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Chase to increase small-business loans

December 1st, 2009 / By: / Industry News

Chase, the U.S. consumer and commercial banking business of JPMorgan Chase & Co., announced plans to increase its lending to small businesses by up to $4 billion in 2010, boosting expected new lending to about $10 billion to this vital segment of the U.S. economy.

This will provide businesses with increased access to working capital, term loans for expansion, commercial mortgages, lines of credit and business credit cards. While the $4 billion in additional credit will be available to qualified businesses with annual sales of less than $20 million, the majority of new loans will be targeted to companies with sales of less than $10 million. Small businesses are typically served by specially trained business bankers, and generally will receive a credit decision within a week of application.

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