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.
Expanding Access to Capital: Fueling the Growth of Arizona’s Small Businesses
At Local First, we’ve always believed that the success of locally owned businesses creates a strong and thriving Arizona economy. But one of the biggest challenges for local entrepreneurs has long been access to capital — especially in Arizona, where community banking resources are limited. That’s why we’ve made it our mission to break down financial barriers and build new pathways for funding that empower business owners to grow, hire and create a lasting impact on Arizona’s communities.
How one local credit union is helping Black business owners obtain capital
A 2022 survey by payroll provider Gusto found that only 6% of Black new business owners receive the business loans they seek. Jessica Baker, who owns Vibe Spot and Pink Sky Productions, learned first-hand how to boost her chances.
Local bank helps Tucson restaurant expand nationwide
From selling 50 tamales on the first day they opened to 10 million a year now, the owners of Tucson Tamale Company say one key to success was choosing a local bank.
“The decision-makers are local, and they are invested in our success.”
FDIC Report Shows Major Shifts in Arizona Bank Deposits
Late last month, the Federal Deposit Insurance Corporation (FDIC) released data showing that Arizonans have now deposited 11.5% of their money into local banks. This is a significant jump up from 3% in 2013 and 8.5% recorded in June of last year.
With only 13 banks headquartered in Arizona, the state has been called a “banking desert,” leaving eight counties with no community bank representation at all and small businesses with fewer borrowing options.
How to Honor Black History in Arizona
February is Black History Month; it’s a time to educate ourselves about the deep-rooted racism in our country’s history, and more importantly, commit ourselves to build a more just and equal world for all. This year’s BHM comes after a year of protest and a public health crisis that disproportionately affected businesses and people of color. So we’ve put together a guide to help you honor black history, build awareness, and find your role in the local movement.
6 Ways to Leverage Your Localness in 2021
The New Year is always used as a time to resolve ourselves to do something different; whether that be to start a new hobby, pick up a new habit, or change something in our lives. As January first comes and goes, we hope that you make supporting local a part of your new year's resolutions and keep up with it all year long! With the ramifications of COVID-19, it’s more important than ever to support Arizona small business owners. Check out this easy, 6-step guide to help you live like a ”Localist”. You can do one or all of them; even the smallest changes make a huge difference.