Chase lends $20B to small businesses in 2012
Chase Bank extended $20.2 billion in new credit to small businesses in 2012, an 18 percent increase over 2011 for business loans made within the U.S.
The increase was most substantial in California, Florida, Louisiana, Nevada, Oregon and Washington.
Chase, the U.S. consumer and commercial banking business of JPMorgan Chase & Co., made more than $1 billion in new loans to small businesses in each state of Illinois, New York and Texas. In California, the bank extended more than $7 billion of new credit to small businesses, a 58 percent jump over 2011 lending levels.
Chase officials said they want to build on their reputation as a financial institution that is committed to helping small businesses. Last year’s numbers reinforce the bank’s distinction as the nation’s No. 1 Small Business Association (SBA) lender by units, with 40 percent more SBA loans approved over its nearest competitor.