For every SBA 7a and Express loan Chase made over $250,000 last year, the nation’s leading small business lender made four loans in smaller amounts, demonstrating its commitment to support entrepreneurs large and small. For the past three years, more than 80% of SBA’s most popular loans approved by Chase have been for amounts under $250,000.
“Chase extends credit to businesses of every size and complexity,” said Scott Geller, CEO of Business Banking at Chase. “The fact that we’re making an increasing number of small loans means we’re helping even more business owners hire, expand and innovate.”
As a preferred lender with the U.S. Small Business Administration, Chase acts on the SBA’s behalf, which streamlines the approval process and helps business owners get faster funding. In 2011, Chase approved $1.1 billion in 5,509 SBA loans and lines of credit, of which 3,665 were for amounts under $250,000.