Phoenix, AZ, April 01, 2019 --(PR.com
)-- Where you bank can make a huge impact on the local economy, according to Kimber Lanning, founder of Local First Arizona, the organization in Arizona dedicated to boost locally owned business.
“When you bank with a community bank in Arizona the money stays here and those funds directly build and support local businesses instead of adding profit to investment groups in New York City,” she added.
Lanning is promoting April as Community Banking Month statewide as a time for everyone in Arizona to meet with a banker from a community bank or credit union near them and move their funds into a local institution that better understands their needs than a national bank that only sees Arizona as an outpost.
“We applaud people for buying local and supporting their neighbors, but by banking local that means there’s more money available to help new businesses open and existing ones to expand,” she added. “The money in community banks has a direct positive input into the health of the market it serves.”
Lanning said the stats tell the story about why everyone in Arizona should move their money where it matters.
“The largest 20 national banks only devote 18 percent of commercial loans to small businesses,” she said, “While community banks in Arizona account for more than 50 percent of all small business lending. This lending not only boosts the businesses, but they directly contribute to the growth of jobs in Arizona.”
“Arizona is the most underserved state in the country in terms of community banks per capita,” says Thomas Barr, Executive Director of Local First Arizona. “We have just 15 community banks across the entire state, and eight counties with no community bank option at all.” This lack of locally controlled deposits limits capital for local businesses, particularly small businesses and start-ups, which account for the majority of jobs in Arizona.
Lanning noted that 93 percent of banking funds are held by the big national banks in Arizona.
“Our goal in April is to encourage all the supporters of local businesses to visit their community bank and get their funds into accounts that will help Arizona grow,” she explained. “If we can motivate our supporters to do this we could see millions of dollars flow into community banks where it will boost local businesses.”
More information about community banking in Arizona can be found at www.localfirstaz.com/banking
About Local First Arizona
Founded in 2003, Local First Arizona (LFA) is a community and economic development organization working to strengthen local economies. LFA educates consumers about the interconnectedness of the economy, trains small businesses to be more effective and more competitive, helps larger Arizona businesses and institutions tell their story as champions of Arizona, and creates programs and events that make it fun and easy to discover local businesses and buy local. Visit www.localfirstaz.com for more information and a directory of more than 3,000 locally owned businesses. More information is available at localfirstaz.com.