Another month, another $1B in lost loans

According to data released by the Bank of Canada, commercial and corporate lending by Canadian Chartered banks dropped by more than $1 billion in September. That was on the heels of a $2.2B decrease in August. The category is “Business loans to Canadian residents for business purposes”:

December 2008: $191.563 billion
January 2009: $185.679 billion
February: $183.759 billion
March: $184.089 billion
April: $181.811 billion
May: $180.191 billion
June: $177.865 billion
July: $176.164 billion
August: $175.318 billion
September: $172.652 billion
October: $172.592 billion
November: $169.928 billion
December: $170.930 billion
January 2010: $169.423 billion
February: $169.604 billion
March: $170.959 billion
April: $170.663 billion
May: $167.878 billion
June: $166.869 billion
July: $168.488 billion
August: $166.274 billion
September: $165.062

Commercial and corporate lending by chartered banks to Canadian-based businesses is down $26.5 billion (14%) since December 2008.

You have to go back to late winter 2007 to find a lower figure.

Fortunately, we’re still putting on new business at Wellington Financial. Call us if your bank has “pressed you out”.

MRM