Don’t say buzz words don’t get anyone anything.
With the words “small” and “business” rattling around Washington D.C. like flies in a Mason jar, banks are under a lot of pressure to lend to small firms.
JP Morgan Chase is the latest to up the ante when it comes to small-business lending. The bank announced today that it’s launching a campaign to lend $10 billion to small businesses by the end of 2010. That plan comes with job generation too; about 9,000 jobs will be added, Chase officials said.
Chase CEO Jamie Dimon said: “We have continued to contribute to the economic recovery of small businesses and communities. Building on the efforts of the Obama Administration, we expanded our own efforts to support small businesses, launching an initiative to increase small-business lending to $10 billion by the end of 2010. During the quarter, we extended more than $2.1 billion in new small-business credit, with Business Banking originations nearly doubling from last year.”
The announcement came as part of the bank’s first-quarter earnings report.
Small businesses have struggled to secure loans recently. Read this story I wrote for more about that.
Know a small business we should write about? Contact Herald writer Amy Rolph at arolph@heraldnet.com.
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