New York, May 21, 2012 - The nation's #1 SBA lender, Chase announced today that loan growth and improved credit quality among its Business Banking customers indicate that business owners nationwide are better positioned to invest in their companies. Loans to small businesses through the first quarter 2012 increased for six consecutive quarters, and net charge offs are at their lowest level in three years. Small businesses also increased their deposits at Chase 13 percent from a year ago.
Chase retained its #1 ranking for the first half of the SBA's fiscal year, approving 2,198 loans for $390 million through March 31, 2012. And Chase became the outright leader in the SBA's 504 program, which provides long-term, fixed-rate financing with non-profit Certified Development Companies. Chase approved 213 such loans for $155 million, more loans for more dollars than any other bank.
In the popular 7(a) and Express loan categories, the bank extended its #1 position in many markets, including:
As a preferred lender with the U.S. Small Business Administration, Chase acts on the SBA's behalf, which streamlines the approval process and helps business owners get faster funding. For fiscal 2011, Chase approved $1.1 billion in 5,509 SBA loans and lines of credit -- 3,665 of them for less than $250,000.
Chase's continued lending growth reflects the bank's pledge to help American small business grow. The bank has hired more than 1,100 new bankers to serve more than 2 million small businesses in the past three years.
Earlier this month, Chase and LivingSocial launched "Mission: Small Business SM," a new grant program offering up to $3 million to small business owners nationwide. Through June 30, small business owners can apply to receive one of a dozen $250,000 grants.
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 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.