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Wednesday, December 30, 2009

What Did Big Banks Give to Small Business in 2009?

Fox Business survey reveals 2009 lending totals to small businesses by big banks.

NEW YORK – Economic experts agree that small-business lending is crucial to the economy’s full economy, and Fox Business News released results of its investigation that asked the nation’s biggest banks how much they loaned to small businesses in 2009.

Among the respondents to Fox’s survey:

* Bank of America: Facilitated $12 billion in credit to small businesses, incurring $2.5 billion in loan losses. Since September the company has modified loans to 49,000 clients.
* JPMorgan Chase: Loaned $6 billion to companies with sales of less than $20 million with plans to increase lending in 2010 by 67 percent.
* PNC Financial Services: Originated nearly $10 billion in loans.
* Wells Fargo: Said it is on track to loan small businesses $13 billion in 2009. The company plans to increase its workforce of bankers on the small-business front by five percent in 2010.

Fox’s investigation came as a Senate committee passed two bills this month — the Small Business Job Creation and Access to Capital Act of 2009 and the Small Business Export Enhancement and International Trade Act — that aim to increase loan limits and foster small businesses to grow exports.

“America ’s 29 million small businesses are really struggling with skyrocketing health insurance premiums and a tight credit market. Now that we have stabilized Wall Street, it is time to jump-start Main Street, and these bills will do just that," said Small Business and Entrepreneurship Chairwoman Mary Landrieu.

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