The nation’s largest banks cut their loan balances to small business by another $1 billion in October, CNNMoney.com reports.
The data come from the Treasury Department report released Dec. 15. Here’s the breakdown:
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Source: CNNMoney.com
Last fall’s credit crunch hit small businesses as well as big companies, home buyers and financial institutions.
Since April, the 22 banks that received the most help from the Troubled Assets Relief Program (TARP) have decreased their lending to small businesses by $11.6 billion, Treasury said. Total lending to small businesses during the six months was $257.7 billion, down 4.3%
Some of the banks promise to increase lending to small businesses.
JP Morgan/Chase pledged to make $4 billion more in small-business loans this year.
Wells Fargo, the biggest lender in the U.S. Small Business Administration’s guaranteed loan programs, said it will increase new loans to small businesses by $3 billion to $16 billion in 2010.
Bank of America, which drastically cut its small-business lending in 2008, said it will loan $5 billion more to small companies in 2010.
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