At Local First, we believe that strengthening our community begins with supporting the businesses and organizations that call it home.
Our Move Your Money campaign is all about encouraging individuals to shift their banking, investing, financial and budgeting practices to local, independent businesses. Why? Because the benefits of banking and investing locally go beyond just financial returns – they impact the community in profound ways.
When you choose to bank or invest locally, you are directly contributing to the growth and sustainability of your community. Local financial institutions including credit unions, community banks, and independent investment advisers and brokerages are deeply connected to the needs of the people they serve. They understand the unique economic landscape of the area and are more likely than big banks and national firms to lend to small businesses, fund local projects, and support other local businesses and community nonprofits.
When the money you deposit or invest stays in the community, it recirculates multiple times to support local jobs and foster local economic growth. This community reinvestment leads to a stronger foundation for everyone – whether it’s supporting a new business startup, helping someone buy their first home or sponsoring a local nonprofit event.
In addition to economic benefits, banking and investing locally also fosters a sense of trust and accountability. Knowing that the institutions and businesses you rely on share your commitment to the community builds confidence and strengthens relationships.
The philosophy of banking and investing locally also goes beyond financial businesses and institutions. When planning your business or personal budget, consider how you spend money on services like printing, marketing or professional advice. By choosing local printers, marketing firms and service providers, you keep more money circulating within the local economy.
By supporting local businesses, we can all contribute to a more sustainable, equitable and connected community. So this Move Your Money Month, consider shifting your financial practices to institutions and firms that prioritize local growth and community well-being – because when we all invest in our community, we all thrive!
Ashley Christie is the Local First membership and communications specialist.
