Jump to Content
ABA: The American Bankers Association
Skip Section Navigation

Small Business Diversity Banking

Zions Bank (Honorable Mention) - Salt Lake City, Utah

2021 Community Commitment Awards Submission

  • Entry Category: Economic Inclusion
  • Asset Size: Medium

In May 2021, Zions Bank launched a Small Business Diversity Banking initiative – among the first of its kind in the country – that gives women-, minority- and veteran-owned businesses increased access to credit. Established as a special purpose credit program under the Equal Credit Opportunity Act, the program relaxes the underwriting standards for small business term loans and lines of credit. Additionally, the program is designed to support diverse businesses by offering financial education resources. The goal of the Small Business Diversity Banking program is to help remove structural barriers to financial inclusion, resulting in broader participation in the economy and will help thousands of people previously left out of the system to pursue their American dreams.