The federal banking agencies today issued aggregate data on 2014 small-business, small-farm and community development loans that institutions reported under the Community Reinvestment Act. The data, which commercial banks and savings institutions with about $1.2 billion or more in assets are required to report and others can report voluntarily, show that such institutions made about 5.6 million small-business loans, totaling $214 billion, and about 173,000 farm loans, totaling over $12.9 billion.
The number of small-business loans rose 12 percent from 2013, and the dollar amount of small business loan originations rose by 2 percent. The number of small-farm loans rose by about 1 percent and the dollar amount increased by 5 percent.
Just over 93 percent of the small-business loans and 78 percent of the small-farm loans were for amounts under $100,000, according to the analysis. It also said nearly 45 percent of the small-business loans and nearly 60 percent of the small-farm loans were extended to firms with revenues of $1 million or less.