13 banks commit $20B to small business lending
Top U.S. banks say they will lend $20 billion to small businesses over the next three years.
The four largest banks in the U.S. are among 13 financial institutions that have committed to increase their lending by $20 billion to small businesses over the next three years, reports the Washington Business Journal.
The banks are: Wells Fargo, Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., KeyBank, Regions Bank, Huntington Bank, M&T Bank, Citizens Financial Group, TD Bank, US Bank, PNC Bank, and SunTrust Bank, the article said.
Karen Mills, who heads the Small Business Administration, made the announcement while touring the Ohio-based Wrap-Tite packaging supply company that was recently given a $1.5 million SBA loan.
According to the Associated Press, the loan enabled the company to purchase a production facility five times larger than its old locations and expand its number of employees.
On Sept. 20, Vice President Joe Biden also visited the plant to underscore the significance of the 13 bank commitment. The move will buoy small business lending that dwindled from $700 billion in 2008 before the recession to $600 billion, Biden told the AP.