May marked Small Business Month—a time to celebrate the entrepreneurial spirit and economic impact of small businesses across the country. With 33.2 million small businesses in the U.S., comprising 99.9% of all firms, their role in driving employment and GDP is undeniable.
According to the Small Business Administration, small businesses:
- Employ 46.4% of all private sector employees
- Account for 62.7% of new jobs since 1995
- Contribute 43.5% of U.S. GDP
Further fueling this momentum, the U.S. Department of the Treasury reports that small business formation is booming, with nearly 450,000 new business applications filed each month—50% higher than in 2019.
For banks and credit unions, this presents a significant opportunity. Small businesses are a key source of non-interest-bearing deposits, fee income, and risk-diversified lending. Financial institutions that prioritize small business support stand to gain long-term growth and community loyalty.
To honor Small Business Month, we’re spotlighting six banks that are making a difference in their local communities by providing innovative, targeted support for small business owners:
Huntington’s program focuses on empowering minority-, women-, and veteran-owned businesses through every stage of growth. Features include longer-term loan options, waived account fees, and overdraft relief—providing meaningful financial flexibility to underserved entrepreneurs.
Regions offers a robust suite of digital tools and educational resources. Business owners can access articles, calculators, podcasts, and even personalized financial wellness plans through the Greenprint™ tool—helping them make informed decisions and plan strategically for the future.
During the 2024 holiday season, Fifth Third launched a grassroots campaign that spotlighted small businesses by posting photos and stories online. Employees left $53 tips and entered businesses into a sweepstakes for one of five $5,300 grants—creating visibility, goodwill, and real financial impact.
In partnership with The Acceleration Project (TAP), KeyBank provided four high-impact workshops followed by two weeks of personalized coaching for Cleveland entrepreneurs—demonstrating the power of local collaboration and tailored support.
This online platform delivers categorized tools and templates for businesses in every lifecycle stage—from start-up to exit. With resources for planning, cash flow, marketing, and cybersecurity, the center empowers entrepreneurs to operate more effectively.
Cambridge Savings celebrates its customers by showcasing stories and photos of 40 local businesses on its website. These spotlights build community awareness and show appreciation for the bank’s entrepreneurial clientele.
The Bottom Line:
Banks that invest in small businesses aren’t just fulfilling a community mission—they’re setting themselves up for long-term success. As formation rates continue to climb and small businesses play an ever-larger role in the economy, those who nurture this segment will be best positioned to grow alongside it.
