Cambridge, MD (May 2, 2016) — The Independent Community Bankers of America (ICBA) and 1880 Bank are joining the Small Business Administration (SBA) in celebrating National Small Business Week, May 1-7, 2016.
“Small businesses are at the center of the nation’s economic prosperity as they create local jobs and economic growth in cities and towns across the country,” said ICBA Chair Rebeca Romero Rainey, chairman and CEO of Centinel Bank of Taos, NM. “Community banks are critical to their success as the preferred lender for entrepreneurs and small and emerging businesses.”
As the primary source of lending for small businesses and farms, community banks provide nearly 60 percent of small business loans between $100,000 and $1 million and 77% of the agricultural loans.
“As a small business and a local bank for 136 years, we are proud to help Eastern Shore business owners start and grow their enterprises and are especially proud to recognize their important role during Small Business Week,” said Kim C. Liddell, CEO and President of 1880 Bank. “We understand the Delmarva market and the unique challenges our farmers, waterman, service providers, retailers and professionals face.”
The 2015 Small Business Credit Survey: Report on Employer Firms, released March 3, 2016 by seven Federal Reserve Banks, further demonstrated that community banks are the lender of choice for small businesses. The study found that businesses that applied to community banks were the most successful and extremely satisfied. Community banks were more likely to make a loan, extending financing to 76 percent of applicants while large banks approved just 58 percent.
About 1880 Bank
1880 Bank is headquartered in Cambridge, Maryland and serves the Eastern Shore and Delmarva Peninsula. The bank has six branches: Two in Cambridge (High Street and Woods Road), two in Easton (Idlewild and Glebe roads), Hurlock, and Oxford. 1880 Bank is a wholly owned subsidiary of Delmarva Bancshares, Inc. Learn more at www.1880bank.com
The Independent Community Bankers of America®, the nation’s voice for more than 6,000 community banks of all sizes and charter types, 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.