« Women Small Business Credit Needs | Business | CIT Group Waives Fees on SBA Loans » | Hispanic Market Direct Mail
Chase Small Business Loans Up to $10B
As JPMorgan Chase Chief Executive Jamie Dimon met today with President Obama and other top financial chiefs, his bank outlined its commitment to boosting small business lending by up to $10 billion in 2010.
Chase, best known as the nation’s largest general-purpose credit card issuer currently has $29 billion in outstanding balances in the form of loans, lines and credit card balances to small businesses.
The President called the meeting with the top banking executives to pressure them into expanding credit access to small businesses, among other issues that included executive pay and supporting financial oversight reform.
Reports from Federal Reserve officials in recent weeks show a still tightening commercial lending sector, triggered in large part by failing or close-to-failing commercial real estate loans.
In a carefully-timed press release, Chase presented its case to shareholders and the public.
“Last month, the bank announced plans to increase lending to small businesses by up to $4 billion in 2010, boosting expected new lending to about $10 billion next year to this vital segment of the U.S. economy,” Chase announced.
“This is simply what a bank should do,” Dimon said.
Chase also said it is hiring 325 additional small business bankers to work nationwide supporting all of its small business lending efforts. The bank said it is adding to the 1,900 bankers who “currently support the less than $10 million segment.” The bank also added about 100 middle market bankers to support lending to mid-sized companies.
In November, the bank said it began offering a second look on all previous loan applications from small businesses “to ensure the bank has examined all possible ways to provide the credit.”
Chase has assets of $2 trillion and operations in more than 60 countries.
Ahorre December 14, 2009 04:55 PM