NEW YORK, June 15, 2011 - Chase doubled its lending through the Small Business Administration in the first half of fiscal 2011 - providing $448 million to help businesses and the U.S. economy grow.
The bank remained the #1 SBA lender in the country with 2,373 SBA loans for the first half of the fiscal year. Chase also was the SBA leader in many markets around the country, including:
In Texas, Chase was the #1 SBA lender in both loans and dollars for the first half of fiscal 2011.
Chase ranked in the top three in both loans and dollars in 11 SBA District offices including Arizona; Columbus, Ohio; Illinois; Louisiana; Michigan; New York; San Diego; South Florida; and three cities in Texas: Dallas, Houston and San Antonio.
The dramatic increase in Chase's 2011 SBA continues the bank's expansion of SBA lending. It increased lending 217% in 2010, providing $434 million in credit to businesses.
"SBA loans provide the lifeblood for so many business owners who reinvest in our neighborhoods by hiring employees, improving their property and buying supplies and services," said Michael Cleary, CEO of Business Banking at Chase, part of JPMorgan Chase & Co. "The SBA guarantee allows us to extend credit to a wider range of businesses that need capital to survive and grow."
Earlier this year, Chase increased its lending commitment 20% -- to $12 billion -- to American small businesses. Businesses can access more working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards.
To encourage businesses to expand, Chase is offering a summer promotion through August 31 to waive the SBA guarantee fee up to $10,000 on new SBA business loans or lines of credit. In addition, Chase participates in the SBA Patriot Express program, which offers preferred rates and terms for veterans, active military in the transition process, or spouses of either. Details are available through more than 2,500 business bankers at 5,200 Chase branches.
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 5,200 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.