Arizona: Community Banks Strengthen Local Economy

Image by Inside Tucson Business

TUCSON, AZ (April 26, 2018) excerpt via INSIDE TUCSON BUSINESS - Community banks are critically important in Arizona, providing half of all small business loans in the state despite holding only seven percent of deposits.

A recent Harris poll revealed that 70 percent of Arizona residents place the highest trust in community banks, and yet large banks are increasingly dominating the market. As large banks typically invest their money worldwide, there is less money flowing through local banks into the immediate community.

“Credit unions and community banks are critically important as providers of credit to small businesses as they serve thousands of communities that are underserved, or not served at all, by larger non-community banks across the nation,” Michael Peel of Local First Arizona writes. “They provide a traditional approach to banking with a focus on using local deposits to reinvest in the local community through lending and retaining more dollars in our community through locally-owned businesses.”

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Women and Minority-Owned Businesses are Thriving in Houston

HOUSTON, TX (February 9, 2018) - Minority and women business owners are on the rise and inspiring new business initiatives in Houston.

Women-owned businesses in Houston grew 70.4% in the last ten years, boosting their employment by 34.5%, according to the American Express State of Women-Owned Businesses Report.

A 2016 US Census Bureau study found that 30.8% of businesses in the area are owned by minorities, ranking Houston in sixth place of all metropolitan areas in the United States.

Numerous community and business organizations are stepping up to support this surge of small businesses. The Houston Women’s Business Enterprise Alliance offers seminars and courses and fosters community among women entrepreneurs.

“We want the small-business community to know that you’re not out there alone,” WBEA President April Day says. “There are organizations here to support you, and there are small businesses that are going where you’re going and have been where you want to go.”

Read the entire article here.