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A new report found that the tota l value of small businesss loans outstanding increased by 4 percent in the 12 monthas that ended inJune 2008, down from the previouw year’s increase of 8 percent. Thesw numbers are for small businesss loans asa whole, not just SBA The number of business loans of less than $100,000 jumped by nearluy 16 percent, as large lenders concentrated on credit according to the study. By contrast, the number of businesse loans inthe $100,000p to $1 million range fell by more than 23 The report used call reports submitted by bank as well as Community Reinvestment Act Business loans of less than $1 millionb were considered to be small businese loans.
Based on call report the top five small businesss lenders in June 2008 wereAmerican Express, Capitap One, Regions Financial Corp., Synovusw Financial Corp. and First Citizen Bancshares Inc. “Inm the current financial climate, it’s especially critical for smal firms to know whicn banks and financial institutions have been the most likelu to make small andmicrobusiness loans,” said economisy Victoria Williams, a co-author of the study. For more see www.sba.gov/advo.
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