Washington, D.C. (May 4, 2022) — The Independent Community Bankers of America (ICBA) joins the nation’s community banks in celebrating National Small Business Week (May 1-7) and showing their support for locally owned and operated businesses. More than half of Americans either own or work for small businesses, which create two out of every three new U.S. jobs each year.
“Small businesses are the economic engines that create local jobs and keep our economy thriving,” said ICBA Chairman Brad Bolton, president and CEO of Community Spirit Bank in Red Bay, Ala.” As trusted advisors and lenders for America’s small businesses, community banks are proud to do our part to ensure their continued success.”
As small businesses themselves, community banks understand the unique finance needs of entrepreneurs. Collectively, community banks make more than 60 percent of all small-business loans under $1 million and are consistently rated as small-business lenders of choice, according to a series of studies from the Federal Reserve Banks.
According to new Morning Consult poll of consumer preferences, more than three in four U.S. adults say locally based lending decisions are important when determining where to bank, with 70% citing the importance of personal banking relationships.
“The tie between local lending and small businesses is as strong as ever,” ICBA President and CEO Rebeca Romero Rainey said. "As small businesses themselves, community banks understand the financial needs of small business owners—start-up and established—and stand ready to support their financial needs and goals.”
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 roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 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.