Micro business loans under $100,000 were down 2.9% during the first quarter, according to the U.S. Small Business Administration.
Total small business loans outstanding dropped 2.4% from $624.3 billion in December 2010 to $609.4 billion in March 2011, the SBA's Office of Economic Research of the Office of Advocacy reported in its Quarterly Lending Bulletin. Macro business loans, defined as those between $100,000 to $1 million, declined by 2.2%.
Small business loans outstanding by the largest lenders with assets of $50 billion or more declined the most, by 4.9%, the SBA reported. Loans outstanding from lenders in the $1 billion to $9 billion asset category remained constant. Lenders with $10 billion to $49 billion in assets had an increase of 3.1% in loans outstanding.
While the rate of decline appeared to slow in the last quarter of 2010, it has turned down slightly in the first quarter of 2011, according to the SBA.
“Remarkably, nominal small business loans outstanding as reported by the call reports have declined to levels below those reported in June 2006,” the report read.
The lending data collected is based on call reports from the FDIC.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
