The BizFilings blog covering business tips and trends.
Chase Surpasses Small Business Lending Goals for 2010
Published on Dec 28, 2010
Read 'Choosing a Business Name that Captures the Right Kind of Attention' at 'Time to Start Up,' the small business blog by BizFilings.
Chase Bank announced Tuesday that the Chicago-based bank has exceeded its lending goals for 2010, providing more than $10 billion in credit to U.S. small businesses.
The volume makes Chase the No. 1 small business lender in the country, according to the Small Business Administration. It also represents a 40 percent jump over the bank's lending volume from last year.
The loans were spread among more than 250,000 small businesses with annual revenues of less than $20 million.
"Small businesses are putting these loans to use every day in cities and towns all across the country, creating jobs and helping our economy get back on its feet," said Michael Cleary, CEO of business banking in retail financial services for Chase.
However, as the economy only gradually improves, credit remains a crucial problem, preventing owners from hiring in significant numbers. An October report by the New York Federal Reserve declared that more than three-quarters of small businesses met little or none of their credit needs for the first half of 2010.
Still, entrepreneurs forming a company may at least take comfort in Chase's jump in credit availability, as well as other recent reports finding heightened confidence among small business owners.