National Bank

In: Historical Events

Submitted By chaysmom
Words 532
Pages 3
The National Bank was founded and established by Alexander Hamilton. The National Bank helped fund the public debt that was left from the American Revolution. The bank was capitalized at $10 million, with $8 million coming from private sources and $2 million coming from the government. The bank then had the right to issue notes or currency up to $10 million. The notes would be suitable for payment of taxes, a feature that would provide the Bank with a strong advantage over its competitors. The bank had a great resource on its side. It had the governments help. With the governments help, the National Bank was able to provide a lot of help including a ready source of loans, a principal depository for federal monies that were transferable from city to city without charge, and a clearing agent for payments on the national debt. With the bank being so successful, it allowed entrepreneurs the resources they needed to become successful. They were able to go borrow the money needed for research to make their business become successful. They were also able to go get money for business supplies that were needed. Having the National Bank helped entrepreneurs set forward and start their businesses. Without the National Bank, entrepreneurs wouldn’t have the funds available to become successful and start their businesses.
In today’s world, it can be hard to get a loan. When going for a loan the bank looks at a couple different things. The first one would be your credit. Looking at your credit, the bank can see pretty much if you pay your bills on time and if you have had a loan before. If you have had a loan before they can look and see how long it took you to pay it off, and if your payments were late. If you have good credit you are more than likely going to be able to get a loan. It may not be as much as you would like, but you will qualify for a loan. Another thing the bank...