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Banks Hit 85% of Small Business Lending Goal One Year Before Deadline $17 billion of a $20 billion commitment already reached!
Washington, D.C. (September 24, 2013) – Two years ago 13 major U.S. banks made a commitment to the American people to increase lending by $20 billion to small businesses by September 2014.
Today—one year ahead of the deadline— data from those 13 banks shows their combined small business lending increased by $17 billion, already at 85 percent of the $20 billion goal.
The Financial Services Roundtable, the American Bankers Association, and the Consumer Bankers Association, trade associations that support small business banking, issued the following statement:
“Small businesses are the cornerstone of America’s communities, a vital part of our nation’s economic recovery, and essential to job growth. We are proud to see the outstanding progress our member banks have made in increasing loans to small businesses. But we are not surprised. Lending to small businesses is at its highest index in six years, according to the Thomson Reuters/PayNet Small Business Lending Index, because it is a core component of our industry. The industry’s commitment is ongoing, and we believe its support of small businesses and entrepreneurs will continue to grow.”
The banks participating in the commitment are Wells Fargo, Key Corp, Regions Financial Corporation, Huntington Bancshares Incorporated, M&T Bank Corporation, JP Morgan Chase & Company, Citizens Financial Group, Inc., Citigroup, Bank of America Merrill Lynch, TD Bank, US Bank, PNC Bank NA., Sun Trust Banks, Inc.
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $14 trillion banking industry and its two million employees. Learn more at aba.com.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.