NEW YORK - Nov. 15, 2010 - Chase announced today that it more than doubled its Small Business Administration loan volume in fiscal 2010 to become the nation's largest SBA lender, helping 250 more businesses than the next largest lender.
Chase's 3,386 loans represent a 170% increase in SBA loans from a year earlier. Chase lent $434 million in SBA loans in fiscal 2010, up 217% and making it second-largest SBA lender in dollars.
"The SBA loan program allows us to reach thousands of small businesses that need the financing to run their businesses and meet their payroll, especially during these challenging times," said Michael Cleary, head of Business Banking at Chase. "Helping small businesses grow is important because they are core to the U.S. economy."
Chase's SBA 7(a) and Express loans were a crucial part of its 37% increase in lending to small businesses through working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards. Through the first three quarters of 2010, Chase lent $7.4 billion to businesses with sales of less than $20 million, up from $5.4 billion a year earlier.
Since last November, Chase also has hired more than 500 additional business bankers and approved more than $250 million in small business credit after giving rejected loans a second look.
In SBA lending, Chase ranked first in both dollars and loans in New York and was the top lender in loans in Arizona, Illinois and Indiana and in Dallas-Ft. Worth, Houston and San Antonio, Texas.
In total, Chase ranked within the top three in both number of loans and dollars in 12 local district offices.
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.