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The Federal Reserve Bank of Kansas City reported small business loans have taken a decline according to the Small Business Lending Survey released Friday. Photo credit: Shutterstock
The Federal Reserve Bank of Kansas City reported Friday that small business lending has taken a fall in Q1 2023.
Small business commercial and industrial (C&I) lending dropped sharply in Q1 with a decrease of 15.9 percent from the same period in 2022 and 6.8 percent from the previous quarter.
According to the survey, 130 respondents indicated that tightened credit standers, a drop in credit quality and rising interest are in part responsible for the drop in numbers for Q1.
Year-over-year numbers have not faired better. Small business loan balances decreased by 7.6 percent when compared to the first quarter of 2022. However, total loans and C&I loans increased by 9.8 percent and 13.5 percent, respectively. When compared to Q4 2022, small business loans increased by 1.6 percent.
Read the full Small Business Lending Survey, here.
Posted July 6, 2023
