JP Morgan Lends $15b To SME's In US

Published: 10-Sep-2009

An increase of more than 50% from the first quarter of 2009

JPMorgan Chase has made approximately $15.1 billion in loans and lines of credit to 21,000 small and medium sized businesses (SME) across the US during the second quarter of 2009.

According to the company's preliminary data, its lending to SME's increased by more than 50% 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%.

The bank has added that it has provided $5.3 billion in auto loans and leases for more than 544,000 vehicles during the second quarter of this year.

Todd Maclin, CEO of commercial banking at JPMorgan Chase, said: “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. 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.”

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