Move Your Money: How Your Banking Choices Can Fuel a Stronger Arizona
When you deposit your money in a bank, it doesn't just sit there — it goes to work. The question is, where is it working, and who is benefiting?
Financial empowerment is a key tenet of Local First Arizona’s work. From addressing the predatory lending practices of payday loans to improving access to capital, we are helping individuals, businesses and entire communities take control of their financial futures. One of the easiest ways to create real impact? Moving your money to a local bank or credit union.
Unlike global banks that prioritize shareholders and corporate earnings, Arizona’s locally owned financial institutions reinvest in the people, businesses and neighborhoods that make our state thrive. That means more loans for local businesses, more community-driven development and better financial services tailored to local needs.
By making this simple switch, you’re not just choosing a bank — you’re choosing to build a stronger, more resilient Arizona.
Why Banking Locally is Better
Better for Local Businesses
Local businesses are the backbone of Arizona’s economy, but they often struggle to get funding from global banks. In fact, these banking behemoths approve just 1 in 8 small business loan applications, while community banks and credit unions approve 1 in 5 — a significant difference that fuels local business growth.
Jessica Baker
Jessica Baker, owner of events venue Vibe Spot and photo booth rental company Pink Sky Productions, was introduced to the prospect of local banking while participating in Local First’s We Rise business accelerator. It was through the We Rise program that she met Mohammed Ahmad, assistant vice president of business banking for Arizona Financial Credit Union.
“We met and had an opportunity to have one-on-one conversations, and we talked about my options and my business,” Baker said. “A big piece is building that close relationship, which is so different from having a banker look at stats on a piece of paper to make a decision.”
When it came time for Baker to grow her photo-booth business by purchasing a van, she knew Ahmad would understand the need, understand her capabilities as a business owner and appreciate the value that the loan would offer.
She got the loan, and then secured another loan to support her growth from one business to three.
By banking locally, you’re helping ensure local business owners like Baker — your neighbors, friends and fellow entrepreneurs — have access to the financial support they need to succeed.
Better for the Community
When you bank with one of Arizona’s mission-driven financial institutions, your dollars do more than sit in an account — they support local initiatives like affordable housing, neighborhood revitalization and financial empowerment programs. Studies show that local financial institutions reinvest up to 60% more into their communities than national banks — and that matters. Consider just a few of the contributions local Arizona banks have made to their communities:
Since launching their Local Causes debit card program in 2018, Arizona Financial Credit Union has distributed more than $500,000 in grants to dozens of local nonprofits serving the community in the areas of education, equality/social inclusion, community services, children and youth, and sustainability.
Marisol Credit Union teaches financial education to multiple community organizations, including helping formerly incarcerated individuals build financial stability.
The Financial Coaching Services provided by Vantage West Credit Union are free and available to anyone who lives in the communities that Vantage West serves.
OneAZ Credit Union’s Community Impact Grants provide funding to local organizations working toward economic empowerment, community vitality and developing future leaders. Since 2016, OneAZ Community Foundation has awarded over $1.6 million to Arizona organizations.
These are the kinds of programs national banks simply don’t prioritize, and local business leaders who value community, such as Kate Marquez, Executive Director of Southern Arizona Arts and Cultural Alliance (SAACA), are taking notice.
Kate Marquez
"When we choose to bank locally with Pima Federal Credit Union, we're not just moving our money — we're investing in Southern Arizona's future,” said Marquez. “Every dollar that stays in our community is a dollar that supports local jobs, strengthens small businesses, and keeps the cultural and economic heartbeat of our region strong. At Southern Arizona Arts and Cultural Alliance, we believe in practicing what we preach: when we support local, we grow local. This move aligns with our mission to ensure that every investment we make — financial or otherwise — drives equity, opportunity and shared prosperity across our creative economy."
Better Service, Lower Fees and Competitive Rates
At a local bank or credit union, you’re not just an account number — you’re a valued member of the community. That translates to:
Lower fees
Higher interest on savings
Better loan terms and approval rates
Personalized financial services and products from people who understand Arizona’s economy
Sophia Lovasz
Often, it’s the human touch of banking locally that can make the biggest impact for customers. Despite knowing the benefits local banks bring to the community, it wasn’t until a frustrating car loan application with her long-time corporate bank that Local First’s Digital Content Strategist, Sophia Lovasz, finally decided to move her money. The difference was immediate. “It was surprising to be treated like a human, even without a big balance in my account,” Lovasz said. “I could have an honest conversation about my finances without feeling judged — which was both empowering and motivating. In a short time, I built my credit and was able to finance a vehicle for my family with friendly, affordable rates.”
Many local banks offer unique accounts and community-driven loan products tailored to regional customer needs and interests. One such initiative, the Welcome Home program, is a collaboration between GoWest Credit Union Association and six Tucson-based credit unions. The program makes $0 down payment mortgages possible for lower-income families in Pima County. Another specialized loan program, offered by MariSol Federal Credit Union, makes 0% APR loans available for Citizenship or Deferred Action (DACA) renewals.
National banks can’t match this level of personal attention and community-driven lending.
Better for the Environment
Did you know that the world’s top 60 private-sector banks have funneled $6.9 trillion into fossil fuel industries since the Paris Agreement? If you bank with one of these institutions, up to 20-30% of your deposits could be funding industries that contribute to climate change.
Switching to a climate-conscious bank or credit union can cut the emissions generated by your banking activity by an average of 76% — a small change with a massive impact.
Learn More — Join Local First This April at a Move Your Money Event in Your Area
Thinking about switching to a local bank or credit union? Join us at one of our upcoming Move Your Money events where we connect Arizona’s business owners and residents with mission-aligned banks and credit unions. Whether you’re a small business owner looking for funding or a resident who wants to keep your dollars in Arizona, these events are a great way to explore your options and make the switch with confidence.
Flagstaff – April 23| Beers & Banking event at 1899 Bar and Grill
Tucson – April 29 | Beers & Banking event at MotoSonora
Phoenix – April 30 | Move Your Money event at Hello Lincoln
Already made the switch? Share your story with Local First or on social media with #MoveYourMoney to inspire others to do the same!
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