Karen Mills says that small business lending has increased and appreciates banks for their participation. During the last 12 months, lending to small businesses has grown considerably. This is a very good sign for the economy as small business growth inevitably means growth of the economy.
Mills made it public that 13 big banks of America have increased lending to small businesses from last September. The total loan amount granted is $11 billion and it is part of the $20 billion commitment made by the SBA for the year ending 2014.
The whopping increase in the volume of loans made is a prime example of a successful private/public partnership to provide assistance to small businesses. But critics have a different point to make. They say that this $11 billion figure also covers grants made to organizations having $20 million in revenue and those that tend to borrow in excess of $1 million or more.
In spite of the criticism, the $11 billion lending to small businesses has incredibly helped organizations in the country to expand, create jobs and hire more people. Small businesses operating in U.S. have been strengthened to create new jobs and grow their enterprise into a thriving business. Further, Mills adds that 18 bills granting tax deductions for small businesses has been passed, the Jobs Act has been passed, small business supply chain strengthened, American manufacturing has strengthened thus opening new markets for America’s small businesses.
All these lead to more of small business loans to small business owners and eventually open doors for their growth. Access to commercial and government supply chain also opened up for small businesses and so American small businesses have started to see growth once again.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org.