JPMORGAN CHASE : Chase commits to Lend $12 Billion to U.S. Small Businesses in 2011
04/26/2011 | 07:05am
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.
About Chase
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.
Chase
Mary Jane Rogers ? maryjane.h.rogers@chase.com,
303-244-3142, 602-332-1215
Laura Rossi ? laura.l.rossi@chase.com,
302-282-4839
© Business Wire 2011
