When it comes to our money, we all want to know that it's secure, but what about effective? Did you know that when you bank locally, like with Arizona Central Credit Union, your money can impact an entire community? Not only are local financial institutions more charitable, they are also leading the industry when it comes to small business lending. Why is this important? Because reviving our local economy and creating more jobs comes from allowing more businesses to thrive.
According to the Institute for Local Self-Reliance (ILSR), community banks and credit unions are responsible for 60% of all small business lending, despite accounting for only 24% of all banking assets. And why wouldn't we want them lending more? Local financial institutions are run by people who live here, vote here and want to see their communities grow, just like us!
But there is a new trend emerging and more businesses, cities and individuals are making the switch from national to local banks and credit unions. In 2013, the City of Tucson shifted $5M from a national bank to Alliance Bank of Arizona, securing a big investment in Tucson's future!
You can make the switch too! For our July Local First AZ Member lunch mixer, we visited Arizona Central Credit Union in Downtown Phoenix. While enjoying delicious deli style sandwiches from Fez on Central, members from around the valley networked in a fun, casual setting. In operation since 1939, member-owned Arizona Central CU continues to serve individuals and businesses with all of their banking needs conveniently with locations in Phoenix, Tempe, Glendale, Chandler, Tucson, Show Low, and Flagstaff!
We want to thank Phoenix Area Director, Adam Turner, Partner Alliance Officer, Rene Munoz, of Arizona Central CU for welcoming us!
Thank you to all members in attendance:
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