June 7, 2010
The Mayor’s Corner
Redefining local economic development: Part 1, Banking locally
Our Village government pumps between $18 and $20 million dollars annually through the economy. In the past, the vast majority of those funds flowed through big, national banks. How can we put more of those dollars to work bolstering our local economy?
The longer those dollars linger with local institutions for local transactions and investments, the better. The Village’s own policies are helping make more dollars available locally.
Each year the Village designates the official depositories that we will use for official village transactions for the coming fiscal year. The Village intends to begin shifting more of village’s own banking to these smaller, local community-minded banks.
In May 2010, the Village expanded its official depository list to include three high quality community banks. Each of these community banks is based in the Hudson Valley and committed to local reinvestment. The fees and charges from community-minded banks are often lower than those of the national banks.
In working to reduce the village’s heavy reliance on conglomerate national banks, the village is actually part of a nation-wide movement.
The more funds available to community banks, the more they have on hand to lend local entrepreneurs and homeowners–like you and me. Real community economic development empowers the community to handle its own destiny.
If you have more ideas for the Village to consider, please don’t hesitate to contact me.