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Economy and Business


Increased business loans signal continued economic growth
Cleveland's KeyCorp posted a 12 percent lending surge last quarter
by WKSU's KEVIN NIEDERMIER


Reporter
Kevin Niedermier
 
Case Western Reserve University economist Robin Dubin says the rise in business loans shows an economic upswing."
Courtesy of CWRU
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In The Region:

Cleveland-based KeyCorp is reporting a big jump its business loans. The lending increase is considered a very positive economic sign.

 

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KeyCorp officials say business loans in the first quarter of the year were up 12 percent over the same time last year. And they say the lending was spread evenly across the country to all types of industries. Robin Dubin is chairwoman of Case Western Reserve University’s Economics Department. She says it’s good to see loans up after the economic downturn that led to lending restrictions and decreased demand.

“The fact that everything is coming together and businesses now see a need to make new investments in their companies, and banks have gotten to the point where they believe these are good loans that will be paid back, I think it’s very good for the region. I do think it indicates the economy is on an upswing.”

Keycorp reports that its overall loan growth was 5 percent for the period. Most other large U.S. banks are reporting similar first-quarter gains in both consumer and commercial lending.

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