SBA Hot Topic Tuesday – Small Business Lending Totals in the 10 Most Populated Cities

August 8, 2023

Delaney Sexton
Contributing Editor

SBA Hot Topic Tuesday – Small Business Lending Totals in the 10 Most Populated Cities

The SBA Office of Advocacy launched a new series titled Small Business Profiles for Major Metropolitan Areas. Of the data provided, the reports show small business lending trends in metropolitan areas across the country. Here is how small business lending is doing in the ten biggest cities in the country:

New York City Area (including Newark and Jersey City)

In 2021, banks reported issuing $6 billion in loans to metropolitan small businesses with revenues of $1 million or less. New lending to businesses through loans of $100,000 or less was $11.5 billion. New lending to businesses through loans of$1 million or less was $28.9 billion.

Los Angeles Area (including Long Beach and Anaheim)

Large banks reported issuing $4.8 billion in loans to small businesses. There was $7.8 billion in new loans $100,000 or less to small businesses in the area, and $19.2 billion in new loans $1 million or less went to small businesses.

Chicago Area (including Naperville and Elgin)

Businesses with less than $1 million in revenue were given $3.5 billion in loans in 2021. There was $4.4 billion in new business loans $100,000 or less and $13.5 billion in new business loans $1 million or less.

Houston Area (including The Woodlands and Sugar Land)

In 2021, small businesses in the area received $2.5 billion in loans. New small business loans that are $100,000 or less were reported at $3.2 billion. Loans of $1 million or less were at $8.7 billion.

Phoenix Area (including Mesa and Chandler)

Bigger banks reported $1.2 billion in loans to metropolitan small businesses in the area. Businesses in the area received $1.7 billion in new loans $100,000 or less and $4.5 billion in new loans $1 million or less.

Philadelphia Area (including Camden and Wilmington)

Banks made $2 billion in loans to businesses with revenues of $1 million or less. $2.4 billion in total new small business loans of $100,000 or less were made. There was $7.4 billion in new loans of $1 million or less.

San Antonio Area (includes New Braunfels)

Large banks issued $683.2 million in loans to small businesses in 2021. There was $759.8 million in new loans $100,000 or less to small businesses. New loans of $1 million or less to small businesses reached $2.3 million.

San Diego Area (including Chula Vista and Carlsbad)

In 2021, large banks issued $1 billion in loans to businesses within the San Diego area. There was $1.5 billion in new loans $100,000 or less and $3.9 billion in new loans $1 million or less.

Dallas Area (including Fort Worth and Arlington)

Small businesses in the area received $2.6 billion in loans in 2021. New loans of $100,000 or less were $3.3 billion in the area, and for loans of $1 million or less, that number reached $9.1 billion.

Austin Area (including Round Rock and Georgetown)

In 2021, banks reported issuing $773.8 million in loans to small businesses in the area. New lending to small businesses reached almost $1 billion in loans $100,000 or less and was $2.7 billion in loans $1 million or less.

Sources:
Northeast Small Business Profile
Midwest Small Business Profile
South Small Business Profile
West Small Business Profile