Chambers of Commerce serve their communities in a variety of ways, but there are also some myths that prevail about the services they offer. Chambers exist to promote economic development and help create jobs. They establish a network of local businesses and act as a resource on public policies and business trends for their members. However, many people still believe these common myths about the function of Chambers of Commerce.

3 Myths That Persist About Chambers of Commerce

1. A Chamber of Commerce Is a Government Agency

Contrary to this belief, your local Chamber of Commerce is not a government agency, but instead, a not-for-profit trade organization representing its members. Members consist of both large and small businesses within the community who pay dues. While some of its staff members might be paid, it operates primarily through volunteer support and under the direction of a board of directors elected by its members.

2. They Give Out Small Business Loans

A Chamber of Commerce is not a bank or lending organization. While it works to help member businesses succeed, providing small business loans is not a service. Your local Chamber can refer small businesses to members, such as banks or investment companies, that might offer discounts or special deals to other Chamber members.

3. City Governments Fund Them

Your local Chamber of Commerce does not receive funding through local or state government agencies. It is funded by membership dues, private donations, and fundraisers. Often, fundraisers are held throughout the year to raise the money needed to pay their staff and fund initiatives.

Businesses in Versailles, KY, are invited to join the Woodford County Chamber of Commerce for support and networking opportunities. For more than 80 years, it has worked toward economic development and business growth in Woodford County. To learn more about membership dues, call (859) 873-5122 or visit them online today.