Federated Bank Supports Local Small Businesses
Shop Local for National Small Business Week
Federated Bank encourages local residents to put their hard-earned dollars to work in their local communities by shopping with small businesses during National Small Business Week, May 2-6, 2022. Small businesses have accounted for 62 percent of new job creation since 1995, which means support for these businesses help employ neighbors and friends and drive the local economy.
“Federated Bank values America’s entrepreneurs, which serve as the foundation for our nation’s economy,” said bank president, Matt Clark. “We’re invested in the success of our local small businesses, and we remain committed to their overall health and prosperity because we know when they succeed our community flourishes.”
Small businesses comprise 99.9% of all firms and represent 43.5% of gross domestic product. When it comes to their financing needs, they most often turn to community banks, which fund more than 60% 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.
The relationship banking philosophy that is ingrained in the way community banks conduct business – one loan, one customer at a time – and helps small businesses grow and families finance major purchases to ensure local communities continue to thrive.
For more on National Small Business Week visit the SBA’s website. To learn more how Federated Bank can help you grow your business through financing or leasing, visit federatedbank.com/business or stop by or call one of our convenient locations.
