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Small business loan broker Ami Kassar writes an open letter to the CEOs of Chase Manhattan, Bank of America and Wells Fargo banks on behalf of small business taxpayers.It is in response to BusinessWeek reporter John Tozzi revealing that two banks show increases in their 2010 small business lending while Wells Fargo missed it.
Kassar declares that these banks are being much too coy with their amorphous small business lending numbers. He sees no evidence of an increase in $1 million dollar loans or less that most Main Street small businesses are in need of.
…It’s almost impossible for a layman or for that matter a financing pro to dig through the financials and SEC reports of banks, and find out how much money is really being lent to small businesses.Gentlemen, as tax payers who have recently bailed out your financial institutions, and as customers and shareholders of your companies, we’re entitled to know what your banks are really doing to help small business. It would likely take an analyst in your accounting or finance departments less than five minutes to recast your small business lending report card, and tell us the amount you have lent to businesses with revenue of $1 million or less. This information would be insightful and helpful to let us understand the true state of small business lending in the United States. Thanks for your consideration.
Read Kassar's complete letter.