The nation’s #1 SBA lender, Chase announced today that loan growth and
improved credit quality among its Business Banking customers indicate
that business owners nationwide are better positioned to invest in their
companies. Loans to small businesses through the first quarter 2012
increased for six consecutive quarters, and net charge offs are at their
lowest level in three years. Small businesses also increased their
deposits at Chase 13 percent from a year ago.
Chase retained its #1 ranking for the first half of the SBA’s fiscal
year, approving 2,198 loans for $390 million through March 31, 2012. And
Chase became the outright leader in the SBA’s 504 program, which
provides long-term, fixed-rate financing with non-profit Certified
Development Companies. Chase approved 213 such loans for $155 million,
more loans for more dollars than any other bank.
In the popular 7(a) and Express loan categories, the bank extended its
#1 position in many markets, including:
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. For fiscal 2011, Chase
approved $1.1 billion in 5,509 SBA loans and lines of credit -- 3,665 of
them for less than $250,000.
Chase’s continued lending growth reflects the bank’s pledge to help
American small business grow. The bank has hired more than 1,100 new
bankers to serve more than 2 million small businesses in the past three
Earlier this month, Chase and LivingSocial launched “Mission:
Small BusinessSM,” a new grant program offering up to $3
million to small business owners nationwide. Through June 30, small
business owners can apply to receive one of a dozen $250,000 grants.
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 more than 50 million consumers and small businesses through more
than 5,500 bank branches, 17,500 ATMs, credit cards, mortgage offices,
and online and mobile banking as well as through relationships with auto
dealerships. More information about Chase is available at www.chase.com.