Dear Cambridge Local First Members and Friends,
LOCAL is BIG!
As a result of the national movement, the word LOCAL has become one of the best ways to attract customer attention and promote almost any business. We are all seeing it everywhere.
Cambridge Local First is celebrating its eleventh year of encouraging residents to patronize locally owned businesses and we continue to promote its many benefits for the owners, the residents, and the community. However, we all sometimes forget the extraordinary benefits of banking locally. Cambridge is fortunate to have several outstanding local banks. They are located close to our homes and businesses and they can absolutely do everything the big national and multinational banks can.
Why not keep the money in Cambridge where it can be used to improve our local economy? Here are four solid and practical reasons why you should Move Your Money to our local banks and encourage your friends and neighbors to do the same:
- Receive the same services at a lower cost!
Most locally owned banks offer the same array of services, from online bill paying to debit and credit cards, and often at much lower cost than big banks.
- Put your money to work growing our local economy.
Small businesses create the majority of new jobs and depend heavily on local banks for financing. Small and mid-sized banks control less than one-quarter of all bank assets, yet they account for more than half of small business lending.
- Keep decision-making local.
At local banks loan approvals and other key decisions are made 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 banks are often able to approve small business and other loans that big banks would reject.
- Support businesses that share a commitment to our Cambridge community.
The fortunes of local banks are intimately tied to the fortunes of their local communities. The more the community prospers, the more the local banks benefits. This is why local banks are so supportive of Cambridge nonprofits in general and Cambridge Local First in particular!
Rachael Solem and Frank Kramer, Co-Chairs of Cambridge Local First