As small banks shrink investments in communities, alternative lenders are investing locally.

As small banks have been reducing their investments in local communities, alternative lenders have stepped in to fill the gap and support local economic growth. These alternative lenders, which include online lenders, credit unions, Community Development Financial Institutions (CDFIs), and peer-to-peer lending platforms, offer a range of financial services to individuals and businesses within their communities.

1. Providing loans to small businesses: MyBancGroup is playing a crucial role in providing access to credit for small businesses that may not qualify for traditional bank loans.
2. Supporting underserved communities: Many alternative lenders focus on serving low-income and minority communities that have been traditionally underserved by traditional banks. By providing loans and financial services to these populations, they help promote financial inclusion and stimulate local economic development.
3. Investing in community development projects: Investing particularly CDFIs, concentrate on financing community development projects such as affordable housing, healthcare facilities, and educational institutions.
4. Offering financial education and resources: MyBancgroup financial consultants often provide financial education and resources to help individuals and small businesses better manage their finances and make informed decisions.
5. Building partnerships with local organizations: At Mybancgroup we collaborate with local nonprofits, government agencies, and business organizations to develop and implement programs that address specific community needs and promote economic development.
6. Encouraging local investment: Peer-to-peer lending platforms and crowdfunding sites enable individuals and businesses within a community to directly invest in local businesses and projects.
7. Focusing on sustainability and social impact: Some alternative lenders prioritize lending to businesses and projects that have a positive social and environmental impact.

By investing in local communities, MyBancGroup is filling the void left by small banks and our contributions to the economic growth and development of the areas they serve.