C&I Loans Outstanding - Historical Chart
Commercial and Industrial Loans, All Commercial Banks. Gray shaded areas indicate U.S. recessions.
Source: Federal Reserve Bank of St. Louis (FRED), Series BUSLOANS. Shaded areas = NBER recession dates. Updated 2026-03-09.
What the Jan 2026 Data Shows
At 2.74T, the c&i loans outstanding in Jan 2026 is above the 10-year average of 2.48T by 259.38. The trend is upward, with increases in 5 of the last 6 months.
FRED series BUSLOANS reports the total stock of commercial and industrial loans at all U.S. commercial banks, measured in billions of dollars. This includes term loans, revolving credit facilities, and asset-based lending to businesses of all sizes -- from small Main Street operations to Fortune 500 companies.
C&I loan volume is a real-time measure of business borrowing activity. It grows during expansions as businesses invest, hire, and carry inventory. It contracts during recessions as both demand (businesses pull back) and supply (banks tighten) decline simultaneously.
The series is published monthly in the Federal Reserve's H.8 release on assets and liabilities of commercial banks. Because it is a stock (total outstanding) rather than a flow (new originations), it reflects the net effect of new lending, paydowns, and charge-offs.
What This Metric Measures
This page tracks the total dollar amount of commercial and industrial loans on the books at all FDIC-insured commercial banks in the United States. The data comes from the Federal Reserve Bank of St. Louis FRED database, series BUSLOANS, updated monthly.
Historical Context
The all-time peak was 3.04T in May 2020 — roughly 1.1x the current level. The all-time trough was 11.3B in Jan 1947. During COVID-19 in 2020, the reading hit 3.04T (May 2020). Year-over-year, the metric has moved 2.9%.
Why It Matters
C&I loan volume is the pulse of business borrowing. When this number grows, businesses are investing, expanding, and borrowing to fund growth. When it contracts, businesses are either paying down debt, getting denied for new loans, or losing confidence in future growth. A sustained decline in C&I loans has preceded or accompanied every recession since the data began.
For alternative lenders (MCAs, fintech), declining bank C&I volume can mean opportunity -- businesses denied by banks look for other sources. For banks, growing volume means earning assets are increasing, but it also means credit risk is concentrating.
What This Means for Business Owners
Understanding where this metric stands relative to historical norms helps business owners make better borrowing decisions. Metrics far from their 10-year average often signal turning points that affect the cost and availability of credit.
Commercial & Industrial Loans Outstanding - Frequently Asked Questions
Total C&I loans at all commercial banks are 2.74T as of Jan 2026 per FRED series BUSLOANS. This includes all commercial and industrial loans but excludes real estate loans and consumer credit.
C&I loan volume moved up from the prior period. The trend is upward, with increases in 5 of the last 6 months.
Businesses drew down revolving credit lines as a precaution during COVID. The subsequent decline reflected paydowns using PPP funds and improved cash flows. The drawdown-paydown cycle was one of the fastest on record.
C&I lending is pro-cyclical. It grows during expansions as businesses invest and contracts during recessions as both supply (banks tighten) and demand (businesses pull back) decline.
Everything from small manufacturers needing working capital to Fortune 500 companies funding M&A. C&I includes term loans, revolving credit facilities, and asset-based lending.
FRED series BUSLOANS. Published monthly by the Federal Reserve in the H.8 statistical release on assets and liabilities of commercial banks.