October 27, 2011

Chase is again #1 SBA lender, already provided more than $12.6 billion in credit to U.S. small businesses

  • Chase approved more SBA loans than any other lender
  • Bank lent more than $1.1 billion in SBA loans, double 2010 volume
  • Year-to-date small business lending at Chase is up 71% from last year
  • Chase has hired more than 1,100 new business bankers since the start of 2009

New York, Oct. 27, 2011 - Chase is again America's largest SBA lender in number of loans and has already exceeded its 2011 small business lending commitment. The bank provided more than $12.6 billion in credit to over 300,000 small businesses in the first three quarters of 2011, a 71% increase over the same time last year.

"Small businesses continue to fuel the economic recovery," said Michael Cleary, CEO of Business Banking at Chase, part of JPMorgan Chase & Co. "Companies we loaned money to were able to expand and hire more people. Being the top SBA lender for the second year in a row shows our commitment to these businesses and the communities we collectively serve."
A Phoenix business tripled its staff and added 60 new service trucks with SBA financing from Chase. For more than 50 years, George Brazil Services has been repairing residential air conditioners in the desert city. But it took an SBA loan from Chase in 2011 for the company to really grow.

"We've hired 120 people and now service almost 2,000 homes a week," said Jim Probst, owner of George Brazil Services. (www.georgebrazilservice.com) "We told Chase that demand was up, and they responded with the SBA financing required to support our growth needs."

Chase extended its position as the #1 SBA lender in total loans with 5,363 approved SBA loans for $1.1 billion in fiscal 2011, which ended September 30. That's more than double last year's $434 million and 58% more the 3,386 SBA loans the bank approved in 2010. Chase also ranks #1 in the number of 7(a) and Express loans.

Chase also was the #1 SBA lender in number of loans in many markets around the country, including:

  • Arizona
  • Dallas/Fort Worth
  • California
  • Houston
  • Florida
  • Los Angeles
  • Illinois
  • Santa Ana
  • New Jersey
  • Seattle
  • New York
  • Texas

Chase ranked first in both volume and dollars in New York (city and state) and Texas.

Earlier this year, Chase increased its lending commitment 20% - to $12 billion - to American small businesses. Through the third quarter 2011, the bank provided $12.6 billion in working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards.

The continued increase in Chase's lending reflects the bank's pledge to help American small business grow. In the past three years, the bank has hired more than 1,100 new bankers to serve more than 2 million small businesses.

"Our investment in people and technology means we can give more small business owners a great customer experience, so they can spend time serving their own customers and growing their business," Cleary said.

In 2011, Chase launched business banking innovations such as Instant Storefront from Chasesm, Jotsm and Chase QuickDepositsm, as well as enhancements to Chase Mobilesm for Business and an array of free fraud protection services. An exclusive series of Chase business insights seminars in markets around the country bring entrepreneurs together for networking and business development.

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 consumers and small businesses through 5,400 bank branches, 16,800 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.


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