ICBA and Community West Bank are reminding everyone about the critical role community banks serve in supporting local small businesses.
“The economic stability of this country depends on the growth and development of small businesses. These companies are increasing economic stability and creating local jobs,” said ICBA Chairman John Buhrmaster, president and CEO of 1st National Bank of Scotia, N.Y. “Community banks understand their local markets and towns better than anyone else, and they understand the unique challenges and situations these businesses and entrepreneurs face. After all, community banks are small businesses themselves.”
Community banks are the primary source of lending for small businesses and farms. Community banks are prolific small business lenders — providing a substantial number of small business loans across the country, including SBA loans. Community banks with less than $10 billion in assets make nearly 60 percent of small businesses loans to small businesses.
“By lending to small businesses and local entrepreneurs, community banks help local economies thrive by driving economic growth and prosperity,” said Martin Plourd, president and CEO of Community West Bank. “We are privileged to serve our communities’ small businesses each and every week and are especially proud to recognize the important role they serve during Small Business Week.”
To follow the conversation on Small Business Week, follow the hashtag #SBW2014 on Twitter. To learn more about community banks and the positive impacts they have on small businesses nationwide, click here or click here.
— Eric Swanson is the marketing director for Community West Bank.