Fast Facts: Small Business Lending
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Fast Facts: SMALL BUSINESS LENDING
*Small business lending is up 14% year-over-year *The vast majority of small business owners report credit needs met *Small businesses continue to face a tough economic environment
FACT: Small business lending was up 14% in February from a year earlier, according to the Thomson Reuters/PayNet Small Business Lending Index. This is the 19th consecutive double-digit rise. FACT: Approximately $600 billion of small business loans are outstanding, according to FDIC data. The largest 1% of banks manage over 40% of these loans.
FACT: The overwhelming majority of small business owners (92%) continue to report that their finance needs are met or they are not interested in borrowing, according to the NFIB’s Optimism Index, March 2012.
FACT: Only 4% of small business owners report financing as their top business problem, compared to 20% citing taxes and 19% citing unreasonable regulation, according to the NFIB’s Optimism Index, March 2012.
FACT: Small businesses continue to face a difficult economic environment.
The NFIB’s Optimism Index from March 2012 showed decreased expectations for the economy improving; sales; and plans to make capital outlays. According to the Thomson Reuters/PayNet Small Business Lending Index, “applications for credit by small businesses are at about the same level as they were at the end of the recession in June 2009 — sign that many small businesses remain hesitant to borrow.”
FACT: Financial services companies are offering their support.
The largest banks have pledged $100 billion of additional lending over the next three years.
Small business assistance is about much more than lending. The financial services industry offers continuing education, insurance, retirement security, financial planning and many other benefits for millions of small businesses.
Company specific examples can be found in the Roundtable’s report, “How the Financial Services Industry is Supporting Small Business.”
On April 17, over 250 leaders from the small business community, along with industry trade groups and policymakers, participated in the 2nd annual Small Business Lending Summit, expanding private-sector partnership to strengthen small business lending and spur job creation. For more information about the summit, please contact Brian Tate at [email protected] or Scott Talbott at [email protected]. Financial Services HOTLINE: If you have questions about this topic or any other issue facing financial services, please reach out to Abby directly at 202-589-2531 or [email protected]. Learn more about the Financial Services Industry at www.OurFinancialFuture.com. OurFinancialFuture.com is continuously updated to bring you the most useful information about the industry in real-time.
Copyright © 2012 The Financial Services Roundtable, All rights reserved. You are receiving this e-mail as part of The Financial Services Roundtable's communications. Our mailing address is: The Financial Services Roundtable 1001 Pennsylvania Avenue, NW Suite 500 South Washington, DC 20004
*Small business lending is up 14% year-over-year *The vast majority of small business owners report credit needs met *Small businesses continue to face a tough economic environment
FACT: Small business lending was up 14% in February from a year earlier, according to the Thomson Reuters/PayNet Small Business Lending Index. This is the 19th consecutive double-digit rise. FACT: Approximately $600 billion of small business loans are outstanding, according to FDIC data. The largest 1% of banks manage over 40% of these loans.
FACT: The overwhelming majority of small business owners (92%) continue to report that their finance needs are met or they are not interested in borrowing, according to the NFIB’s Optimism Index, March 2012.
FACT: Only 4% of small business owners report financing as their top business problem, compared to 20% citing taxes and 19% citing unreasonable regulation, according to the NFIB’s Optimism Index, March 2012.
FACT: Small businesses continue to face a difficult economic environment.
The NFIB’s Optimism Index from March 2012 showed decreased expectations for the economy improving; sales; and plans to make capital outlays. According to the Thomson Reuters/PayNet Small Business Lending Index, “applications for credit by small businesses are at about the same level as they were at the end of the recession in June 2009 — sign that many small businesses remain hesitant to borrow.”
FACT: Financial services companies are offering their support.
The largest banks have pledged $100 billion of additional lending over the next three years.
Small business assistance is about much more than lending. The financial services industry offers continuing education, insurance, retirement security, financial planning and many other benefits for millions of small businesses.
Company specific examples can be found in the Roundtable’s report, “How the Financial Services Industry is Supporting Small Business.”
On April 17, over 250 leaders from the small business community, along with industry trade groups and policymakers, participated in the 2nd annual Small Business Lending Summit, expanding private-sector partnership to strengthen small business lending and spur job creation. For more information about the summit, please contact Brian Tate at [email protected] or Scott Talbott at [email protected]. Financial Services HOTLINE: If you have questions about this topic or any other issue facing financial services, please reach out to Abby directly at 202-589-2531 or [email protected]. Learn more about the Financial Services Industry at www.OurFinancialFuture.com. OurFinancialFuture.com is continuously updated to bring you the most useful information about the industry in real-time.
Copyright © 2012 The Financial Services Roundtable, All rights reserved. You are receiving this e-mail as part of The Financial Services Roundtable's communications. Our mailing address is: The Financial Services Roundtable 1001 Pennsylvania Avenue, NW Suite 500 South Washington, DC 20004
