National Agriculture Week is March 21-27
Washington, D.C. (March 23, 2021) — The Independent Community Bankers of America (ICBA) and the nation’s community banks are celebrating the contributions of America’s local farmers, ranchers and agricultural enterprises during National Ag Day. Community banks understand the essential role agriculture plays in our nation’s health and prosperity and will continue to provide financial services as needed to help support a vibrant local economy.
“American agriculture is the foundation of our country and serves an essential role in supporting our nation’s food supply and bolstering our economy,” ICBA President and CEO Rebeca Romero Rainey said. “Community banks have been serving the agricultural community for more than a century, applying their intrinsic knowledge of local markets and relationship-based lending philosophy to address this sector’s financial needs—in good times and times of hardship when it matters most.”
Community banks provide 80 percent of all financing to agriculture from the banking sector and are often the catalysts for new and expanded business opportunities within their communities. In fact, community banks provide approximately $130 billion in agriculture loans.
National Ag Day was founded 48 years ago to recognize the contributions of farmers in providing Americans with healthy, affordable and abundant food options. ICBA offers the following facts about the agriculture industry:
- The typical American farmer produces enough food and fiber to feed 166 people, producing jobs and investment throughout the economy.
- Americans spend less than 10 percent of their disposable income on food, allowing consumers financial freedom to purchase other goods.
- Farming and related industries employ 21.6 million people, making up 11 percent of total U.S. employment.
“Our nation’s community bankers look forward to building on their tradition of service to America’s farmers and ranchers,” said Romero Rainey. “Now more than ever, we are here to support them.”
About ICBA
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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