SBA Loans Trying To Meet Up the Small Business’ Financing Requirements
Multifunding, a Philadelphia small business loan adviser, reported that Bank of America and Citibank contributed only 0.6 percent of the total U.S SBA loans in 2010, despite the fact that these banks manage about 20 percent of all bank deposits in the U.S. Wells Fargo were reported to make the highest, 6.5 percent, SBA Loans across the country with Chase standing at providing 4 percent SBA Loans. Multifunding survey of 1,200 small business firms revealed that out of 18 percent people who applied for SBA Loans, only 58 percent could get through it. The number of SBA Loans in 2010 increased to 68 loans for USD 16 million in 2010 from 56 loans for USD 12 million in 2009. Multifunding indicated that small business proprietors are facing difficulties for meeting up their financing requirements since many of the country's large banks have closed operations due to recession.