JPMORGAN CHASE LENDS $15 BILLION TO U.S. SMALL AND MID-SIZED BUSINESSES
NEW YORK - September 09, 2009 - Keeping credit flowing when businesses need it most, JPMorgan Chase made approximately $15.1 billion in loans and lines of credit to 21,000 small- and medium-sized businesses across the U.S. during the second quarter of 2009, the firm announced today. JPMorgan Chase is committed to helping small- and medium-sized firms during tough economic times, as they play a pivotal role in fueling the nation's recovery.
"In the second quarter, our bank increased lending to the small- and mid-sized companies that are at the very heart of our nation's economy," said Todd Maclin, CEO of Commercial Banking at JPMorgan Chase. "We're proud that thousands of businesses across the country are putting $15 billion in new capital to work every day, keeping their operations running, investing for the future, and creating jobs."
Based on the company's preliminary data, JPMorgan Chase's lending to small- and mid-sized firms increased by more than 50 percent from the first quarter, including:
- $13.5 billion for 16,451 loans to mid-sized businesses, corporations and government and nonprofit agencies - up nearly 54%; and
- 1.5 billion for 4,177 small business loans - an increase of 32%.
Small- and medium-sized businesses are the cornerstone of the U.S. economy. More than 98 percent of U.S. businesses have fewer than 100 employees, according to the U.S. Census Bureau's most recent data. Together, these firms employ nearly 42.7 million people and pay $1.5 trillion in salaries.
JPMorgan Chase's lending activity to small- and medium-sized businesses reflects a national trend for the bank, which provided approximately $150 billion in credit to consumers, corporations, small businesses, municipalities, and non-profits in the second quarter.
Chase is committed to lending to the businesses that keep the American economy running. The bank was the largest auto lender in the country for the first half of 2009. The bank provided $5.3 billion in auto loans and leases for more than 544,000 vehicles during the second quarter of this year, helping a vital sector of the U.S. economy recover.