WASHINGTON -- The amount of outstanding small business loans jumped more than 12.1% to $99 billion in 1994, the Federal Reserve Board announced this week.
At the same time, small farm lending increased 10.6% to $27.2 billion, the central bank reported.
The Fed's data came from June 30 call reports. The central bank confines its data collection to banks that claim at least 95% of their business loans are of less than $1 million or which identify themselves as primarily farm lenders.
The lending increases came at the same time that interest rates rose 3%, the Fed noted.
Commercial and industrial loans rose 8.5% to $42.3 billion; nonfarm and nonresidential real estate loans went up 13.3% to $46.1 billion; and construction and land development lending increased 23.5% to $10.5 billion.
The Fed said credit standards for small business loans, after rising during the first half of the year, sunk back to 1993's standards.
Nonreal estate farm loans jumped 11% to $17.1 billion, while farm real estate loans increased 9.8% $10.1 billion.
