After Hearing “No” From the Big Banks, Keep It Cut Adds 3 New Locations With Support From Commerce Bank of Arizona
Jacob Meltzer and Josh Thorsvik, Co-Owners of Keep It Cut, were looking to add new locations for their unlimited haircut membership concept. They attempted to get the financing they needed from commonly known large banks, but they declined to approve their loan applications.
Meltzer then attended a Community Banking Month event hosted by Local First Arizona in April of 2017, where he connected with Jeremy Hodgson from Commerce Bank of Arizona. From there, they worked out an agreement that has helped them plan to open three new locations of Keep It Cut across the Valley this year.
According to the Federal Deposits Insurance Corporation, as of 2011, community banks held 14% of banking industry assets nationally, but accounted for 46% of the small loans to farms and businesses. Community banks tend to be more open to basing credit decisions on nonstandard data obtained through long-term relationships, as opposed to formula-based underwriting criteria used by larger banks.
April is known as Community Banking Month, an annual month-long celebration of community banks across the nation. Local First Arizona is celebrating by sharing stories like Jacob, Josh and Jeremy’s as well as helping Arizonans to move their money to community banks and local credit unions. Arizonans can visit https://localfirstaz.com/banking/ to find local banks and credit unions near them and learn more about the services they offer and their involvement in the local community.
Business owners and representatives are invited to attend the Phoenix Community Banking Month event on Wednesday, April 18, from 6:00 p.m. - 7:30 p.m. at The Newton (300 West Camelback Road Phoenix, AZ, 85013). Local banking representatives from a dozen local banks and credit unions will be on hand to offer information and resources on their products and services. Information and registration can be found at https://localfirstaz.com/events/metro-phx-april-member-gathering-community-banking-month-the-newton.
Currently, just 7% of all banking assets are held by community banks in Arizona. “Our overall goal is to inspire Arizonans to move their money and have it work for our communities,” said Barr. “By moving our investments and savings to local banks or credit unions, we give these institutions more resources to in turn lend to local businesses, helping to realize dreams of business ownership and self-reliance as well as create jobs right here in our communities.”
More information about community banking in Arizona can be found at https://localfirstaz.com/banking/.