National Agriculture Week is March 22-28
Washington, D.C. (March 24, 2020) — The Independent Community Bankers of America® (ICBA) and the nation’s community banks are honoring the contributions of America’s local farmers, ranchers and agricultural enterprises during today's National Ag Day. Community banks understand the essential role agriculture plays in our nation’s economy and are committed to serve as financial first responders in their time of need. Amid the current COVID-19 pandemic, this message carries even more weight.
“Many community banks have been serving farmers for more than a century because they understand the essential role these producers serve in supporting our nation’s food supply and bolstering our economy,” said ICBA President and CEO Rebeca Romero Rainey. “As small businesses themselves with an intrinsic knowledge of local markets, community banks are well positioned to address this sector’s financial needs as we always have—through both plentiful and lean times.”
As ICBA notes in an ad running in today's special edition of USA Today, community banks provide 80 percent of all financing to agriculture from the banking sector and are often the catalysts for new and expanded business opportunities within their communities to ensure long-term economic viability and vitality. In fact, community banks provide approximately $184 billion in agriculture loans.
National Ag Day was founded to recognize the contributions of farmers in providing a source of healthy, low-cost food options. ICBA offers the following facts about the agriculture industry:
- The typical American farmer produces enough food and fiber to feed 166 people, producing jobs and investment throughout the economy.
- Americans spend less than 10 percent of their disposable income on food, allowing consumers financial freedom to purchase other goods.
- Farming and related industries employ 21.6 million people, making up 11 percent of total U.S. employment.
“Our nation’s community bankers look forward to a strong and continuing relationship with America’s farmers and ranchers,” said Romero Rainey. “Now more than ever, we are here to support them.”
About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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