Chase Tops $20 Billion in 2012 Small Business Loans
Business Wire - January 28th, 2013
Chase provided $20.2 billion in new credit to American small businesses during 2012, an 18 percent increase over 2011. Small business loan growth was most significant in California, Florida, Louisiana, Nevada, Oregon and Washington.
Chase made more than $1 billion in new loans to small businesses in each of Illinois, New York and Texas. In California alone, Chase extended nearly $7.5 billion of new credit to small businesses, 58% higher than 2011 lending levels. Chase continues to be the nation's #1 SBA lender by units, approving 40% more SBA loans than its nearest competitor.
"Chase is very proud to partner with small businesses around the country, providing capital and other financial services that help companies grow," said Scott Geller, CEO of Chase Business Banking. "Our track record as a leading small business lender demonstrates the ongoing commitment Chase has to fuel the engine of the American economy."
Chase serves small businesses through Business Banking, Ink from Chase credit cards and Chase Merchant Services. Small business lending generally includes credit extended to businesses with under $20 million in gross annual revenue.
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 and @ChaseNews.
Copyright Business Wire 2013