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Thursday, June 20, 2013

New Report Shows Increased Lending to Small Businesses

The U.S. Department of the Treasury today released the results of the First Annual Small Business Lending Fund (SBLF) Lending Survey, showing over 90 percent of SBLF participants reported stronger small business lending with SBLF funding. The report also finds that small businesses in a wide array of industries and in every region of the country have benefitted from the Treasury-administered program and that over 80 percent of small business loans made by SBLF participants were made in amounts of $250,000 or less.

The lending survey has also allowed Treasury to begin to estimate the number of small businesses supported by SBLF participants’ increased lending. By dividing the average loan size reported by community banks by the program-wide $8.9 billion lending increase reported in the April 2013 SBLF Use of Funds Report, Treasury is able to estimate that SBLF participants have now increased small business lending by an additional 38,000 loans as of December 31, 2012.

The survey also allows a closer look at SBLF participant lending by industry and geography. Participants report that the service and agriculture sectors have received the largest estimated percentage of additional loans. By region, SBLF participants in the South and Midwest reported the largest estimated increases in the number of small business loans (20,200 and 8,700 loans, respectively), followed by the Northeast (5,500 loans) and the West (3,600 loans).

Read the entire Department of Treasury’s release. Copy of the report.

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