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Banks with at least $10 billion in assets approved 15.3% of loans between $25,000 and $3 million in January, up from 14.9% in December and from 11.7% a year earlier, according to an index published Thursday by Biz2Credit
February 7
Some of the nation's biggest banks are touting their small business bona fides.
Citigroup (NYSE:C) said Thursday the company's lending to small business borrowers rose 21% in 2012 from a year earlier, to $9.6 billion.
The loans fulfill a
Bank of America (BAC) said recently that lending to small businesses rose 28% in 2012 from a year earlier, to $8.7 billion, while JPMorgan Chase (JPM) said it extended $7.5 billion in new loans in 2012, a 58% increase year over year. New loan commitments by Wells Fargo (WFC) to small firms rose 32% last year, to $16 billion, year over year.
Citigroup committed to lending $24 billion over the period, including $9 billion in 2013. The company says it has loaned $17.5 billion to small businesses since making the pledge.
"Small businesses are a critical component of a strong economy and Citi is committed to helping support their growth," Michael Corbat, the company's chief executive, said in a news release.
Other banks that took the pledge are KeyCorp (KEY), Regions Financial (RF), Huntington Bancshares (HBAN), M&T Bank (MTB), Citizens Financial, TD Bank, U.S. Bancorp (USB), PNC Financial Services Group (PNC) and SunTrust Banks (STI).
Banks with at least $10 billion of assets approved 15.3% of loans between $25,000 and $3 million in January, up from 11.7% a year earlier, according to an
