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Big Lenders Show Small Businesses the Money

Date: 11/21/2005 | Category: Business | Author: developers

The Office of Advocacy of the U.S. Small Business Administration recently released the Small Business and Micro Business Lending in the United States, for Data Years 2003-2004 study. This annual report ranks top state lenders for loans under $1 million (small business) and $100,000 (micro business). In addition to providing a state-by-state ranking of business-friendly banks and Bank Holding Companies (BHC), the report found:

(1) 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.

(2) Large multi-billion-dollar banks and BHCs 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 by BHCs.

Overall, the top five large banks and bank holding companies that wrote the most small business loans in 2004 included: American Express Centurion (HQ: UT) ranked #1; Regions Financial Corp. (HQ: AL) ranked #2; BB&T Corp. (HQ: NC) ranked #3; Synovus Financial Corp (HQ: GA) ranked #4; and First Citizens Bancshares I (HQ: NC) ranked #5.

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