Local bank helps Tucson restaurant expand nationwide

The owners of Tucson Tamale Company marvel when they think about growing from a small restaurant storefront that sold 50 tamales on their first day to two manufacturing facilities, a restaurant and a nationwide distribution network shipping 10 million tamales a year.

Choosing a local bank  Commerce Bank of Arizona, was instrumental in Tucson Tamale’s ability to expand.   

“Banking locally at this stage of our business has been key. The decision-makers are local, and we have been fortunate to develop good relationships.  They make banking easy by promptly answering emails and returning calls.  We know without a doubt that they are invested in our success,” said Sherry Martin, who founded the company in 2008 with her husband Todd.

Local bank ‘makes a world of difference’

Commerce Bank of Arizona was instrumental to helping the Martin’s open their manufacturing facilities by helping plan how to finance the large new operation.   Their equipment supplier and contractor were also customers of the bank, which made coordinating payments easy, Sherry said.  

“It makes a world of difference when you make a call and have it answered by someone with the knowledge to help you make big financial decisions,” Sherry said.

Community financial institutions do more to help small businesses

Using a local bank or credit union is not only essential to sustaining a strong Arizona economy, it’s a good business decision.

Many local banks and credit unions offer lower interest rates on business loans, higher interest rates on savings accounts and invest more of their assets in the local community than national banks.

Community-based financial institutions are responsible for more than 50% of all small business lending in the nation, according to the Institute of Local Self-Reliance. And they helped distribute nearly 60% of Paycheck Protection Program loans to small businesses at the height of the COVID-19 pandemic, which saved more than 3.7 million jobs, compared to 17% distributed by national and international banks, according to the U.S. Small Business Administration.

How you can move your money to a local bank or credit union

Thinking about switching to a local bank or credit union? 

Join Local First Arizona and Tucson residents and business owners for delicious food, drinks and mingling with local banks and credit unions on Wednesday, April 5 to explore the best way to “move your money.”

Move Your Money Tucson Mixer

When: 6-8 p.m. Wednesday, Apr 5, 2023

Where: Flora’s Market Run, 2513 E. 6th Street, Tucson

What’s next for Tucson Tamale

As Tucson Tamale looks back at their success, they see a path to the future with support from Commerce Bank of Arizona and Tucson businesses and residents.

“Reaching this point took innovation, problem-solving and the right local partners,” Sherry said.

“Collaborating with the community was a big part of our growth,” she said.