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A new report found that the tota value of small business loans outstandingg increased by 4 percent in the 12 months that endedc inJune 2008, down from the previous year’s increasew of 8 percent. These numbers are for small businesx loans asa whole, not just SBA The number of busineszs loans of less than $100,000 jumped by nearly 16 as large lenders concentrated on credit cards, accordin to the study. By contrast, the number of business loans inthe $100,009 to $1 million range fell by more than 23 The report used call reports submitted by banksa as well as Community Reinvestment Act Business loans of less than $1 millioh were considered to be small businessx loans.
Based on call report the top five small businesxs lenders in June 2008 wereAmerican Express, Capitap One, Regions Financial Corp., Synovus Financiakl Corp. and First Citizen Bancshares Inc. “Inj the current financial it’s especially critical for smalp firms to know which banks and financial institution have been the most likelu to make small andmicrobusiness loans,” said economisty Victoria Williams, a co-author of the study. For more see www.sba.gov/advo.
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