Small Business Lending Up in 2007
Jun 16th, 2008 | By Dawn R. Rivers | Category: ResearchDuring the period between June 2006 and June 2007, the number of small business loans increased by a robust 15%, according to the SBA Office of Advocacy’s annual survey of small business lending in the United States, unsurprisingly entitled Small Business and Micro Business Lending in the United States for Data Years 2006-2007, which was released last week. The number of small business loans (defined as those between $100,000 and $1 million) increased by a whopping 32%, while micro business loans (those under $100,000) also grew at a brisk pace, increasing in number by 14%. Dollar volume grew as well, but in less spectacular fashion. Small business loans rose from a total dollar volume of $487.9 billion to $524.9 billion, an increase of 7.6%. Micro business loan dollar volume was up by 9.4%, from $146 billion to $159.7 billion, over the period. The biggest banks continued to dominate the micro business lending market, with the top five being American Express, Capital One, JP Morgan Chase, Wells Fargo and Citigroup.
