Small Business Diversity Banking

Zions Bancorporation's Small Business Diversity Banking helps close the credit gap for historically underserved groups, including women-, minority- and veteran- and LGBTQ-owned business owners. Established as a special purpose credit program under the Equal Credit Opportunity Act, the program is one of the first of its kind in the United States. It modifies the underwriting standards for small business term loans and lines of credit for qualified businesses. The Small Business Diversity Banking program champions economic inclusion by addressing shortfalls in the credit process for businesses that have been historically underserved by the banking system. The program also supports diverse businesses by offering financial education resources.

Launched in markets across Zions Bancorporation's footprint in May 2021, the program is offered to eligible small businesses across nine states through the bank's affiliates, including Amegy Bank of Texas, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado (including New Mexico), and Zions Bank (Idaho, Utah, and Wyoming).

Over the past two years, more than 1,250 applicants have been approved for more than $360 million in loans. Without the expanded credit policy established under the SBDB program, 8% of these applicants would not have been approved.

By removing structural barriers to financial inclusion for underserved groups, the Small Business Diversity Banking Program is promoting broader participation in the economy and enabling people previously left out of the banking system to pursue their entrepreneurial dreams.