Support Local Small Businesses During National Small Business Week

First Bank Kansas and the Independent Community Bankers of America (ICBA) encourage everyone to reinvest in their local community by shopping with small businesses during National Small Business Week, which is going on this week through Saturday.

According to the bank, small businesses have generated 17.3 million net new jobs (from 1995-2021), accounting for two out of every three jobs added to the economy. 

“When small businesses thrive, the growth and vitality of our communities follow,” said Kent Buer, President and CEO at First Bank Kansas. “We have so much respect for all that goes into running a successful business. We give credit to the entrepreneurs and their teams as we recognize that they built that business! They must continue to innovate to prosper and remain profitable. It’s not easy. First Bank Kansas has a long history of commitment as trusted advisors who champion their success, question when appropriate, provide financial support and commercial services to help them flourish.”

Small businesses comprise 99.9 percent of all firms and account for 44 percent of U.S. economic activity. When it comes to their financing needs, they most often turn to community banks, which fund more than 60 percent of all small business loans under $1 million. In fact, small businesses consistently rank community banks as their lender of choice, according to a series of studies from the Federal Reserve Banks.

“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.”