Good Things Come In Small Packages; More Than 80% Of Chase SBA Loans Are Under $250,000

For every SBA 7a and Express loan Chase made over $250,000 last year, the nation’s leading small business lender made four loans in smaller amounts, demonstrating its commitment to support entrepreneurs large and small. For the past three years, more than 80% of SBA’s most popular loans approved by Chase have been for amounts under $250,000.

“Chase extends credit to businesses of every size and complexity,” said Scott Geller, CEO of Business Banking at Chase. “The fact that we’re making an increasing number of small loans means we’re helping even more business owners hire, expand and innovate.”

As a preferred lender with the U.S. Small Business Administration, Chase acts on the SBA’s behalf, which streamlines the approval process and helps business owners get faster funding. In 2011, Chase approved $1.1 billion in 5,509 SBA loans and lines of credit, of which 3,665 were for amounts under $250,000.

Chase also was the #1 SBA lender of 7a and Express loans in many markets around the country, including:
  • Arizona
  • Dallas/Fort Worth
  • California
  • Houston
  • Florida
  • Los Angeles
  • Illinois
  • Santa Ana
  • New Jersey
  • Seattle
  • New York
  • Texas

Chase ranked first in both volume and dollars in New York (city and state) and Texas.

The continued increase in Chase’s lending reflects the bank’s pledge to help American small business grow. In the past three years, the bank has hired more than 1,100 new bankers to serve more than 2 million small businesses.

In 2011, Chase launched business banking innovations such as Instant Storefront from Chase sm, Jot sm and Chase QuickDeposit sm, as well as enhancements to Chase Mobile sm for Business and an array of free fraud protection services. An exclusive series of Chase business insights seminars in markets around the country bring entrepreneurs together for networking and business development.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. Chase serves consumers and small businesses through 5,400 bank branches, 16,800 ATMs, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships and schools and universities. Chase also has issued more than 90 million credit cards. More information about Chase is available at www.chase.com.

Copyright Business Wire 2010

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