July 26, 2012

CHASE LENT $10 BILLION TO SMALL BUSINESSES IN FIRST HALF OF 2012

Lending up 35% over last year, grew most in California, Florida, Nevada, New Jersey, New York and Washington

#1 SBA lender launched CAPLine program to help growing businesses

NEW YORK – July 26, 2012 – The nation's #1 SBA lender, Chase booked $10 billion in small business loans through the first half of 2012, a 35 percent increase over the same time last year. Loan growth from first to second quarter was strongest in California, Florida, Nevada, New Jersey, New York and Washington. In the second quarter, Chase lent small businesses in California 52 percent more than in the first quarter and 81 percent more than a year ago.

"We know how important small businesses are to the economy, and $10 billion in loans to these businesses says how important they are to Chase," said Scott Geller, CEO of Chase Business Banking. "Helping business owners succeed is what thousands of Chase employees proudly do every day."

Improved credit performance among current loan customers is a sign that small businesses are faring better. Net charge-offs for Chase Business Banking loans were down 29 percent from last year to the lowest level seen in more than three years.

Chase upheld its #1 SBA ranking through three quarters of the U.S. Small Business Administration's fiscal year, approving more loans than any other bank. Through June 30, 2012, Chase approved 3,338 SBA 7a and Express loans for $385 million.

Chase ranked among the top three SBA lenders in several states, including:

  • Arizona
  • Louisiana
  • California
  • Michigan
  • Colorado
  • New Jersey
  • Florida
  • New York
  • Georgia
  • Ohio
  • Illinois
  • Texas
  • Indiana
  • Utah

To support the short-term, working capital needs of small businesses, Chase recently launched the SBA CAPLine program. With revolving lines of credit up to $5 million, the SBA CAPLine is ideal for growing companies looking to expand products or services.

Earlier this year, Chase and LivingSocial launched "Mission: Small Business SM," a grant program offering up to $3 million to small business owners nationwide.  More than 10,000 small businesses completed the application process to receive funding, and the winners will be announced next month.

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 more than 50 million consumers and 4 million 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.


 


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