Total Small Business Lending in the U.S. Reaches $46 Billion over the Past Five Years
Citi announced today that it lent more than $10 billion to U.S. small businesses in 2015. Over the past five years, Citi has lent small businesses in the U.S. a total of $46 billion. Citi’s pace of small business lending in 2015 ($10.0 billion) surpassed that of 2009 ($4.5 billion) by more than 120 percent.
Citi CEO Michael Corbat said, “Five years ago we pledged to dramatically increase our lending to small businesses because they are critical to job creation and economic growth. Since that time we’ve lent $46 billion to all types of small businesses throughout the country. This increased level of lending has helped entrepreneurs strengthen their businesses, generate new jobs and add lasting value to our communities. We will continue to do our part to help this vibrant sector thrive.”
Citi has multiple lending programs for small businesses with the goal of responsibly providing loans to as many small business customers as possible. Small business clients have an opportunity to access this capital through loans, lines of credit and other conventional products. In addition, clients are eligible for loans through SBA programs under which Citi is a preferred lender.
Citi is dedicated to helping small business owners who may not qualify for traditional financing access the capital they need to succeed. Programs include the innovative work of its Community Development and Community Capital divisions and the Citi Foundation, which are working to expand financial inclusion and economic opportunity. Citi’s community-based small business efforts focus on working with local and national organizations, including qualified, mission-based Community Development Financial Institutions, Community Development Corporations, microfinance institutions and local municipalities to help entrepreneurs begin and grow their businesses and create jobs.