At the height of the recession, a number of banks said they would increase small business lending in 2010, and BusinessWeek reports that many financial institutions are making good on their promise.
The source says many banks – including Wells Fargo, Bank of America and others, said they would expand small business lending in 2010 in accordance with President Barack Obama’s requests. Now, it’s clear that some are making progress on achieving this goal.
Wells Fargo extended $2.9 billion in new loans to small businesses during the first quarter of fiscal year 2010. Spokeswoman Sarah Toffoli told the source this means Wells Fargo has met 18 percent of its $16 billion lending goal for the year.
J.P Morgan Chase has met 21 percent of its lending goal for 2010 with $2.1 billion in SMB loans to date, says the source. BusinessWeek also reports that Bank of America has started making good on its lending promises – the bank loaned $19.4 billion to small and midsize businesses in the first quarter.
With loans more easily accessible, this may be a good year for entrepreneurs to start the corporation they’ve always wanted. Business incorporation is another strategy to find funds as business owners can raise capital for startups through the sales of securities. 
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