As part of a three-year commitment to U.S. small businesses, Citi today announced that the bank surpassed its $8 billion lending goal in 2012 by more than $1.6 billion.
Citi loaned a total of $9.6 billion to small businesses in 2012, a 21 percent increase from 2011, when Citi loaned $7.9 billion. Citi has substantially increased its small business lending in recent years, from $4.5 billion in 2009 and $6.0 billion in 2010.
“Small businesses are a critical component of a strong economy and Citi is committed to helping support their growth,” said Citi Chief Executive Officer Michael Corbat. “We have increased our lending to entrepreneurs across the U.S. and again exceeded the annual goal for our $24 billion commitment. I’m proud of the dedicated bankers who work with our clients to help them realize their dream of running their own business.”
In September 2010, Citi pledged $24 billion in lending over the course of three years – $7 billion in 2011, $8 billion in 2012 and $9 billion in 2013. The announcement was in conjunction with the U.S. Small Business Administration (SBA) to provide access to lending and capital that will speed economic recovery. Citi’s total small business lending over the first two years of the pledge is now at $17.5 billion.
Citi has multiple lending programs for small businesses, both conventional and nonconventional, with the goal of responsibly providing loans to as many small business customers as possible. Small business clients have an opportunity to access this capital through loans, lines of credit and other conventional products. In addition, clients are eligible for loans through SBA programs under which Citi is a preferred lender.
“Small businesses are critical to job creation and it is our goal to responsibly lend and support business owners in the communities we serve,” said Jerome Byers, Head of Citi Small Business. “But small businesses need more than just loans – they need solutions and tools to operate and grow, such as cash management, payroll services and a banker who understands their needs. We are focused on making banking easier for our clients so they can focus on running their business.”