Chase is #1 SBA Lender Three Years in a Row, Increases Small Business Lending 21% Through Third Quarter
#1 in approved units in U.S. and Arizona, Florida, Illinois, Louisiana, New York and New Jersey for SBA's fiscal 2012
Extended $15 billion in new credit through three quarters of 2012, a 21% increase
Small business lending up in California nearly 60% and in Florida more than 40%
NEW YORK--(BUSINESS WIRE)-- Chase solidified its position as America's leading small business lender based on the U.S. Small Business Administration's 2012 fiscal year results and the bank's overall small business lending. For the third consecutive year, Chase is the nation's #1 SBA lender by units, approving 40% more SBA loans than its nearest competitor.
In the past nine months, Chase extended $15.2 billion in loans and lines of credit to help businesses across the country, increasing its overall small business lending 21% through the first three quarters of 2012 compared to the same period last year. In California alone, Chase provided $5.5 billion in small business loans, a 60% increase over last year. Credit to businesses rose 40% in Florida, where Chase is again the top SBA lender.
"Extending credit is critically important to the health of our economy. It helps both companies and communities grow," said Scott Geller, CEO of Chase Business Banking. "It's an honor to partner with amazing business leaders whose compelling stories of success make a difference on main streets around the country."
As in the past two years, Chase approved more SBA loans than any other lender in the country through the SBA's fiscal 2012, which ended September 30. Combining the SBA's 7a, Express and 504 lending categories, Chase approved 4,838 SBA loans for $887 million. In fiscal 2012, Chase became the outright leader in SBA 504 loans in both units and dollars.
Chase also was the top SBA lender in approved units for Arizona, Florida, Illinois, Louisiana, New York and New Jersey, as well as the Dallas/Fort Worth Metroplex. The bank ranked in the top three in approved units in a total of 15 states, including:
Recently Chase launched "Mission Main Street," a multi-channel advertising campaign that features the stories of seven American entrepreneurs. Through extended length videos, these Chase Business Banking customers describe their missions to lead in their industries and communities. Visit www.chase.com/missionmainstreet and on Twitter @ChaseNews, #ChaseMissionMainSt for more.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYS: JPM) , a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. Chase serves more than 50 million consumers and 4 million small businesses through more than 5,500 bank branches, 17,500 ATMs, credit cards, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships. More information about Chase is available at www.chase.com and @ChaseNews.
Mary Jane Rogers, 303-244-3142, 602-332-1215
KEYWORDS: United States North America New York
The article Chase is #1 SBA Lender Three Years in a Row, Increases Small Business Lending 21% Through Third Quarter originally appeared on Fool.com.
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