Good news for the New York area. Yesterday, New York Congressman Anthony Weiner released a study indicating the total amount of small business loans in the city has risen 45 percent this year over last year.
This 45 percent increase in small business loans in the New York area comes to almost $82 million.
In the city, The Bronx has seen the largest increase with a 62 percent increase.
The Congressman says the increased lending comes from new legislation meant to open credit lines to struggling small business owners. These loans are guaranteed by the federal government and are dispensed through private banks.
According to the report he read Sunday, $262 million were distributed in fiscal year 2010.
Seeing an increase in small business loans in New York is the beginning of the trend for the entire country.