Community banks understand the complex realities faced by their clients. They are ingrained in their respective regional communities; attuned to local economic and demographic factors. The more successful community banks are able to hone that expertise and, with it, forge strong, personal relationships with their clients. This insight is a major asset and a big reason why businesses that were initially denied loans during the pandemic’s early phase turned to their local community banks for support.
2020 was a year of upsets, challenges, and change. Businesses have had to pivot and evolve in order to accommodate our new normal. The banking industry was no exception.