NEW YORK, Jan. 27, 2015 /PRNewswire/ -- Citi announced today that it lent $9.2 billion to U.S. small businesses in 2014. Since 2012, Citi has lent small businesses $28 billion, a more than 50 percent increase from the previous three-year period over which time the bank lent small businesses $18.4 billion. The 2014 tally comes a year after Citi surpassed the three-year $24 billion commitment it made in 2011 in conjunction with the U.S. Small Business Administration (SBA) to provide access to lending and capital that would speed economic recovery. Citi Chief Executive Officer Michael Corbat announced the 2014 total today in remarks to the Greater Omaha Chamber of Commerce.
"Citi is committed to supporting small businesses and helping create jobs, so four years ago Citi made a pledge to substantially increase our lending to U.S. small businesses," said CEO Michael Corbat. "Not only did we surpass that goal, but also we have sustained those levels and not looked back. The $9.2 billion we lent in 2014 is more than double what we had lent five years ago and is a real shot in the arm to small businesses, their owners and their employees."
Citi has multiple lending programs for small businesses 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.
Citi is dedicated to helping small business owners who may not qualify for traditional financing access the capital they need to succeed. Programs include the innovative work of its Community Development and Community Capital divisions and the Citi Foundation, which are working to expand financial inclusion and economic opportunity. 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, microfinance institutions and local municipalities to help entrepreneurs begin and grow their businesses and create jobs.
Citi (NYSE: C), 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.
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Citi: Andrew Brent, [email protected] and (212) 559-1299
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