{"id":1219,"date":"2021-07-01T08:04:29","date_gmt":"2021-07-01T14:04:29","guid":{"rendered":"https:\/\/avalaunchsites.com\/bma\/?p=1219"},"modified":"2021-07-01T10:46:35","modified_gmt":"2021-07-01T16:46:35","slug":"bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences","status":"publish","type":"post","link":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/","title":{"rendered":"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences?"},"content":{"rendered":"<p class=\"p1\">When it comes to starting a financial institution, the variety of options available makes it challenging to narrow your choices. Join BMA as we look at the differences between traditional bank and <a href=\"https:\/\/avalaunchsites.com\/bma\/solutions\/ilcs\/\">industrial loan company (ILC) charters<\/a>, as well as what it takes to start both options.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h3 class=\"p1\">Understanding Traditional Banks<span class=\"Apple-converted-space\">\u00a0<\/span><\/h3>\n<p class=\"p1\">A <span class=\"s1\">bank<\/span> is a financial institution that is licensed to receive deposits and offer loans. Traditional banks are open to all clients and do not require a membership or industry affiliation to join.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\">Banks can offer the full variety of account and service options, including:<\/p>\n<p><img decoding=\"async\" class=\"wp-image-1220 alignright\" src=\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg\" alt=\"\" width=\"464\" height=\"310\" srcset=\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg 2560w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-300x200.jpg 300w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-1024x683.jpg 1024w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-768x512.jpg 768w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-1536x1024.jpg 1536w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-2048x1365.jpg 2048w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-900x600.jpg 900w\" sizes=\"(max-width: 464px) 100vw, 464px\" \/><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Checking accounts<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Savings accounts<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Money market accounts<\/li>\n<li class=\"li1\">Certificates of deposit<\/li>\n<li class=\"li1\">Retirement accounts<\/li>\n<li class=\"li1\">Trust Services<\/li>\n<li class=\"li1\">Loans, Retail and Commercial<\/li>\n<li class=\"li1\">Loans, Mortgage and SBA<\/li>\n<li class=\"li1\">Credit &amp; Debit Cards<\/li>\n<li class=\"li1\">Merchant Services<\/li>\n<li class=\"li1\">Online Services<\/li>\n<li class=\"li1\">Insurance<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<\/ul>\n<p class=\"p1\">Banks can also extend lines of credit, print checks, and offer bill pay options. Any depository account created at a bank is federally insured by the Federal Deposit Insurance Corporation (FDIC) for $250,000 per individual account holder and $500,000 for joint holder accounts.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h3 class=\"p1\">What Is an Industrial Loan Company (ILC)?<\/h3>\n<p class=\"p1\">Industrial loan companies or ILCs are state-chartered financial institutions that are not federally regulated by a banking agency but are regulated by the state banking agency. These depository accounts are also federally insured by the FDIC. An ILC, is typically owned by commercial firms with its services targeted toward individuals within certain industries.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\">Any account created at an ILC is also federally insured by the Federal Deposit Insurance Corporation (FDIC) for $250,000 per individual account holder and $500,000 for joint holder accounts.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\">Industrial loan companies may offer the following services:<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Savings accounts<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Certificates of deposit<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Negotiable order of withdrawal accounts<\/li>\n<li class=\"li1\">and a variety of custom banking services<\/li>\n<\/ul>\n<p class=\"p1\">An ILC might offer the same services as a traditional bank but in a limited capacity. ILC charters can only be applied for in a few states, California, Colorado, Hawaii, Indiana, Minnesota, Nevada, and Utah. However, only <span class=\"s2\"><i>Nevada and Utah<\/i><\/span> are the only active states, with Utah having the most ILC charters.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h3 class=\"p1\">Industrial Loan Company vs a Bank: The Differences<span class=\"Apple-converted-space\">\u00a0<\/span><\/h3>\n<p class=\"p1\">When choosing between starting an ILC or a bank, it\u2019s essential to know the <span class=\"s1\">differences<\/span> between each option so you can make the most informed decision.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\">Industrial Loan Company<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Financial services for industrial activities<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Long-term loans for fixed capital needs<\/li>\n<li class=\"li1\">Longer-term financing repayment options<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Underwriting, promotional, and consultancy services<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<\/ul>\n<p class=\"p1\">Traditional Banks<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Financial services for commercial activities<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Short-term loans for working capital needs<\/li>\n<li class=\"li1\">Short-term financing repayment options<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Agency and general utility services to customers<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"nectar-button n-sc-button medium accent-color regular-button\" target=\"_blank\" href=\"https:\/\/avalaunchsites.com\/bma\/discovery-meeting\/\" data-color-override=\"false\" data-hover-color-override=\"false\" data-hover-text-color-override=\"#fff\"><span>Request a Discovery Call<\/span><\/a>\n<h3 class=\"p1\">Starting a Bank or Industrial Loan Company<span class=\"Apple-converted-space\">\u00a0<\/span><\/h3>\n<p class=\"p1\">With such differences in offered services, it makes sense that the processes of starting a bank or industrial loan company should also differ. In reality, however, they are fairly similar processes with the exception that applying for an ILC charter is a more involved process.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h4 class=\"p1\">Starting a Bank<span class=\"Apple-converted-space\">\u00a0<\/span><\/h4>\n<p class=\"p1\">To <span class=\"s1\">start a new bank<\/span>, prepare to be patient \u2014 the process could take over a year. You\u2019ll need to complete multiple steps, including:<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Creating a business plan<\/li>\n<li class=\"li1\">Applying for a bank charter<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Applying for insurance<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Raising capital<\/li>\n<li class=\"li1\">Building a long-term projection plan<\/li>\n<\/ul>\n<h4 class=\"p1\">Starting an Industrial Loan Company<span class=\"Apple-converted-space\">\u00a0<\/span><\/h4>\n<p class=\"p1\">To start an industrial loan company, you\u2019ll need to follow almost the same steps as starting a bank, including:<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\">Creating a business plan<\/li>\n<li class=\"li1\">Applying for an ILC charter<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Applying for insurance<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<li class=\"li1\">Raising capital<\/li>\n<li class=\"li1\">Building a long-term projection plan<\/li>\n<\/ul>\n<p class=\"p1\">Applying for an ILC charter is more involved than applying for a bank charter, simply because industrial loan companies have to meet separate criteria. Questions you may be asked when applying for an ILC charter include:<\/p>\n<ul>\n<li>Do your organizers have the resources (source of capital) to support an ILC?<\/li>\n<li>Do your organizers have solid character, reputation, and financial standing?<\/li>\n<li>Does your management team have a track record and the knowledge, expertise, and experience in operating a <a href=\"https:\/\/avalaunchsites.com\/bma\/platform\/depository\/\">depository<\/a> institution in a regulated environment?<\/li>\n<\/ul>\n<p class=\"p1\">Since the state of Utah currently has the most ILC charters in the nation, you can learn more about its charter requirements <span class=\"s1\">here<\/span>.<img decoding=\"async\" class=\"wp-image-1221 alignleft\" src=\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_19120225-scaled.jpg\" alt=\"Industrial Loan Company (ILC)\" width=\"479\" height=\"326\" srcset=\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_19120225-scaled.jpg 2560w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_19120225-300x204.jpg 300w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_19120225-1024x697.jpg 1024w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_19120225-768x523.jpg 768w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_19120225-1536x1045.jpg 1536w, https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_19120225-2048x1394.jpg 2048w\" sizes=\"(max-width: 479px) 100vw, 479px\" \/><\/p>\n<h3 class=\"p1\">Which Type of Bank Should You Start?<span class=\"Apple-converted-space\">\u00a0<\/span><\/h3>\n<p class=\"p1\">When it comes to choosing between starting a bank or an ILC, it mostly comes down to the customers you want to cater to and the services you want to offer. A bank may not be quite right if you want to help individuals in a specific industry, while an ILC might be limiting in terms of the services you want to provide.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\"><b><i>Regardless of which option you choose, BMA is able to advise and help you get started<\/i><\/b><\/span>.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h3 class=\"p1\">Partner With BMA<span class=\"Apple-converted-space\">\u00a0<\/span><\/h3>\n<p class=\"p1\">At BMA, we offer a complete range of services <a href=\"https:\/\/avalaunchsites.com\/bma\/solutions\/banks\/\">for <span class=\"s1\">banks<\/span><\/a>, <span class=\"s1\">industrial loan companies<\/span>, and all other types of financial institutions. Our processing software options make running a bank or industrial loan company easier than ever. <span class=\"s1\">Get in touch<\/span> with our team to start preparations today!<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><a class=\"nectar-button n-sc-button medium accent-color regular-button\" target=\"_blank\" href=\"https:\/\/avalaunchsites.com\/bma\/discovery-meeting\/\" data-color-override=\"false\" data-hover-color-override=\"false\" data-hover-text-color-override=\"#fff\"><span>Request a Discovery Call<\/span><\/a>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to starting a financial institution, the variety of options available makes it challenging to narrow your choices. Join BMA as we look at the differences between traditional&#8230;<\/p>\n","protected":false},"author":3,"featured_media":1220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[89],"tags":[],"class_list":{"0":"post-1219","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-educational"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences? - BMA<\/title>\n<meta name=\"description\" content=\"Learn about the differences between traditional banks and industrial loan companies with BMA Banking.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences? - BMA\" \/>\n<meta property=\"og:description\" content=\"Learn about the differences between traditional banks and industrial loan companies with BMA Banking.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/\" \/>\n<meta property=\"og:site_name\" content=\"BMA\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-01T14:04:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-01T16:46:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"BMA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"BMA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/\"},\"author\":{\"name\":\"BMA\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#\/schema\/person\/848f9cd09d8032133c975e3737ec355d\"},\"headline\":\"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences?\",\"datePublished\":\"2021-07-01T14:04:29+00:00\",\"dateModified\":\"2021-07-01T16:46:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/\"},\"wordCount\":865,\"publisher\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#organization\"},\"image\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg\",\"articleSection\":[\"Educational\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/\",\"url\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/\",\"name\":\"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences? - BMA\",\"isPartOf\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg\",\"datePublished\":\"2021-07-01T14:04:29+00:00\",\"dateModified\":\"2021-07-01T16:46:35+00:00\",\"description\":\"Learn about the differences between traditional banks and industrial loan companies with BMA Banking.\",\"breadcrumb\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#primaryimage\",\"url\":\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg\",\"contentUrl\":\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"Man Passing Cash from Window\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/avalaunchsites.com\/bma\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#website\",\"url\":\"https:\/\/avalaunchsites.com\/bma\/\",\"name\":\"BMA\",\"description\":\"Serving Local Communities and Building Lasting Partnerships\",\"publisher\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/avalaunchsites.com\/bma\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#organization\",\"name\":\"BMA\",\"url\":\"https:\/\/avalaunchsites.com\/bma\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2020\/01\/bma-logo-color-retina.png\",\"contentUrl\":\"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2020\/01\/bma-logo-color-retina.png\",\"width\":271,\"height\":80,\"caption\":\"BMA\"},\"image\":{\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#\/schema\/person\/848f9cd09d8032133c975e3737ec355d\",\"name\":\"BMA\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/avalaunchsites.com\/bma\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/982d20aa9b043680197ab7e87a922107?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/982d20aa9b043680197ab7e87a922107?s=96&d=mm&r=g\",\"caption\":\"BMA\"},\"sameAs\":[\"https:\/\/avalaunchsites.com\/bma\/\"],\"url\":\"https:\/\/avalaunchsites.com\/bma\/author\/bma-admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences? - BMA","description":"Learn about the differences between traditional banks and industrial loan companies with BMA Banking.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/","og_locale":"en_US","og_type":"article","og_title":"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences? - BMA","og_description":"Learn about the differences between traditional banks and industrial loan companies with BMA Banking.","og_url":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/","og_site_name":"BMA","article_published_time":"2021-07-01T14:04:29+00:00","article_modified_time":"2021-07-01T16:46:35+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg","type":"image\/jpeg"}],"author":"BMA","twitter_card":"summary_large_image","twitter_misc":{"Written by":"BMA","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#article","isPartOf":{"@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/"},"author":{"name":"BMA","@id":"https:\/\/avalaunchsites.com\/bma\/#\/schema\/person\/848f9cd09d8032133c975e3737ec355d"},"headline":"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences?","datePublished":"2021-07-01T14:04:29+00:00","dateModified":"2021-07-01T16:46:35+00:00","mainEntityOfPage":{"@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/"},"wordCount":865,"publisher":{"@id":"https:\/\/avalaunchsites.com\/bma\/#organization"},"image":{"@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#primaryimage"},"thumbnailUrl":"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg","articleSection":["Educational"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/","url":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/","name":"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences? - BMA","isPartOf":{"@id":"https:\/\/avalaunchsites.com\/bma\/#website"},"primaryImageOfPage":{"@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#primaryimage"},"image":{"@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#primaryimage"},"thumbnailUrl":"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg","datePublished":"2021-07-01T14:04:29+00:00","dateModified":"2021-07-01T16:46:35+00:00","description":"Learn about the differences between traditional banks and industrial loan companies with BMA Banking.","breadcrumb":{"@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#primaryimage","url":"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg","contentUrl":"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2021\/06\/shutterstock_254245552-scaled.jpg","width":2560,"height":1707,"caption":"Man Passing Cash from Window"},{"@type":"BreadcrumbList","@id":"https:\/\/avalaunchsites.com\/bma\/2021\/07\/bank-vs-industrial-loan-company-ilc-charters-which-should-you-start-and-what-are-the-differences\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/avalaunchsites.com\/bma\/"},{"@type":"ListItem","position":2,"name":"Bank vs Industrial Loan Company (ILC) Charters: Which Should You Start and What Are the Differences?"}]},{"@type":"WebSite","@id":"https:\/\/avalaunchsites.com\/bma\/#website","url":"https:\/\/avalaunchsites.com\/bma\/","name":"BMA","description":"Serving Local Communities and Building Lasting Partnerships","publisher":{"@id":"https:\/\/avalaunchsites.com\/bma\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/avalaunchsites.com\/bma\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/avalaunchsites.com\/bma\/#organization","name":"BMA","url":"https:\/\/avalaunchsites.com\/bma\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/avalaunchsites.com\/bma\/#\/schema\/logo\/image\/","url":"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2020\/01\/bma-logo-color-retina.png","contentUrl":"https:\/\/avalaunchsites.com\/bma\/wp-content\/uploads\/2020\/01\/bma-logo-color-retina.png","width":271,"height":80,"caption":"BMA"},"image":{"@id":"https:\/\/avalaunchsites.com\/bma\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/avalaunchsites.com\/bma\/#\/schema\/person\/848f9cd09d8032133c975e3737ec355d","name":"BMA","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/avalaunchsites.com\/bma\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/982d20aa9b043680197ab7e87a922107?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/982d20aa9b043680197ab7e87a922107?s=96&d=mm&r=g","caption":"BMA"},"sameAs":["https:\/\/avalaunchsites.com\/bma\/"],"url":"https:\/\/avalaunchsites.com\/bma\/author\/bma-admin\/"}]}},"_links":{"self":[{"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/posts\/1219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/comments?post=1219"}],"version-history":[{"count":0,"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/posts\/1219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/media\/1220"}],"wp:attachment":[{"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/media?parent=1219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/categories?post=1219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/avalaunchsites.com\/bma\/wp-json\/wp\/v2\/tags?post=1219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}