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In the year The number of small business loans made in 2021 increased but the dollar amount decreased.
The same was true of small farm loans, a Fact sheet Regarding findings from a national summary statistics analysis of information about the 2021 Community Reform Act (CRA) released Thursday (December 15).
Total small business loans, including originations and acquisitions, increased by 12.6 percent in 2021, but the dollar amount of loans decreased by 21 percent.
In the year In 2021, there were about 9.4 million of these loans, and their dollar amount was $371 billion.
Similarly, the total amount of small farm loans increased by 26.4 percent in 2021 compared to 2020, while the dollar amount decreased by 1.2 percent.
These figures include information for banks, savings and loan associations, and savings banks reporting under CRA regulations.
The data was compiled by three members of the Federal Banking Agency. Federal Financial Institutions Examination Council (FFIEC) with CRA Responsibilities: The Board of Governors of the Federal Reserve Systemof Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.
“Federal banking agencies, when examining financial institutions, use their authority to encourage the communities in the areas where the institutions are chartered to help them meet the credit needs of the federal banking agencies, and require them to be consistent with the safe and sound operations of such institutions” is a fact. said the sheet.
In the year In 2021, the majority of loan originations were under $100,000, with 92 percent of small business loans and 83.8 percent of small farm loans below this threshold.
In terms of dollar amount of loans, 35.5% of small business loan dollars and 31.5% of small farm loan dollars were included in loans of less than $100,000.
Small businesses with revenues of $1 million or less received 47.1% of small business loan originations and 29% of dollar amounts, while similarly sized small farms accounted for 59.3% of small farm loan originations and 67.7% of dollar amounts. .
The PYMNTS study confirmed the overall financial health Small to medium businesses (SMBs) are at their previous, pre-pandemic highs and better than during the Great Recession.
At the same time, SMBs are experiencing inflationary pressures affecting consumer sentiment and thus are at the forefront of growth.Main road index Q3 2022He said.
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Convenience drives some consumers to store their payment credentials with merchants, while security concerns keep other customers at bay. For “How We Pay Digitally: Accumulated Testimonials Edition,” in partnership with Amazon Web Services, PYMNTS surveyed 2,102 U.S. consumers to analyze consumer dilemmas and learn how merchants can overcome them.
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