Supporting America's Small Businesses with nearly $8 billion in lending

This past September, Citigroup pledged to lend $24 billion to American small businesses over three years--starting with a goal of $7 billion for 2011. We exceeded that goal by $900 million. The $7.9 billion we lent to small businesses in 2011 was $1.9 billion more than our 2010 total, and significantly higher than our $4.5 billion total in 2009.

"Small businesses are critical to job creation and driving economic growth," said Citi Chief Executive Officer Vikram Pandit. "I am pleased that we have substantially increased our small business lending and exceeded our goal for the year. With 2012 now underway, we are working hard to meet, and even surpass, the $8 billion commitment for this year as part of our $24 billion three-year goal."

Citi operates multiple lending programs for small businesses, both conventional and nonconventional, with the goal of providing loans to as many small business customers as possible. Citi Small business clients can access capital through loans and lines of credit and other conventional products. In addition, clients are eligible for loans through Small Business Administration programs, where Citi is a preferred lender. Citi also remains dedicated to providing access to capital for those organizations supporting qualified, mission-based Community Development Financial Institutions, Community Development Corporations, micro-lenders and other non-profits that then on-lend to small business owners, via Citibank Community Capital and the Communities at Work program.

"All this is part of our mission to help small business owners as they create jobs and capture the American dream," said Pandit. "Our fundamental goal is to create economic value and support progress."

Keep reading this blog for more updates on our commitment to American small businesses.