Citi today announced a commitment of $24 billion in lending over the next three years – $7 billion in 2011, $8 billion in 2012 and $9 billion in 2013. The announcement comes in conjunction with recent efforts by the U.S. Small Business Administration (SBA) to provide access to lending and capital that will help create jobs and speed economic recovery. “We recognize the vital role small businesses play in our economy and are excited about making this commitment to increase our lending to entrepreneurs across the country,” said Citi Chief Executive Officer Vikram Pandit. “During such challenging economic times, we appreciate how important it is for government and businesses to work together to catalyze economic growth. Whether it’s creating new jobs, supporting local investments or providing financial expertise, Citi is committed to helping our clients capture the American dream.”
Today in Cleveland, Citi’s head of U.S. Small Business, Raj Seshadri, joined Vice President Joe Biden and SBA Administrator Karen Mills in a show of support for America’s small businesses and their finance needs.
Small business clients will have an opportunity to access this capital through loans and lines of credit and other conventional products. In addition, clients will be eligible for loans through SBA programs, where Citi is a preferred lender. Citi has significantly increased its small business lending in recent years, from $4.5 billion in 2009 to $6 billion in 2010. For the first half of 2011, lending has increased 30 percent over the same time period in 2010.
Citi also remains dedicated to providing access to capital for those organizations supporting qualified, mission-based Community Development Financial Institutions, Community Development Corporations, micro-lenders and other non-profits that then on-lend to small business owners, via Citibank Community Capital and the $200 million Communities at Work program.
Citi, the leading global financial services company, 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.