Inspired by Small Business Week, which was April 28 – May 4 this year, Plumas Bank and the Independent Community Bankers of America are encouraging Americans to reinvest in their local community by shopping with small businesses. Small businesses have generated 17.3 million net new jobs from 1995 to 2021, accounting for two out of every three jobs added to the economy.
“Supporting small business lies at the core of our mission,” stated Jack Prescott, senior vice president and commercial lending manager at Plumas Bank. “We are dedicated and poised to champion their success through financial support, recognizing that productive small enterprises lead to the growth and vitality of our communities.”
According to the U.S. Small Business Administration, a small business is generally defined as a company that is independently owned and operated, is organized for profit, has fewer than 500 employees, and is not dominant in its field. Small businesses comprise 99.9% of all firms and account for 44% of U.S. economic activity. When it comes to their financing needs, they most often turn to community banks, which fund more than 60% of all small business loans under $1 million.
“ICBA represents the nation’s community banks, which power the potential of locally grown businesses,” ICBA President and CEO Rebeca Romero Rainey said. “By channeling their loans to the neighborhoods where their depositors live and work, they not only ensure these businesses have access to vital capital, but they also contribute to the growth and prosperity of the community overall.”
To find out more about how Plumas Bank can help support small businesses visit https://www.plumasbank.com/business-banking. To learn more about the community bank difference visit http://www.banklocally.org.
Information provided by Plumas Bank
