Staying True to Rural America

Staying True to Rural America

Many community banks have been serving farmers for more than a century because they understand the essential role the agricultural community plays in supporting our nation’s food supply and bolstering our economy.

In fact, 7 percent of the nation’s economy and 29 percent of American jobs are linked to the food and agriculture sectors, either directly or indirectly. Amidst the global supply chain and rising inflation concerns, these sectors also exported $182.91 billion worth of goods, helping the U.S. maintain its position as a leading player in global agriculture.

That’s why the support community banks offer America’s farmers and ranchers is so important.

Accounting for more than 6 percent of small-business loans under $1 million and 80 percent of agricultural loans from the banking sector, community banks are often the catalysts for new and expanded business opportunities within their communities to ensure their long-term economic viability and vitality. In fact, community banks provide approximately $155 billion in agriculture loans.

The largest financial institutions themselves have reported that community banks are more than tripling the deposit growth of their larger competitors in rural communities.

We look forward to continuing that relationship—in the good times when the bounty is plentiful and in the lean years where access to credit offers support to press forward.

Food and Agriculture Stats at-a-Glance

Total Jobs:​ 43,464,211
Total Wages:​$2.30 trillion
Total Taxes:​ $718.15 billion
Exports:​ $182.91 billion

Source: The sixth annual Feeding the Economy report