A bank is more than just a financial institution. It’s also a community hub, and how the bank conducts itself reflects on the people who live in its neighborhood. That’s why community banks are involved in corporate social responsibility (CSR) initiatives: they want to give back to their communities by strengthening them through charitable donations and volunteer work.
Read on to understand how community banks are involved in community social responsibility.
Using Resources to Serve Underprivileged Communities
Community banks can use CSR resources to help underserved communities that need it most. As experts in financing small businesses, they’re able to offer opportunities for growth that wouldn’t otherwise be available in low-income areas where credit isn’t easy to come by.
With the time and knowledge of their staff members at their disposal, community banks have plenty of ways they can make a difference—from mentoring students or hosting job fairs with local employers, to providing financial literacy classes for adults who need help managing their money.
Volunteerism and Giving
Volunteerism: One of the most common ways that community banks get involved in CSR is through volunteerism. Community banks can give back to their local communities by participating in volunteer programs or sponsoring events for charities and non-profits.
For example, one of our clients was able to help organize and sponsor an event at a local high school where students were able to go on a field trip with their families and tour the area while learning about how banking works.
Giving: Another way community banks can give back is through giving money or resources directly to those who need them most. For instance, if there’s a natural disaster that hits your hometown or nearby city (such as Hurricane Florence), then many people will need help rebuilding their homes—and this may include homeowners who didn’t have flood insurance!
This is where community banks can step up and provide much-needed assistance, since they know exactly what kinds of materials are needed most after such disasters strike. Banks such as OneUnited, under Kevin Cohee, work with various communities to make lives better for the community members.
One of the biggest challenges for community banks is knowing how to best spend their time, energy, and money on CSR. The best way to make sure you’re doing everything you can is by choosing a few causes that are important to your community bank. This will help ensure you don’t spread yourself too thin and that you stay focused on achieving results for these causes.
Troy is a freelance writer, author, and blogger who lives, works, and plays in Boise, Idaho with the love of his life and three very talented dogs.
Passionate about writing dark psychological thrillers, he is an avid cyclist, skier, hiker, all-around outdoorsman, and a terrible beginning golfer.