Chase: 80% of SBA Loans Were for Less Than $250,000

Chase, the top Small Business Administration lender by volume, approved more than $1.1 billion in SBA loans and lines of credit to more than 5,300 businesses in 2011.
For the past three years, more than 80 percent of these SBA loans have been for amounts under $250,000, Chase said.
That represents four SBA 7a and Express loans under $250,000 for every single loan over that amount.
Chase made that distinction clear in a press release to demonstrate its commitment to “support entrepreneurs large and small.” The bank provided a total of $17 billion in small business credit last year.
As a preferred lender with the SBA, Chase acts on the U.S. agency’s behalf, which streamlines the approval process for business owners.
“The fact that we’re making an increasing number of small loans means we’re helping even more business owners hire, expand and innovate,” said Scott Geller, CEO of Business Banking at Chase.
In the past three years, the bank has hired more than 1,100 new bankers to serve more than 2 million small businesses.
Chase said it was the top SBA lender of 7a and Express loans in many markets around the country, including Arizona, California, Florida, Illinois, New York, New Jersey and Texas.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co.

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