HVAC Breaking News

Nov. 28, 2005: Small Businesses Receive Increased Access To Credit

WASHINGTON - Small business loans outstanding by commercial banks increased by 5.5 percent between June 2003 and June 2004, according to a study released by the Office of Advocacy of the U.S. Small Business Administration.

"Increased access to credit is essential for the survival and growth of American small business," said Dr. Chad Moutray, chief economist for the Office of Advocacy. "The information contained in this report helps small business owners find banks providing that access, and it helps banks understand how they compare to their competitors in commitment to small business lending."

The report, "Small Business and Micro Business Lending in the United States, for Data Years 2003-2004," includes rankings of the top state lenders for loans under $1 million (small business) and $100,000 (micro business), based on the Reports of Condition and Income (Call Report) and Community Reinvestment Act (CRA) data. Four sets of tables rank large bank holding companies (BHC) and commercial banks nationally and by state. The findings note:

  • Small business loans outstanding (loans under $1 million) totaled $522 billion as of June 2004, an increase of $27 billion or 5.5 percent between June 2003 and June 2004. This compared with an increase of 2.3 percent during the previous period, according to the Call Report data.

  • Large multi-billion-dollar banks and BHCs made 67 percent of micro business loans in the year ending June 30, 2004 compared to 64 percent in 2003. This increased share appears related to the increased promotion of small business credit cards by BHCs.

    For more information and a complete copy of the report including the ranking of banks by state, visit www.sba.gov/advo/research/2004.html.

    Publication date: 11/28/2005

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