Business, 06.05.2020 01:14 james22000

As a member of your community’s Chamber of Commerce you have seen first-hand the difficulty many of the local merchants have had securing business loans which they need to purchase inventory for the next quarter. Prior to the economic recession, the large banks were very willing to make such loans, even to the least financially secure individuals. Now, securing a loan is a challenge even for the most reputable and successful businesses. You and several other members of the Chamber have made the decision to start a community bank that will be supportive of the local merchants’ financial needs. You soon learn that starting a bank is not quite as simple as opening a hardware store or insurance agency.

In an essay of approximately 225-words, create a plan for moving your concept for a community bank from a great idea to execution. Create a sequential list of the five key steps you must complete and what you must do to demonstrate that you have met the legal, financial and regulatory requirements associated with that step in the process.

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As a member of your community’s Chamber of Commerce you have seen first-hand the difficulty many of...