JPM.L Regulatory News (JPM)

21 Sep 2011 07:00

Chase, the nation's Number 1 SBA lender, announced today it was on track to lend 20% more to small business this year than it committed to lend in 2010. The bank also said it would join the White House Lending Forum to help further increase lending to small businesses.

"Chase is leading the way to help put Americans back to work by providing the financing small businesses need to expand and create more jobs," Michael Cleary, CEO of Chase Business Banking, told attendees at a White House-sponsored small business lending conference in Ohio.

Earlier this year, Chase raised its 2011 small business lending pledge to $12 billion from $10 billion in 2010. During the first six months of 2011, Chase provided credit to more than 150,000 small businesses in the United States. It also doubled its approved SBA lending and has made the most Small Business Administration loans to U.S. companies during the first half of SBA's current fiscal year.

At year-end 2010, Chase had more than $30 billion in outstanding balances in loans, lines of credit, and credit card balances to businesses with annual sales under $20 million.

"Throughout economic cycles, Chase bankers make loans and help small businesses be more productive, grow sales and innovate," Cleary said. "We now have more than 2,500 bankers across the country to serve business owners, who are our neighbors and friends."

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 $2.2 trillion and operations in more than 60 countries. Chase serves consumers and small businesses through 5,300 bank branches, 16,200 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 2011