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The idea of buying local is a strong one. It has a positive impact on a community’s workforce, quality of life, and economy. The reason it works is simple. More of each dollar spent within a community stays in that community, both for its collective benefit and for the individuals that live and work there. This is especially true for businesses with a cooperative business model like credit unions. These businesses do more for their communities than any outside business would.
At our core, credit unions are about buying “local,” using that term broadly to encompass the concepts of field of membership and community. As we all know, the economic value of credit unions goes right back to the community of members that use their services—not shareholders or corporate interests. That value comes in the form of better rates, access to financial services, and investment back into the credit union to do even more for members and our communities, including efforts to help end hunger and provide financial education.
The benefits of buying local also apply to the Maine Credit Union League, Synergent, and the CUSOs in our state. Beyond the value of the solutions and services each provides, the dollars spent by them go much further to support credit unions. They help fund initiatives such as event sponsorships, statewide awareness, and ending hunger contributions. Buying local gives credit unions greater influence over the services they need, including deeper and more direct relationships. Consider how many of our credit unions sit on one or more of these organizations’ boards, committees, and task forces. Further, keeping business local helps strengthen the credit union movement through shared experiences, networking, and advocacy.
Buying local also helps create jobs, share needed talent and skills, and develop our credit union workforce. Looking across the organizations in our state, where would we be without the technical, payment, mortgage, business and indirect lending, insurance, compliance, advocacy, and liquidity expertise they represent? Or the investments in systems, solutions, and partnerships they make? You likely don’t want to find out the answer to those questions any more than I do. Simply put, supporting these local organizations creates a virtuous cycle that truly makes us all stronger.
On behalf our credit union organizations, thank you for your support. We exist because of you and for you with the goal of putting everything we can back into helping you succeed. That is the power of buying local!