Chicago-based Chase Bank announced Tuesday that it has surpassed its small business lending goal for 2010, providing more than $10 billion in credit to U.S. small companies.
The loans were allocated among more than 250,000 small businesses with annual sales of less than $20 million, also marking a 40 percent jump in lending over the previous year.
The loan volume makes Chase Bank the No. 1 U.S. small business lender, according to the Small Business Administration.
"Small businesses are putting these loans to use every day in cities and towns all across the country, creating jobs and helping our economy get back on its feet," said Michael Cleary, CEO of business banking in retail financial services for Chase.
The wealth of credit granted by Chase is in stark contrast to an October report by the New York Federal Reserve, which found that more than three-quarters of small businesses received little or no credit toward their identified needs in the first half of 2010.
However, as other recent small business confidence indexes show improvement among owners' economic outlooks, conditions may actually be improving for entrepreneurs looking to incorporate in New York City.
Tags : financial management, ny, small business management
Posted: Dec 21st, 2010