Citi Small Business Lending Reaches $9.6 Billion in 2012, Surpasses Goal by $1.6 Billion as Part of $24 Billion, Three-Year Commitment
NEW YORK--(BUSINESS WIRE)--
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
"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."
Through the innovative work of its Community Development and Community
Capital divisions and the Citi Foundation, through its support for
organizations working to expand financial inclusion, Citi remains
dedicated to ensuring small business owners who may not qualify for
traditional financing have access to capital and the programs they need
to succeed. Citi's community-based small business efforts focus on
working with local and national organizations, including qualified,
mission-based Community Development Financial Institutions, Community
Development Corporations, and microfinance institutions, to build the
capacity of entrepreneurs to establish themselves, create jobs, and grow.
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com
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