrastructure, renewable energy installation, community garden or art project, vehicle to expand nonprofit service, capital to launch a new rural enterprise, food business equipment

Submit your project proposal by December 1, 2020

The Local Crowd Upper Valley will select up to eight projects to participate in this crowdfunding cohort, based on the potential of each project to positively impact their local economy and community. Selected proposals will launch their campaigns in 2021, with support and guidance from The Local Crowd Advisors.
Campaign guidelines here.
 

The Local Crowd details:
You (project/campaign creator) will need to:

  • Form a Campaign Team to actively promote your fundraising project
  • Work closely with the The Local Crowd team to leverage training, marketing, and community outreach tools
  • Adhere to the keys of success promoted by The Local Crowd platform:  YOU share with your personal network. YOU make it happen.

You will receive:

  • Support from the The Local Crowd team to run a successful funding campaign
  • Access to business development support from project partners including NH SBDC and SBA
  • Marketing and outreach support to spread the word about your project
  • Free Crowdfunding Readiness Assessment ($85 value)
  • Funds raised via the crowdfunding campaign for the designated project (less platform and credit card fees)
  • Opportunity to reduce platform fees if you meet campaign milestones

Community. Connection. Capital.