mist, BBVA Compass, Houston;
◗;Bruce C. Kasman, chief economist, JP
Morgan Chase & Company, New York;
◗;Christopher Low, chief economist,
First Horizon National Corp’s FTN
Financial, New York;
◗;Gregory L. Miller, SVP and chief economist, Sun Trust Banks, Inc., Atlanta;
◗;George Mokrzan, SVP and director
of economics, Huntington National
Bank, Columbus, Ohio;
◗;Richard F. Moody, SVP and chief economist, Regions Financial Corporation,
◗;Doug Porter, chief economist and
managing director of economic research, BMO Financial Group; Toronto;
◗;Christopher Probyn, managing director and chief economist, State Street
Global Advisors, Boston, Mass.; and
◗;Carl R. Tannenbaum, SVP and chief
regional Federal reserve Banks Find
economist, Northern Trust, Chicago
The American Bankers Association is the
voice of the nation’s $15 trillion banking
industry, which is composed of small,
regional and large banks that together
employ more than 2 million persons,
safeguard $11 trillion in deposits and
extend more than $8 trillion in loans.
Firms Seeking Small amounts of
credit and Borrowing for expansion
The Federal Reserve Banks of New York,
Atlanta, Cleveland and Philadelphia
jointly released findings from their
Small Business Credit Survey. The survey
found significant differences in credit
demand across firm size segments during the first half of 2014. The report also
highlighted the difficulty many small
businesses have accessing credit.
The survey provides information on
the business conditions and financing needs of small businesses from
a 10-state coverage area, and gives
state-level data for Georgia, New York,
Ohio and Pennsylvania.
◗;While 22% of firms overall reported
applying for credit in the first half of
2014, there was considerably weaker
demand among firms with less than
$1 million in annual revenues than
those with larger revenues.
◗;Only 18% of microbusinesses (those
under $250,000 in revenue) applied
for credit. By contrast, over 30% of
small ($250,000-$1 million) and mid-sized firms ($1-$10 million) and 58%
of commercial firms (greater than $10
million) sought credit.
◗;Over half of the credit applicants
sought $100,000 or less.
◗;Almost 40% of those seeking credit
said the primary purpose was to
expand their business.
◗;Most credit applicants were experienced borrowers and growing.
◗;A third of firms report that financing
costs have increased over the past 12
◗;Small firms primarily turn to large
national and regional banks for
financing, but almost 1 in 5 applicants
applied to an online lender in the first
half of 2014.
◗;Approval rates were highest at large
and small regional banks and online
lenders. Of firms that applied to a
small regional or community bank,
60% were approved for at least some
of the financing sought.
Established in 2010 by the New York Fed,
the Small Business Credit Survey (SBCS)
is a survey of firms reporting information about business performance,
financing needs and choices, and borrowing experiences. Responses to the
SBCS provide insight into the dynamics
behind aggregate lending trends and
shed light on noteworthy segments of
the small business credit market (as
reported by firms). The SBCS captures
the perspectives of businesses with
fewer than 500 employees and results
are weighted to reflect the full population of small businesses. This year, in
coordination with the Reserve Banks of
Atlanta, Cleveland and Philadelphia, the
survey includes ten states of coverage:
Alabama, Connecticut, Florida, Georgia,
Louisiana, New Jersey, New York, Ohio,
Pennsylvania and Tennessee.
Triumph commercial Finance
expands Team with addition of
allin, Simshauser and chapman
Triumph Commercial Finance (www.
triumphcf.com), a provider of asset-based lending, factoring and equipment
finance solutions for small to mid-sized
businesses nationwide and member of
the Triumph Bancorp, Inc. group (
Nas-daq: TBK), announced Jim Allin, Mark J.
Simshauser and Jason Chapman as additions to its commercial finance team.
◗;Jim Allin will lead the Triumph Commercial Finance asset-based lending
and commercial factoring business
as senior vice president after the
previously-announced promotion of
Dan Karas to chief lending officer of
Triumph Savings Bank, SSB.
◗;Mark J. Simshauser will serve as
Northeastern region manager.
Located in Long Island, NY, he will be
responsible for expanding Triumph’s