American businesses are borrowing at a pace not seen in years, and the numbers are hard to ignore.
Commercial and industrial loans at US banks jumped by $211 billion year-over-year, pushing total outstanding C&I loans to $2.89 trillion as of mid-May 2026. That’s the highest level since June 2020, and it represents the third-largest annual gain recorded since April 2023.
The numbers in context
Year-to-date growth alone reached $185 billion by mid-May, signaling that the acceleration isn’t a one-quarter blip. The Federal Reserve’s H.8 reports, which track weekly lending data from commercial banks, show steady monthly gains leading into this surge, with C&I loan levels near $2.87 trillion in April before ticking higher.
Even at $2.89 trillion, current lending sits roughly $180 billion below the pre-pandemic peak of $3.07 trillion hit in May 2020. That peak was driven by emergency credit line drawdowns as companies scrambled for cash at the onset of COVID. The current climb feels different: less panic, more strategy.
