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CU System
NYC business loans up 45 in 2010
NEW YORK (11/4/10)--A new study has found that small business loans in New York City are up 45% over last year, with more than $262 million in loans distributed during 2010. The study, released by U.S. Rep. Anthony Weiner (D-N.Y.), indicates the number of Small Business Administration (SBA) loans in the city grew 44%, from 655 loans in 2009 to 940 this year. The total amount provided by the SBA loans to small businesses in the city rose to more than $262 million from more than $180 million in 2009--about a 45% increase (Federal Information & News Dispatch Oct. 31). Every borough except Staten Island saw gains in small business lending. Lending in the Bronx increased the most--at 62%, with $9.9 million in additional funds in 2010. Manhattan businesses saw a 57% hike in number of loans received to 376 loans from last year's 239 loans. Weiner called the increase in loans to small businesses "extremely encouraging, because access to credit is vital to helping these businesses get back on their feet and putting Americans to work." Weiner's news release noted three measures in Congress involving small business legislation: The Recovery Act, which makes it easier for credit unions and banks to offer SBA loans to small businesses by increasing the loan guarantee amount to 90% from 75%; the Small Business Jobs Act, which reauthorized the Recovery Act's loan guarantee increase and freed up $30 billion for community banks to lend; and the HIRE Act, which provides a payroll tax holiday for businesses that hire unemployed workers. When Congress returns from the elections recess, the Credit Union National Association and credit unions will again pursue measures to raise credit unions' member business lending (MBL) cap to 27.5% of assets from 12.25% to enable them to make more MBLs.


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