New York City sees 45 percent increase in small business lending



A new report released by Representative Anthony Weiner of New York suggests it may be a good time to launch an LLC in New York City after all. The report, released Sunday, shows small business loans increased 45 percent over the past year.

According to figures calculated by the Small Business Administration, the increase equates to an additional $262 million dollars in small business financing in the Big Apple over the 2010 fiscal year - loans that Weiner claims increased substantially following the passage of recent legislation designed to increase credit and alleviate tax burdens on small businesses, notably the Small Business Jobs and Credit Act signed in September.

All the loans are government-backed and funded by private banks - an incentive for private lenders who are insured on their investments of up to 90 percent.

The report comes amidst a slew of recent surveys and outlooks for New York City small businesses, including one by the New York Fed, which found that half of small businesses are denied credit, and another claiming that New York state lost 150,000 jobs over the past 15 years.

Tags : financial management, llc formation, ny, small business management
Posted: Nov 1st, 2010
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