Definition

Noun: A type of financial institution, specifically a finance company, whose primary function is to provide small loans to industrial workers. These banks historically focused on serving the credit needs of factory and manufacturing employees, often offering installment loans.

Usage

The term "industrial bank" is used to identify a specific category of depository or lending institution. It functions as a compound noun.

Examples: * The industrial bank provided essential credit to workers at the local factory. * He secured a loan from an industrial bank to purchase new tools for his job. * The regulation of industrial banks differs from that of commercial banks.

Advanced Usage

• In some legal and financial contexts, "industrial bank" may refer to an Industrial Loan Company (ILC), a state-chartered financial institution in the United States that can be owned by commercial firms.
• The role and prevalence of traditional industrial banks have evolved with changes in the banking industry and consumer finance.

Variants and Related Words

• Industrial Loan Company (ILC): A direct synonym and legal designation for an industrial bank in certain jurisdictions.
• Finance Company: A broader category of non-depository institution that includes industrial banks.
• Thrift Institution: A general term for savings-oriented banks, which may sometimes include industrial banks.

Synonyms

• Industrial Loan Company (ILC)
• Industrial credit company

Notes

• "Industrial bank" is a fixed compound noun. Its meaning is specific to the field of finance and should not be confused with banks serving the "industrial" or manufacturing in a general corporate sense.
• This term is less common in everyday modern English than broader terms like "finance company" or "credit union," but remains relevant in regulatory and historical contexts.

Noun

1. a finance company that makes small loans to industrial workers