When community banks took a dive last year, many stalwarts of the lending industry pledged their commitment to help fill the void. But most haven’t quite made good on that promise just yet.
To be fair, heavy hitters such as Wells Fargo, JP Morgan Chase and Bank of America have all given something to the little guys. However, it’s not quite what they said it would be.
In fact, most of these banks have doled out around 20% of the amount they promised to help fill the cash gaps left by community banks.
But with year-end approaching, some may be scrambling to make good on their word. Example: Bank of America recently said it would bring in 1,000 more small biz bankers to grant additional loans of between $250K and $M.
If your business is located in any of these major cities, you’re more likely to be a beneficiary of those loans:
- Los Angeles, and
- Washington, DC.