Lending up 35% over last year, grew most in California, Florida,
Nevada, New Jersey, New York and Washington #1 SBA lender launched CAPLine program to help growing businesses
The nation’s #1 SBA lender, Chase booked $10 billion in small business
loans through the first half of 2012, a 35 percent increase over the
same time last year. Loan growth from first to second quarter was
strongest in California, Florida, Nevada, New Jersey, New York and
Washington. In the second quarter, Chase lent small businesses in
California 52 percent more than in the first quarter and 81 percent more
than a year ago.
“We know how important small businesses are to the economy, and $10
billion in loans to these businesses says how important they are to
Chase,” said Scott Geller, CEO of Chase Business Banking. “Helping
business owners succeed is what thousands of Chase employees proudly do
every day.”
Improved credit performance among current loan customers is a sign that
small businesses are faring better. Net charge-offs for Chase Business
Banking loans were down 29 percent from last year to the lowest level in
more than three years.
Chase upheld its #1 SBA ranking through three quarters of the U.S. Small
Business Administration’s fiscal year, approving more loans than any
other bank. Through June 30, 2012, Chase approved 3,338 SBA 7a and
Express loans for $385 million.
Chase ranked among the top three SBA lenders in several states,
including:
To support the short-term, working capital needs of small businesses,
Chase recently launched the SBA CAPLine program. With revolving lines of
credit up to $5 million, the SBA CAPLine is ideal for growing companies
looking to expand products or services.
Earlier this year, Chase and LivingSocial launched "Mission:
Small Business SM," a grant program offering up to $3
million to small business owners nationwide. More than 10,000 small
businesses completed the application process to receive funding, and the
winners will be announced next month.
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 more than 50 million consumers and 4 million 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.
