Carson City relationship banking shines in a recession
If the last recession was any indication, small businesses that bank with a community bank will weather this recession better than entrepreneurs that bank big.
A U.S. Small Business Administration study dissected how small business lending fared before, during and after the 2008 recession. Community banks led big banks in small business loan growth before the 2008 recession and began lending to small businesses again more quickly following the economic downturn.
This vital small business support during difficult economic times is built into the DNA of banks like Plumas Bank, a community bank serving small businesses in Carson City and other locales in Northern Nevada and Northern California. And it foreshadowed the way Plumas Bank is responding to this current economic uncertainty, pulling out all the stops to support entrepreneurs facing unprecedented economic times.
“We are doing well because of the support we received from Plumas Bank at a critical juncture for our business,” said Cat Piercy, administrative manager, owner and operator of Arbor Solutions Tree Care.
It’s not only Plumas Bank customers that have experienced the benefits of community banks to the small business community. Finance experts have also taken notice.
“Simply put, community-based lenders stick with their borrowers in tough times,” wrote Raphael Bostic, chairman of the Federal Reserve Bank of Atlanta in a column for American Banker.
For small businesses, it is not just access to capital, it is also the small things that end up making a huge difference for small businesses confronting strange economic times, and complicated federal loan programs and application processes.
“Their customer service is off the charts. There are times we need a document submitted and they will bring it by the store for me to sign,” said Mark Glodowski, owner of Silver and Blue Outfitters.
Plumas Bank executives and customers tell the story of how community banks are helping small businesses navigate these challenging economic conditions. For more information on Plumas Bank and their relationship banking services in Carson City, visit plumasbank.com.
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