WASHINGTON, D.C. — With shoppers budgeting and beginning to make their holiday shopping lists, the Independent Community Bankers of America® (ICBA) and Merrimac Savings Bank are encouraging consumers to Go Local once again this holiday season by doing either a portion, or all of their shopping, at local small businesses. By doing so, consumers will be putting money back to work in Rockingham County, just like they do every time they dine at a local restaurant or choose to bank locally with a community bank.
Community banks themselves are huge advocates and supporters of local small businesses. In fact, even though community banks comprise only 20 percent of banking industry assets, community banks with less than $10 billion in assets provide nearly 60 percent of outstanding bank small business loans. And because community banks are small businesses themselves, they are able to partner with their small business customers to help them understand local market dynamics and the opportunities and challenges that small businesses in their area face.
“It’s no secret that by lending to small businesses in our area, Merrimac Savings Bank helps our local economy thrive and flourish,” said John Meserve, President, Merrimac Savings Bank. “During the holiday season, you have the same power. I encourage everyone to take time to visit local businesses and see what products you can obtain locally and see the services these companies have to offer.”
To learn more about ICBA’s Go Local initiative and ways you can go local this holiday season, visit www.icba.org/golocal, and to join the conversation, follow @ICBA’s hashtag #golocal.