| Small Business Use of Credit Cards Increases |
|
“Access to credit is vital for small business survival,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. “That is why we produce our annual lending report, so that trends in small business finance are made clear. One evident trend is the increase in the number of micro business loans outstanding. Coupling that increase with the small increase in the dollar amount outstanding of those loans shows that the small business credit card market continues to be quite dynamic.” The report, Small Business and Micro Business Lending in the United States, for Data Years 2004-2005, uses both Consolidated Reports of Condition and Income (Call Reports) from June 2005 and Community Reinvestment Act (CRA) reports for 2004 to review small business lending activities by financial institutions. This year’s edition expands to include savings banks, and savings and loan institutions. The report also ranks lenders in each state by their small business lending activities, as well as ranking large national financial institutions. The report includes data on AmericanTerritories as well as the states. A complete ranking of lenders, including prior annual reports, is available at www.sba.gov/advo/research/lending.html. Lenders are ranked on their overall small business lending, not by lending under SBA programs. The Office of Advocacy, the “small business watchdog” of the federal government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President. It is the source for small business statistics presented in user-friendly formats, and it funds research into small business issues. For more information, including a copy of the report and rankings of lenders by state, visit the Office of Advocacy website at www.sba.gov/advo. The Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government. The presidentially appointed Chief Counsel for Advocacy advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policy makers. For more information, visit www.sba.gov/advo, or call (202) 205-6533 Contact: John McDowell |
| < Prev | Next > |
|---|
