Commercial Borrowing is Back in Cleveland
By: Leon Castles
on Friday, April 20, 2012
Cleveland is going through better time now as more and more small business owners are going back to the bank for commercial borrowing because they believe that times are changing and they need to get back on track if they want to develop the city. Many of the banks in Cleveland have confirmed that more and more small business entrepreneurs are now asking for commercial borrowing and loans that can help them establish their own business. The banks have confirmed that the loan growth has already crossed the double digit percentage and that is good for the city and the economic development of the state.
KeyCorp is one of the largest banks in Cleveland that announced that commercial borrowings in Cleveland have gone up by 7% from December 2011. The bank also said that when you compare the loan rate to the rate almost a year ago the loan rate have gone up by 20% which is definitely a good sign that indicates that people are getting back their confidence. The Fifth Third Bank said that they have seen more than 15% growth in the commercial borrowings in Cleveland city which is obviously helping the bank and the city as well. At PNC Bank and Huntington Bank the loan rate have gone up by almost 13% to 17%. Many of the banks are happy with this because that will provide them more business and revenue in the future when development happens in the city.