Anita Campbell recently blogged in this space that the government’s efforts
to spur small business lending have largely fallen flat. Last year I blogged
here about how big banks including Wells Fargo, Bank of America and
JP Morgan Chase were pledging to lend more money to small businesses in
2010. Have the banks come through on their promises?
Bloomberg Businessweek recently reported on the progress banks made for the first quarter of 2010. Reporter John Tozzi writes that assessing small business lending is difficult because at most banks, lending to small businesses can fall into several categories—from real estate to credit cards—and because banks typically don’t break out separate numbers for small businesses.
• Wells Fargo made $2.9 billion in new loans to small businesses. The bank’s total goal for 2010 was to lend $16 billion to companies with under $20 million in revenue. The $2.9 billion brings it to 18 percent of that $16 billion goal, which is an increase from the $13 billion in loans Wells Fargo made to small companies in 2009. A spokesperson says Wells Fargo hopes to reach the goal by the end of the year.
To read the full, original article click on this link: Are Major Banks Keeping Their Small Business Lending Promises? | Small Business News, Tips, Advice - Small Business Trends
Author: Rieva Lesonsky
