Returning for a second year, the Small Business Spotlight by the Consumer Bankers Association (CBA) is collecting fresh success stories of banks and small businesses working together in cities and towns across the country – providing a strong foundation of good jobs, economic solvency and community support. This source of inspiration is augmented by new data from CBA and the Small Business Financial Exchange that finds strength and stability in small business performance. “The report signaled reasons for optimism amidst ongoing economic uncertainty, highlighted by new account growth which now exceeds pre-pandemic levels,” say researchers.
Employing more than 60 million Americans and driving nearly 45% of our economic output, CBA says small businesses inarguably represent the “backbone of our economy” and bankers have been vital partners in championing small businesses, especially during tough economic times like COVID. “With the passage of the Paycheck Protection Program (PPP) in March 2020, the banking industry immediately mobilized to help local businesses and their employees whose livelihoods were on the line,” says CBA. But their support didn’t start or end with PPP and the Small Business Spotlight program shows just how the banking-business partnership endures.
One bank has taken the #SmallBusinessSpotlight platform and run with it. Dime Community Bank – a Brooklyn bank that identifies as “partnership banking at its best” – provides weekly updates on area businesses seeding strength in their communities. A recent spotlights shows a Westchester entrepreneur who saw the opportunity in people moving during the pandemic and “wound up with two growing businesses.” Another highlights Farmingdale’s Adventureland successful marketing to moms. With a fusion of financial education and business inspiration, Dime’s Small Business Spotlight shares smart insights that all small business owners can act on.
If you have a success story from your financial institution about how banking has helped support small businesses, visit CBA’s Small Business Spotlight. For more information on programs to support banking, like CBA’s Small Business Spotlight, stay tuned to Believe in Banking as it looks at industry inspiration in financial services. To learn more about growing your financial brand or to speak with one of our banking and credit union experts, email us at firstname.lastname@example.org.