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Citi Increases SBA Lending

Citi has announced that it lent $9.1 billion to U.S. small businesses in 2013. That raises its three-year tally to $26.6 billion, surpassing the $24 billion commitment 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’s lending to small businesses in 2013 was up more than 100% from 2009 when Citi loaned $4.5 billion. Citi pledged lending of $7 billion in 2011, $8 billion in 2012 and $9 billion in 2013. Citi surpassed its goals every year, lending small businesses $7.9 billion in 2011, $9.6 billion in 2012 and $9.1 billion in 2013.

“Three years ago, Citi set out to do more to help U.S. small businesses grow than we ever had in our 200-year history,” said Citi Chief Executive Officer Michael Corbat. “It was an ambitious goal, and I’m very proud we achieved it in support of our small business clients. The $26.6 billion we have loaned to small businesses since 2011 is enabling them to start and expand operations, add jobs and turn their passions into progress. And today, we are as deeply committed as ever to helping them succeed.”

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. 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 help entrepreneurs begin and grow their businesses and create jobs.
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