Posted by Molly Nelson - According to this article
in BusinessWeek, despite the economic downturn, many community banks
are reporting an increase in loans and credit lines to small
businesses. Community banks are generally defined as banks with less
than $10 billion in assets.
In a recent meeting on promoting economic recovery before the House
Committee on Small Business, Paul Merski of the Independent Community
Bankers of America testified "that community banks make 20% of all
small-business loans, even though they represent only about 12% of all
bank assets. Furthermore, he said that about 50% of all small-business
loans under $100,000 are made by community banks."
Have you or other small business owners you know had success in
getting loans from community banks recently? Share any stories or tips
in the comments!