NEW YORK--(BUSINESS WIRE)--Continuing its commitment to small businesses, Chase announced today an
innovative incentive that rewards businesses for each new employee they
hire this year.
Starting today, Chase will lower its interest rate on a new Chase
Business Line of Credit by 0.5 percentage point for each new hire, up to
three, for the life of the loan. Counting the discount for a new
business checking account, a small business owner could save about
$4,000 over three years on an outstanding balance of about $65,000,
"We encourage businesses to take advantage of the lowest interest rates
in years and to create more jobs for the economy," said Jamie Dimon,
Chairman and Chief Executive Officer of JPMorgan Chase. "We know how
important it is to help small businesses because they are core to the
Late last year, Chase announced that it planned to increase its lending
to small businesses by $4 billion in 2010 to a total of $10 billion
through access to working capital, term loans for expansion, commercial
mortgages, lines of credit and business credit cards. It also pledged to
hire 325 additional business bankers.
The offer is available to business owners who are approved for a new
Chase Business Line of Credit up to $250,000 or existing business
customers who increase their line of credit by $10,000 or more. Chase
business checking customers will receive an additional half percent
discount on their loan rate.
To learn more about this program, or to apply, business owners can visit
their nearest Chase branch and talk with a business banker, or go to
Chase's continued support for small businesses
In the first quarter of 2010, Chase loaned $2.1 billion to small
businesses - a 31 percent increase from a year earlier.
Chase added 235 more small business bankers and plans to add about 100
more by year end.
The bank recently instituted a second review process to give business
owners every chance they deserve, making $110 million in additional
loans to small businesses.
As part of its outreach to small businesses, Chase is holding seminars
in 11 cities across the country to help local business owners increase
sales and fund their businesses. Mark LeBlanc, author of "Growing Your
Business," will be joined by a panel of local bankers, business owners
and representatives from the Small Business Administration and Chamber
Chase is the U.S. consumer and commercial banking business of JPMorgan
Chase & Co. (NYSE: JPM), which operates more than 5,100 branches and
15,000 ATMs nationally under the Chase brand. Chase has 146 million
credit cards issued and serves consumers and small businesses through
bank branches, ATMs and mortgage offices as well as through
relationships with auto dealerships and schools and universities. More
information about Chase is available at www.chase.com.
*Chart based on assumptions of $250,000 line of credit with an
average monthly balance of $66,663 and 27% monthly utilization.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6344803&lang=en