NEW YORK, January 19, 2012 - America's #1 volume SBA lender, Chase (NYSE: JPM) increased small business lending by 52% in 2011, providing $17 billion of credit through nearly 400,000 new loans and lines to American small businesses. In 2010, Chase provided $11.2 billion in credit to businesses with less than $20 million in annual sales.
"Chase continued to invest in the success of small businesses across the country with nearly 400,000 new loans and credit lines in 2011," said Scott Geller, CEO of Business Banking at Chase. "Since 2009, we have provided more than $35 billion in working capital, term loans for expansion, commercial mortgages, lines of credit and business credit cards to small businesses."
For the past three years, Chase exceeded annual small business lending commitments and, at a White House-sponsored event last fall, pledged to maintain elevated lending volumes through at least 2013.
Lending to small businesses in each of the 23 states with a Chase branch presence increased over 2010. More than 75,000 companies in California received $4.7 billion in credit, representing 28% of Chase's total small business lending in 2011. Combined lending totals for California, New York, Texas and Illinois were up 50% over 2010.
2011 increases in dollars lent to small businesses among states with a Chase branch presence:
For fiscal 2011, Chase was the #1 SBA lender in number of loans in many markets around the country, including:
Chase ranked first in both SBA volume and dollars in New York (city and state) and Texas.
The continued increase in Chase's lending reflects the bank's pledge to help American small business grow. In 2011, the bank hired 450 new bankers to serve more than 2 million small businesses. Chase also launched business banking innovations such as Instant Storefront from Chasesm, Jotsm and Chase QuickDepositsm, 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.
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.