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Homegrown Loans: Local Banking Gives You More Bang for Your Buck

| Written by ILSR Admin | No Comments | Updated on Jan 15, 2012 The content that follows was originally published on the Institute for Local Self-Reliance website at https://ilsr.org/homegrown-loans-local-banking-bang-buck/

Utne Reader, January-February 2012

Shop local, eat local, travel local. These precepts have enjoyed a grassroots renaissance over the past decade, leading in many cases to healthier food, sturdier products, and more affordable energy. They have also helped communities reduce their carbon footprint and support local businesses and small farmers. According to Stacy Mitchell, writing in YES! Magazine (Fall 2011), banking locally is the next step in smart living, since large financial institutions are geared toward satisfying wealthy customers and corporate accounts, while community-based organizations are more likely to provide small-business loans, factor in hometown economics, and value face-to-face relationships.

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