As I sat down to begin planning this magazine column, my mind instantly gravitated to the many Congressional hurdles, regulatory proposals and operational issues facing the banking industry in Nebraska; the list feels almost endless: potential new IRS reporting requirements, new Consumer Financial Protection Bureau reporting rules on small business lending, workforce limitations, etc. However, I know you don’t need to be reminded. So, I decided to change course and reflect upon the important ways our members back Nebraska customers and their communities.
We are all keenly aware of the leading role Nebraska banks played in administering the Paycheck Protection Program (PPP) during the initial phases of the COVID pandemic. While eating lunch recently at a long-time Nebraska restaurant, the owner of the restaurant (also a long-time friend) shared with me that without PPP support, his business would have been forced to close. Instead, they were able to keep their doors open, retain and pay their staff, finish several much-needed improvements and plan for the future. Clearly banks back Nebraska small businesses!
During a recent member bank visit, I was finishing up my discussions when a young family with two young children exited one of the front offices near the bank entrance. This young family was all smiles, and the little boy was happy to be out and about. Our member banker noted that this family was returning to their hometown and buying their first home. As the family headed to the door, I overheard the rambunctious young man tell his parents that he and his sister could not wait to “have new swings and a slide” at the new house. Wow, banks back Nebraska families!
Through a family connection, recently I watched intently as a first-generation Nebraskan and his business partner were able to secure permanent financing for a small vehicle repair shop. This property, while not considered grade A by any definition, provided these young entrepreneurs with the stability necessary to support and grow their thriving repair business. The business owners told me about their long-term business plans and how this expansion will provide them the resources to support their families and grow their wealth. Banks back Nebraska’s next generation!
We are all keenly aware of the leading role Nebraska banks played in administering the Paycheck Protection Program (PPP) during the initial phases of the COVID pandemic.
If you routinely read the Banks & Bankers section of the NBA Update, you are aware of the many financial investments our members make in local not-for-profit and charitable activities. These activities range from affordable housing support to new swimming pools to new senior centers (and the list goes on). It is fair to say that banks back Nebraska communities!
Finally, I recently attended the NBA’s Agri-business Conference in Lincoln. As part of this biannual conference, the NBA invites and recognizes the many students who are taking part in the University of Nebraska-Lincoln’s agricultural banking and finance program. Eight students who recently completed their summer internships at an NBA-member bank attended parts of the conference. This process allowed a number of us to interact and talk with these amazing students. If history is any indication, a sizable number of these students will soon find themselves working at a Nebraska bank following graduation. Clearly, banks back Nebraska students!
If you are anything like me, you will find yourself sitting at your desk sometime in the very near future thinking about the overwhelming list of challenges facing your bank and the entire banking industry. I encourage you to take a step back and relish, if only for a brief moment, in the many ways that your banks back Nebraska. Keep up the great work!
Contact Richard Baier at (402) 474-1555 or richard.baier@nebankers.org.
