First-Quarter Small Biz Loan Stats Not Bad
Wells Fargo, JPMorgan Chase more or less keep promises
John Tozzi wrote earlier today, “Wells Fargo extended $2.9 billion in new loans to small businesses in the first quarter, according to spokeswoman Sarah Toffoli. That’s 18% of the bank’s goal to lend $16 billion in 2010 to companies with less than $20 million in revenue – an increase from $13 billion in 2009.”
Also, “JPMorgan Chase made $2.1 billion in new loans to small businesses in the first quarter, the company reported in its first-quarter earnings release, or 21% of its goal to extend $10 billion in new credit to companies with under $20 million in revenue.”
Granted, 18 percent and 21 percent aren’t the same as 25 percent, which is what you might hope to see given that one financial quarter equals one-fourth of a year. Still, the numbers are close, and if you figure that the first few months of the year tend to quiet for a lot of businesses, these two banks may be doing their part.
Let’s just hope other banks are keeping up their end of the bargain, too, and that perhaps some institutions will even go above and beyond their original agreements.