ICS Magazine

Banks slashed small business lending by $43 billion

February 12, 2011
The numbers back up what small business owners have been saying for two years Main Street suffered a brutal credit crunch. 

The numbers back up what small business owners have been saying for two years: Main Street suffered a brutal credit crunch.

The total value of outstanding loans to small businesses plunged by $43 billion, or 6.2%, between June 2009 and June 2010, according to a report released this week by the Small Business Administration. That's a drop of $59 billion, or 8.3%, from June 2008. From CNNMoney.com.