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community banks with the financial crisis? a foundation built on good risk management practices and intimate local knowledge helped the successful banks to thrive during one of this country ’ s most difficult financial periods. the banks that prosper in the future will likely have characteristics similar to those that outperformed during the financial crisis. it bears repeating that community banks are critical in keeping local economies vibrant and growing. strong community banks are essential to the provision of credit to small businesses in their localities. see united states government accountability office, financial institutions : causes and consequences of recent community bank failures, statement of lawrance l. evans, jr., director financial markets and community investment, june 13, 2013. also see gilbert et al. ( 2013 ). st. louis federal reserve study shows community bank model can thrive in good times and in bad. bis central bankers ’ speeches importance of small business lending it is often noted that small businesses contribute disproportionately to employment growth in their communities. when you dig a little deeper into this stylized fact, you discover that it is new small businesses that are responsible for this growth. upon reflection, this makes sense given that, by definition, old small businesses are not growing. if they had been growing fast, they would no longer be small. a related fact is that the failure rate is quite high for new small businesses. taken together, this implies that it is important to provide an environment that is conducive to new business formation. the more new businesses that are created, the more that have a chance of surviving and growing into larger, prosperous members of the local economy. on earlier visits in the district, i heard several small business owners voice their concern over their ability to access credit. based on these conversations, i asked my research staff to investigate the degree to which they could substantiate with data whether bronx small businesses seem credit - constrained relative to other boroughs or relative to other comparable counties across the country. they first looked at the share of small business loan amounts made in each borough relative to the share of small businesses located in each borough, using data for 2013 ( the latest available at the time ). if small business credit is equally available, then we would expect to see ratios of approximately one for each borough. what the data show is that the ratio is well below one for the bronx and staten island, with the bronx being the lowest. this is consistent with what i heard during my last visit. broadening the lens of the analysis,