Chase doubles small business loans in Columbus in 2010
Chase says it awarded 91 Small Business Administration loans worth $9.2 million in Columbus last year.
Both figures represent significant increases over 2009 lending levels in the capital city, with the number of loans up 133 percent and the dollar amount up 129 percent.
Last year, the bank made a total of 3,386 SBA loans worth $434 million, making it the second-largest SBA lender in dollars.
“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,” says Michael Cleary, head of business banking at Chase.
“Helping small businesses grow is important because they are core to the U.S. economy,” he adds.
Chase says its SBA 7(a) and Express loans contributed to the bank’s 37 percent increase in lending to small businesses through working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards.
Also, Chase says since last November it has hired more than 500 additional business bankers and approved more than $250 million in small business credit after giving rejected loans a second look.
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