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A community bank offers deposit accounts and loans mainly to local residents and businesses. Community banks are those that have under $1 billion in assets, according to the FDIC.
As of 2023, Bank of America, Huntington Bank, Regions Bank, Truist, U.S. Bank and Wells Fargo all offer small dollar loans to their customers. Community banks or local credit unions.
The ICBA argued that "increasing the eligibility threshold to $1 billion to account for inflation, industry consolidation, and asset growth will help an additional 515 bank and savings and loan holding companies raise capital for additional consumer and small business lending, leading to job creation and community development." [8]
Community banking is a form of empowerment-based economics which falls under the larger umbrella of micro-finance.Micro-finance as a whole is focused on the entrepreneurship of individuals, generally with a goal of lifting low-income or disadvantaged groups out of poverty and providing the means for them to prosper. [3]
In fact, 64 percent of Americans were more likely to have a favorable impression of community banks knowing they make 60 percent and 80 percent of small-business and agricultural loans ...
Loans normally start at $50–$100 and are linked to savings such that the more a client saves the more she can borrow. The normal loan period is four months and is repaid in 16 weekly installments. [1] At the end of 2006, 95% of clients covered by a benchmark sample of 71 NGOs and institutions engaged in village bank lending were women. [6] [7]
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