Small business loans outstanding by commercial banks increased by 5.5 percent between June 2003 and June 2004, according to a study released today by the Office of Advocacy of the U.S. Small Business Administration. A summary of the study can be found here, the introduction with links to specific state information can be found here, and the full 106 page report can be found here.
“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.”
As one of my business partners used to remind me, “There is a bank on every corner.” This type of data helps entrepreneurs get a road map of small business lending by banks.
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. Findings also include:
– 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 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.
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