Between the specter of artificial intelligence wiping out the human race, being forced to revisit the 9/11 attacks, and just the general state of the world, I felt pretty worn out by the end of last week. I don't know about you, but I need a palate cleanser. So, let's hear about some "good" news for a change. These are the kinds of stories that don't usually make it into the news but which remind us that the real point of banking is community.
"Let us put our money out at usury among ourselves, and reap the benefit ourselves," Maggie Walker said when
Whether you operate out of one branch or are open from coast to coast, the most important part of any bank is its customers. Here are some examples of banks helping their customers and local communities grow. And, look, you don't have to be a complete cynic to understand these are all for-profit businesses looking to boost the bottom line. But the best way to boost the bottom line is to build a long-term relationship and provide value to your customers.
Here are some ways some firms are doing that.
Lake Trust Credit Union in Brighton, Michigan, funded five scholarships through its Lake Trust Foundation. It awarded four New Beginnings Scholarships worth up to $7,500 each. The fifth is the Michigan Impact Scholarship, which awards one student up to four years of tuition at Cleary University.
Hawaii State Federal Credit Union expanded its relief program to help members affected by Hurricane Lowell, which struck the island state last week. The program offers assistance loans of up to $5,000, deferrals on loan payments, and penalty-free term share withdrawals.
If you are in the Tampa area, Suncoast Credit Union is hosting an event tonight, "Every Hit is a Win with Junior Caminero." Two local Little League teams will compete in a hitting and home-run challenge with Caminero, the Tampa Bay Rays all-star. The event is an extension of a similar program where the credit union makes donations to local nonprofits for every hit the Rays get in their games.
BrightBridge Credit Union in Lawrence, Mass, is sponsoring a community shred day on Sept. 26 outside its Waltham and Springfield branches. These shred days attract a crowd. "Shred Days are our most popular community event," senior vice president Matt Coggins said.
Don't be surprised. I've taken advantage of a couple of shred days in my own neighborhood, and they are surprisingly valuable. At one of them, I was just going back over and over. I was rifling through box after box of papers in my basement, some of which had moved with us multiple times without being opened. Shred days are great.
This last one comes from overseas, but it strikes me still as an example of how finance can be used to help people. The African Development Bank and African telecom Axian Group launched a program to extend finance and business support for more than 34,000 women-led businesses across five African countries.
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Africa has the highest rate of female entrepreneurship in the world, according to the African Development Bank, but they suffer from a $49 billion financing gap. The program will provide financial services to micro, small and medium-sized businesses and assist with financial-literacy, digital skills and business training in Madagascar, Tanzania, Senegal, Togo and Comoros.
"Across Africa, millions of women are already running successful businesses," said Erwan Gelebert, the CEO of Axian Digibank and Fintech. "The challenge is not entrepreneurship. It is access to finance, to digital tools and to opportunities for growth."
