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.
About Citi
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.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
Media Contact:
Citi: Andrew
Brent, andrew.brent@citi.com and (212) 559-1299
© 2015 Citigroup Inc. Citibank, N.A., Member FDIC. Citi
and Citibank and Arc Design are registered service marks of
Citigroup Inc.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/citi-small-business-lending-reaches-92-billion-in-2014-300026388.html
SOURCE Citi