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#AllTogetherNow: Improving Small Business Lending in the Rochester NY Community

Barbara Van Kerkhove, PhD. January 16, 2018

We are proud to announce the release of our latest data-rich report, “#AllTogetherNow: Improving Small Business Lending in the Rochester NY Community,” which looks at aggregate small business lending in 2015 and compares it to the distribution of occupied businesses for the city of Rochester, Monroe County and the rest of the Rochester metro area

As Research/Policy Analyst and principal author of the report Barbara Van Kerkhove, PhD. said “our community needs to work together to improve access to credit for businesses located in the city of Rochester. As our report shows, the city has 7,245 occupied businesses or 28% of the businesses in the Rochester area. However, city businesses received only 17% of the area’s loans in 2015, and only 20% of the total dollar volume of lending. The discrepancies were clearest in areas with low to moderate income census tracts and with significant communities of color.

Some key findings include:

  • Lending in the towns of Monroe County was higher than one would expect based on the proportion of businesses. The towns had 11,894 occupied businesses or 45% of the area’s businesses, but received 52% of the MSA’s loans and 52% of the MSA’s lending volume.
  • When it comes to the number of small business loans, the area’s 8 largest banks made only 6,035 loans for 38% of the market, less than one-half of their combined 83% depository market share.
  • Five large credit card lenders (American Express, Capital One, Synchrony, US Bank and Citibank) capture more of the small business loan market than the top 8 banks. Together, these lenders made 7,497 loans, for 47% of the Rochester metro area market.

View the Press Release

Download the Report