Reinvesting in the Community We Love
The idea of “sustainability” is linked to a lot of local activities these days—whether it’s reusing or recycling products, sampling culinary delights from a local bakery, or choosing to buy American-made products to support our national economy. There are plenty of reasons why eating, dining, and banking locally makes good economic sense.
If you’ve ever wondered if it matters where you deposit your hard-earned money, let us assure you it does. Not only does banking locally support small businesses (community banks fund more than 60% of small business loans and more than 80% of ag loans), but as locally owned and operated businesses themselves, they are part of the economic engines that create 62 percent of new jobs annually.
Community banks like Northwest Bank & Trust Company take in deposits and distribute loans that feed into a self-sustaining micro-economy and keep funds right here in the Quad Cities. It is all part of a symbiotic relationship that community banks have with their communities. And the proceeds from those businesses employ residents, fund municipalities, and continue the cycle of locally based economic growth.
And if you need more proof just consider the community bank response to the coronavirus pandemic.
- Community banks, as economic first responders, made 60 percent of total Paycheck Protection Program loans to small businesses and provided 72 percent of PPP loans to minority business owners that reported such data.
- Community banks outpace large banks in their average number of banks operating in both rural and urban markets by a 3:1 ratio.
- Community banks are preferred small business lenders, with an 81 percent net satisfaction score compared to 68 percent for large banks and just 43 percent for online lenders.
- Community banks have consistently demonstrated their safety and soundness with higher capital ratios and better loan quality than the largest institutions.
- Community banks operate in areas abandoned by others—serving as the only physical banking presence in nearly one in three U.S. counties.
But it is not just about stats. When customers contact Northwest Bank, they are greeted by a talented team member who is attuned to their needs and empowered to act on their behalf. And when our employees participate in annual donation drives for United Way or when Northwest Bank contributes thousands of dollars every month to local organizations, we are working toward our goal to ensure economic prosperity for the Quad Cities community we call home.
Even more, we are extremely proud to be a part of such a thriving, creative, and hard-working community. Our people are arguably some of the best you’ll find and our small business owners are talented and driven. In the next several months we look forward to highlighting a few of them! Stay tuned for our new #ProudToBeQC series, where we’ll take an up-close look at some local businesses right here in the Quad Cities.
We want to thank our customers and partners for putting their trust in us for their banking needs. For our neighbors who may be considering a switch, we implore you to take a closer look at Northwest Bank & Trust Company to discover how we can help you realize your financial dreams. Our pledge is to never lose sight of the all-important “relationship” and the personalized service our customers expect.
Remember, we are all in this together. Northwest Bank and other community banks like ours are only successful if our customers and communities are, too. That is why community banks and our relationship business model have thrived for more than 150 years. We know what it takes to create successful local economies. Join us in helping to build a more sustainable, vibrant economy here in our hometown and recognizing all the community members, employees, and businesses who make us Proud to Be QC.