Dubuque bank encourages buying local - KWWL - Eastern Iowa Breaking News, Weather, Closings

Dubuque bank encourages buying local

DUBUQUE (KWWL) -- Stats say that every dollar spent locally comes back 5 to 14 times over. Stats like that have one bank in dubuque offering a special incentive for local purchases. But a unique idea in Dubuque could help spur spending and help local businesses in the process.

There's nothing unusual about the floor here at this furniture store in Dubuque.

"We've been pleasantly suprised when it comes to sales," said Mike Fortman with Floor Show Furniture.

Despite a tough economy, they've seen plenty of people looking for furniture and flooring.

"Dubuque's got a lot going for it right now so we've been able to weather the storm better than some other communities," said Fortman.

But when it comes to spending in general, any people have stopped spending money, let alone borrowing.

"Many consumers are under the opinion that banks are no longer lending money and while it's true that the volumes are down, it's not because banks don't want to lend money," said Kevin Ciesielski of Dubuque Bank and Trust.

Which is why Dubuque Bank and Trust launched the "Buy Local" Loan; a 12 month, interest free loan. For up to $5,000. It's designed to encourage you to spend money locally.

"We thought this was a great opportunity to get them to move forward and give out local businesses a boost as well," said Ciesielski.

The catch? You have to have proof of purchase from a Tri-State business. And a checking account at DB & T.

Bankers say encouraging people to buy locally might actually encourage them to spend money on a few things they might have been holding back on in a tough economy. An local economic stimulus package of sorts. Helping local businesses and encouraging local spending.

"I think there's a lot of optimism in the community right now," said Fortman.

It's optimism that could help spring many businesses and consumers out of this recession depression.

Dubuque Bank and Trust tells us they are running this 'Buy Local' Loan now though June 29th.

For more information visit http://www.dubuquebank.com

Online Reporter: Lauren Squires

Follow Lauren on Twitter.

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