09/21/2020 | Press release | Distributed by Public on 09/21/2020 19:19
Washington, D.C.(Sept. 21, 2020) - The Independent Community Bankers of America (ICBA) and our nation's more than 5,000 community banks are proud to celebrate their commitment to America's small businesses during National Small Business Week, Sept. 22-24.
Community banks recognize the critical role America's entrepreneurs serve in supporting local job creation and a healthy local economy. So, when COVID-19 threatened to shutter thousands of small businesses nationwide, community banks stepped up as outsized lenders of the Small Business Administration's Paycheck Protection Program, to provide nearly 2.8 million loans and save an estimated 33.7 million jobs.
'Small business lending has always been a cornerstone of community banking,' ICBA President and CEO Rebeca Romero Rainey said. 'It's a symbiotic relationship based on mutual respect, common interests, and a keen understanding of the local market. There's a reason why more than half of small business owners choose to work with a community bank when it comes to building and growing their business.'
In fact, small businesses that apply for loans with community banks are among the most successful and satisfied, according to a series of studies from the Federal Reserve Banks.
More than half of Americans either own or work for a small business, and they create nearly two out of every three new jobs in the U.S. each year. For more on National Small Business Week visit the SBA's website.
Entrepreneurs and consumers who are interested in learning more about the community bank difference can visit banklocally.org to find a local community bank near them.
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.
# # #