Franklin Savings Bank, in partnership with the Independent Community Bankers of America (ICBA), encourages Americans to invest their hard-earned dollars in their local communities by shopping with small businesses during National Small Business Week, taking place May 2-8, 2021.
According to a 2020 Small Business Credit Survey conducted by the Federal Reserve Bank, community banks create more than 60 percent of all small business loans under $1 million and are consistently rated as small-business lenders of choice.
Franklin Savings Bank President & CEO Ron Magoon commented, “Franklin Savings Bank is a major supporter of entrepreneurs, which serve as the backbone of our economy and create two out of every three new jobs in the U.S each year. We’re vested in the success of our small business customers, and we remain committed to their overall health and prosperity because we know when they succeed, our communities benefit as well.”
FSB continues to serve America’s small businesses, galvanizing its resources to offer assistance during COVID-19, financing 436 loans totaling $35.7 million for the Small Business Administration’s Paycheck Protection Program (PPP), and saving an estimated 3,294 jobs in our communities. Collectively, community banks approved over 2.4 million of all PPP loans, resulting in more than $117 billion in loans for small businesses across America, according to the most recent SBA data.
“ICBA joins the nation’s community banks in celebrating the ingenuity and tenacity of America’s entrepreneurs as they grappled with the profound impact of the COVID-19 pandemic and found a way to persevere,” said ICBA President and CEO Rebeca Romero Rainey. “Their vision and purpose are integral to the fabric of local communities. We are proud to support this critical source of job creation for our country, which in turn supports our nation’s economy.”
For more on National Small Business Week visit the SBA’s website.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans, and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, ICBA creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the
interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services. For more information, visit www.icba.org.
About Franklin Savings Bank
Established in 1869, Franklin Savings Bank is an independent, mutually-owned community bank, offering a full array of commercial lending, personal banking and investment services. Headquartered in Franklin, the Bank has offices in Bristol, Boscawen, Tilton, Gilford, Merrimack and Goffstown. Through its wholly-owned subsidiary, Independence Financial Advisors, Franklin Savings Bank also offers investment, insurance and financial planning services. A recognized leader in providing the latest in financial services technology, Franklin Savings Bank is committed to serving the needs of businesses, families and the communities it serves, through a dedicated team of employees, a diverse line of financial products and services, and continued investment in emerging technology.