To add to recent reports that small business growth and activity is beginning to improve, Citigroup announced Monday it plans to hire 200 bankers by the end of the year to help U.S. small businesses achieve credit and financing needs.
The New York City bank which claims 2,500 of the the world's largest 3,000 corporations, according to Bloomberg Businessweek, plans to refocus on U.S. companies with less than $20 million in annual sales.
"It's a renewed focus for us," Raj Seshadri, head of small business banking for Citigroup, said in an interview. "We feel we can help business owners and the economic recovery, and there’s money to be made for our shareholders."
Earlier this month, Citi approved a $60 million lending program aimed at supporting startups and entrepreneurial ventures in low-income or under-served areas.
Meanwhile, small business activity and demand has begun to increase, according to other reports from Businessweek, German software maker SAP and other business surveys.
The Russell 2000 Index, which measures small-cap sector of U.S. equity markets, has risen 19.6 percent since August - signifying a gradual but marked improvement over recent periods.
Tags : financial management, ny, small business management
Posted: Nov 15th, 2010