NEWSRELEASE
For Release: December 14, 2006
Contact: John McDowell, (202) 205-6941
john.mcdowell@sba.gov
SBA Number: 06-25 ADVO
Press Kit
Small Business Use Of Credit Cards Increases
Number Of Small Loans Outstanding Grew By 25 Percent
WASHINGTON, D.C. – The number of small business loans outstanding under $100,000 increased 25 percent between June 2004 and June 2005, according to a report released today by the Office of Advocacy of the U.S. Small Business Administration. The increase came mostly from credit card use by small business. The report also noted that the number of small business loans outstanding between $100,000 and $1 million increased 5 percent during the same period.
“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 American Territories 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 progams. 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, a complete copy of the report, and rankings of lenders by
state, visit the Office of Advocacy website at
www.sba.gov/advo.
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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.