NEW YORK--(BUSINESS WIRE)--Chase (NYSE: JPM) today commits to lend $12 billion to American small businesses in 2011, a 20% increase over its 2010 commitment. Chase also became the Number 1 Small Business Administration lender in America in loans made in fiscal 2010.
“Small business owners are not only our neighbors but also the entrepreneurs that hire half of the employees in the United States. It’s critical that we support small businesses as they continue to fuel the economic recovery across the country,” said Michael Cleary, CEO of Business Banking in Retail Financial Services.
During the first quarter of 2011, Chase increased its lending 64% to businesses with annual sales of less than $20 million. It put more than 100,000 new loans for working capital, term loans for expansion, commercial mortgages, lines of credit and business credit cards on its books in the first three months of the year.
Chase customers are using their credit to expand their businesses, sometimes into new markets. Denver’s Snooze Eatery is using an SBA loan to add two new restaurant locations.
“We love feeding people breakfast – and now we can feed many more people the most important meal of the day,” said Jon Schlegel, owner of Snooze Eatery, which is using credit from Chase to grow beyond its four Colorado stores and adding a San Diego location. “Our partnership with Chase is helping us open more stores and share our food and culture with many others. We are beyond grateful.” (www.snoozeeatery.com)
“We’re honored to partner with these inspiring small business owners to offer access to powerful credit resources and the tools that enable them to grow their business,” said Richard Quigley, President of Ink from Chase. (www.inkfromchase.com)
In communities hardest hit by the economic downturn, Chase loans are helping business customers and the communities they collectively serve.
“The working capital we got from Chase filled a critical need for our growing business, helping our cash flow as we expanded our customer base and doubled our revenue,” said Link Howard III, president and CEO of Powerlink Facilities Management Services, a Detroit-based company that maintains and manages health care, industrial, education and office properties. “Chase also recognizes the long-term value of investing in the community where it is doing business, through loans and community grants, and I appreciate and share that commitment.” (www.powerlinkonline.com)
Continuing its support of small businesses and the overall community, Chase:
- made $25 million in grants to Community Development Financial Institutions serving hard-to-reach communities by investing capital in small business enterprises. The grants range from $2 million to $5 million for institutions across the country.
- increased its giving by 50% in 2010, extending $150 million in grants to programs that support community development, education and arts & culture.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), which operates more than 5,100 branches and 15,000 ATMs nationally under the Chase brand. Chase has 146 million credit cards issued and serves consumers and small businesses through bank branches, ATMs and mortgage offices as well as through relationships with auto dealerships and schools and universities. More information about Chase is available at www.chase.com.