Small Business Finance News

Chase Was Top SBA Lender In FY 2010

Written by Jenna Weiner
Published: 11/15/2010

Bank provided loans to more than 3,300 small businesses

Small businesses looking for loans have increasingly been looking to one bank when obtaining government-backed loans.

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Chase bank announced recently that it had become the No. 1 lender for the U.S. Small Business Administration in terms of loan volume for fiscal year 2010, giving more 3,300 small businesses the opportunity to get funding. In total, Chase increased its SBA loans more than 170 percent from last year.

"The SBA loan program allows us to reach thousands of small businesses that need the financing to run their businesses and meet their payroll, especially during these challenging times," said Michael Cleary, head of business banking at Chase. "Helping small businesses grow is important because they are core to the U.S. economy."

The consumer and commercial banking subsidiary of JP Morgan Chase also announced that it had hired more than 500 business banking experts. The new staff will help sift through the increase in demand for loans.

Chase has made other news for small businesses after a blog pointed to a credit card offer as a good option for entrepreneurs. Katrina Gutierrez, writing for Daily Markets, recently wrote that Chase's InkCash Business Card was among the best options for those looking to start their own business. 

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