Keep the Change
Did you know that you can put the dollars you deposit to work!?
When you choose to bank locally your dollars are kept close to home. Unlike big banks, local financial institutions go beyond banking to build relationships in the community they are held and use these relationships to keep the change in your pockets and in our community – underwriting business loans, granting mortgages to residents in your neighborhood and supporting your overall financial wellness.
Local financial institutions put people first. B Lab cites that banking with values aligned banks is one way to use your own finances to support positive social and environmental change. Think of it this way – keeping your money close to home is another way of using your buying power to benefit neighbors, businesses, and our environment. Community-based financial institutions can respond with greater agility to the needs of their community, especially in times of crisis, allowing for more opportunities to boost your financial wellness, increase investments in local businesses – growing local ownership; and create generational wealth by providing capital and investment opportunities to those with the greatest needs.
Keep your money close to home. According to the Institute of Local Self-Reliance, community-based financial institutions make up 52% of all small business lending despite only holding 16% of total assets. That means that the minority of our financial ecosystem is making more than half the impact in our small business community! These small business loans act as an investment in place-based economies growing our seeding local businesses, employing our residents, increasing wealth and social capital – literally putting your dollars to work. Help Michigan keep the change right here in our community by making a change! Check out these great local financial institutions who can help you take the first step.
LMCU Makes a Big Impact
Help us congratulate Lake Michigan Credit Union (LMCU) on 90 years in business! LMCU’s founder, a Grand Rapids school teacher, was motivated by the capital shortage during the Depression and opened the credit union in partnership with 13 other teachers, originally operating out of his own home. Ninety years later, LMCU is now the largest financial institution in headquartered in West Michigan and remains deeply committed to the community and their origins. Just check out their impact from 2023!
In 2023, LMCU was rated #1 for keeping more money in your pocket by Callahan & Associates in the Return of the Member report. This means that they keep the change in your pocket AND in our community through their investments and account offerings. As they say, “putting our members first means putting their financial goals first.” Check our LMCU’s financial wellness tools, supporting members in making sense out of their dollars.
United Bank, Real Solutions
Did you know that United Bank was the “first community [bank] to offer online and mobile banking… throughout West Michigan?” Since they opened in 1887, United Bank has been committed to real solutions through community banking. They believe that finances and financial needs change over the course of a lifetime and evolving solutions can meet small businesses, households and neighbors where they are at. Tammy Karas, Vice President Branch Manager at United Bank put it this way, “you’re more than just a number; we know you by name, offering a reliable financial ally you can depend on.” And when it comes to managing your business, United Banks knows that it’s important to have all the best resources at your fingertips, from creating a business plan to applying for a loan to marketing.
Plant a Tree with Bloom Credit Union
Bloom Credit Union provides not only a full range of financial services, but additionally programs that give back to Michigan’s environment! Joe Beckwith, the Marketing Director, states that their organization understands how much impact local credit unions have on the state’s economy. Early in 2024, Bloom Credit Union launched their Plant a Tree initiative. Beckwith states they “are planning on planting over 7000 trees with the Arbor Day Foundation. And for each new account, we’re going to plant a tree in a forest of need.” Beckwith went on to share, “a community of more trees that helps our climate, helps our health and our well-being. Think about it! It spruces up our neighborhoods, helps wildlife habitat and so our environment thrives, and that is what we are all about.” Bloom Credit Union prides itself on caring for their members both financially and personally.
How can you get involved? This Arbor Day, join Bloom Credit Union for Arborfest – a Grand Rapids Parks, Friends of Grand Rapids Parks big planting day in the spring. Bloom will be participating by planting trees at Martin Luther King Park and they hope you can make it!
Make a Change
Why move your money? The Institute for Local Self-Reliance suggests that when you work with a community bank or credit union you help “keep the change” in local communities by:
- Getting the same services at a lower cost
- Putting your money to work growing your local economy
- Keeping decision-making local
- Working with bank institutions that share a commitment to your community
Moving your money may feel daunting, but it doesn’t have to be! The best part about working with local partners is building personal relationships that support your goals. Let People First Economy help connect you into your next step:
- Take the Move Your Money pledge. Let People First Economy be a resource connecting you with local financial institutions.
- Search the directory. Find local, values-aligned financial institutions in Michigan.
- Dig deeper. Learn more about Move Your Money and its impacts.
Move your money is generously powered by LMCU!
