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SBA lending boosts entry-level San Antonio jobs

Sunday, July 10th, 2011

Small business loans in some metro areas are increasing, including in Texas, where lending has boosted the creation of entry-level San Antonio jobs.

Chase doubled its lending through the Small Business Administration in the first half of fiscal 2011 — providing $448 million to help businesses and the U.S. economy grow.

In San Antonio, not only are jobs increasing, but so are wages. For jobs in San Antonio, many workers report higher-than-average wages.

The bank remained the #1 SBA lender in the country with 2,373 SBA loans for the first half of the fiscal year. Chase also was the SBA leader in many markets around the country, including:

— Arizona

— Florida

— Illinois

— New Jersey

— New York

— Texas

In Texas, Chase was the #1 SBA lender in both loans and dollars for the first half of fiscal 2011.

Chase ranked in the top three in both loans and dollars in 11 SBA District offices including Arizona; Columbus, Ohio; Illinois; Louisiana; Michigan; New York; San Diego; South Florida; and three cities in Texas: Dallas, Houston and San Antonio.

The dramatic increase in Chase’s 2011 SBA continues the bank’s expansion of SBA lending. It increased lending 217% in 2010, providing $434 million in credit to businesses.

“SBA loans provide the lifeblood for so many business owners who reinvest in our neighborhoods by hiring employees, improving their property and buying supplies and services,” said Michael Cleary, CEO of Business Banking at Chase, part of JPMorgan Chase & Co. “The SBA guarantee allows us to extend credit to a wider range of businesses that need capital to survive and grow.”

Earlier this year, Chase increased its lending commitment 20% — to $12 billion — to American small businesses. Businesses can access more working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards.

To encourage businesses to expand, Chase is offering a summer promotion through August 31 to waive the SBA guarantee fee up to $10,000 on new SBA business loans or lines of credit. In addition, Chase participates in the SBA Patriot Express program, which offers preferred rates and terms for veterans, active military in the transition process, or spouses of either. Details are available through more than 2,500 business bankers at 5,200 Chase branches.