CBA - Consumer Bankers Association : Banks on Track to Reach 3 Year Small Business Lending Goal (September 24, 2012)
09/24/2012| 06:21pm US/Eastern
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Banks on Track to Reach 3 Year Small Business Lending
Goal
Washington, D.C. (September 24, 2012) - One year ago in a
joint-announcement with the SBA and the Administration, 13
major banks committed to increase lending to small businesses
in underserved communities by $20 billion over the next three
years. Today, banks have reported that they are more than
halfway to reaching their goal.
The Financial Services Roundtable, the American Bankers
Association, and the Consumer Bankers Association issued the
following statement:
"Small businesses are the cornerstone of the American economy
and its communities. Our members are fully committed to
increasing lending to small businesses; it's a core component
of our industry. A recent Thomson Reuters PayNet Small
Business Lending Index reported borrowing was 15% higher than
last year. This is a remarkable increase given the current
economic conditions reported in the Federal Reserve Senior
Loan Survey."
"Today, the SBA announced a net increase of $11 billion in
new loans, over half of the industry's total goal, in its
one-year progress report. It is promising to see we are
on-pace to meet our commitment to the small business
community. As the economic recovery continues, so does our
pledge to fuel growth through lending."
About the ABA
The American Bankers Association represents banks of all
sizes and charters and is the voice for the nation's $14
trillion banking industry and its two million employees.
Learn more at aba.com.
About the CBA
The Consumer Bankers Association (CBA) is the trade
association for today's leaders in retail banking -
banking services geared toward consumers and small
businesses. The nation's largest financial institutions,
as well as many regional banks, are CBA corporate members,
collectively holding two-thirds of the industry's total
assets. CBA's mission is to preserve and promote the retail
banking industry as it strives to fulfill the financial needs
of the American consumer and small business.
About the Roundtable
The Financial Services Roundtable represents 100 of the
largest integrated financial services companies providing
banking, insurance, and investment products and services to
the American consumer. Member companies participate through
the Chief Executive Officer and other senior executives
nominated by the CEO.
Roundtable member companies provide fuel for America's
economic engine, accounting directly for $92.7 trillion in
managed assets, $1.2 trillion in revenue, and 2.3 million
jobs.
.
The Consumer Bankers Association is the recognized voice on
retail banking issues in the nation's capital. Founded in 1919,
CBA provides leadership, education, research and federal
representation on retail banking issues.
dleahy@cbanet.org
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