In November, the Sacramento Region Business Association launched Region Finance, a trade association created to help local governments do more business with community banks. Its board consists of executives from local banks — including River City Bank, American River Bank and others — pushing to keep businesses, resources and funds local to spur economic growth.
Elk Grove became the first city to participate in Region Finance’s Responsible Investments for a Stronger Economy program. The city adjusted its cash investment policy to allow up to $15 million invested in regional banks.
“We are committed to growing both the region and our local businesses through enhanced access to business banking capital, and innovative programs like RISE allow us to do so,” says Darrell Doan, Elk Grove’s economic development director.
Steve Fleming, president and CEO of River City Bank, calls Elk Grove’s decision “an important first step in promoting local government investment to generate economic self-sustainability in our Sacramento communities.”