Industrial Bank (Noun)
Meaning
A finance company that makes small loans to industrial workers.
Classification
Nouns denoting groupings of people or objects.
Examples
- An industrial bank focused on providing loans to workers who could not secure credit from mainstream lenders.
- In 1910, Morris and his colleagues established the first industrial bank in the United States with the goal of making finance more accessible.
- Industrial banks catered to workers by offering small cash loans at relatively high interest rates to meet their short-term needs.
- Drexel joined the board of directors of an industrial bank established specifically to cater to the growing demand for small loans among industrial workers.
- At its core, the industrial bank's mission was to help low-wage workers manage emergencies by granting them affordable access to credit.