Local First Arizona
Apr 01, 2016 04:18PM
During April, Local First Arizona celebrates Community Banking Month. Choosing an Arizona owned bank or community credit union helps ensure that Tucson’s businesses get resources they need, and Local First Arizona helps those interested make the switch to a local bank or community credit union.
Tucson is home to thousands of small businesses which are the backbone of our economy. And yet, according to Stacey Mitchell of the Institute for Local Self Reliance, “The largest 20 banks in the U.S., which now control 57 percent of all bank assets, devote only 18 percent of their commercial loan portfolios to small business.”
One of the critical goals for achieving sustainability is establishing local economies that are economically viable, environmentally sound and socially responsible. Local First AZ advocates for building prosperous and sustainable communities through supporting local businesses. Arizona cannot achieve that without strengthening local banking resources.
“In order to stimulate our economy, we need ample access to small business loans from bankers and local credit unions who care about the long-term health of the business and community,” says Kimber Lanning, executive director and founder of Local First AZ. “Our community banks are more likely to fund the small businesses that are the engine of our economy.”