Washington, D.C. (Sept. 13, 2021 ) — The Independent Community Bankers of America (ICBA) is lending its voice to the thousands of organizations nationwide encouraging Americans to support locally owned businesses during National Small Business Week (Sept. 13-17). 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.
“As we celebrate America’s entrepreneurial spirit, we celebrate the visionaries and business leaders whose tenacity and ingenuity are at the heart of our nation’s economic recovery,” said ICBA Chairman Robert Fisher, president and CEO of Tioga State Bank in Spencer, N.Y. “Community banks serve as financial first responders and trusted advisors for start-ups and established small businesses. As an industry, we are proud to support this critical source of job creation powering local economies.”
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. They also served as outsized Paycheck Protection Program lenders—generating nearly 60 percent of the program’s total loan amount, processing 4.7 million loans worth $429 billion for small businesses, and saving nearly 49 million jobs across America, according to SBA data.
“ICBA joins the nation’s community banks in reinforcing the important role of America’s small businesses,” ICBA President and CEO Rebeca Romero Rainey said. “Their resourcefulness and resilience are central to local communities and our nation’s prosperity.”
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.