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Big Banks Say Their Small Business Lending Is Up

Downtown Detroit
Downtown DetroitPhotograph by Asger Carlsen/Getty Images

In the aftermath of the financial crisis, plenty of griping ensued about big banks failing to turn bailouts into Main Street credit. And with good reason: Small business loans declined by 27 percent from June 2008 to June 2013.

Banking industry groups often say the decline is largely because there hasn’t been enough demand from strong-enough businesses. Now 13 large banks, including Bank of America, JPMorgan, and Wells Fargo say they have increased small business lending by $17 billion since September 2011, according to a recent industry group statement.