Discuss Detroit Archives - Beginning January 2007 A New Bank comes to Southwest Detroit Previous Next
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Sg9018
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Username: Sg9018

Post Number: 5
Registered: 10-2006
Posted on Wednesday, March 28, 2007 - 7:15 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

First Spirit Bank will help small businesses with their credit ratings and give small business loans of $25,000 to $50,000. The bank will serve Detroit's Hispanic, African-American and Arab-American markets.
3/27/2007 Detroit News
http://www.detnews.com/apps/pb cs.dll/article?AID=/20070327/B IZ/703270316
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Jt1
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Username: Jt1

Post Number: 8692
Registered: 10-2003
Posted on Wednesday, March 28, 2007 - 9:34 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

I have a question. This is the type of place that I would love to support but I tend to keep my checking account as low as possible and keep my money in investments.

Is there any benefit to this business haveing my checking account with a typical balance of $250-$1000? I don't know the banking industry and don't know if small accounts are a benefit or burden.
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Johnlodge
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Username: Johnlodge

Post Number: 291
Registered: 10-2003
Posted on Wednesday, March 28, 2007 - 9:46 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Any amount is a benefit to a bank. A smaller account balance means less money they have to pay interest on to you. As long as they keep their loan business up, its a win situation for them. With a balance of $250, they'll make more money off the fees they charge you than they'll have to pay you in interest, as well.

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