Chase to increase small-business lending next year
Monday, November 9, 2009 | 1:58 pm
New York-based JPMorgan Chase announced plans today to expand lending to small businesses by up to $4 billion in 2010.
According to American City Business Journals, the bank will hire more bankers to handle the extra work.
That will bring the bank's total small-business lending up to $10 billion. According to a statement from Chase, most new lending activity will occur with business that make $10 million or less in annual sales.
“We will provide more credit – and more one-on-one advice – to small businesses at this crucial time because they are so important to the U.S. economy,” said Charlie Scharf, head of retail financial services, in a news release.
And that's just a start. Chase also plans to introduce a new line of credit cards geared toward businesses, and host online training and town halls on credit issues for small business.
This comes at a time when banks are facing criticism for how they've used federal bailout money. Read more about that here.
Chase bought Seattle-based Washington Mutual from the FDIC in September of last year.
Most recent The Storefront posts
- We ♥ a creative, useful press release Feb. 14
- Website offers tax help for small businesses, self-employed Jan. 31
- Small businesses comprise half of state's private-sector workforce Jan. 26
- Small-business advocates to lobby Olympia lawmakers next week Jan. 20
- 30 chambers of commerce take their agenda to Olympia Jan. 19
Comments
(
