Banking and financial services giant Chase has released its lending figures for 2012. There was big news for small business last year, as the company provided $20.2 billion in new credit to American small businesses.
That is an 18 percent increase over 2011. Chase reported that small business loan growth was most significant in California, Florida, Louisiana, Nevada, Oregon and Washington.
Chase made more than $1 billion in new loans to small businesses in each of Illinois, New York and Texas. In California alone, Chase extended nearly $7.5 billion of new credit to small businesses, 58% higher than 2011 lending levels. Chase continues to be one of the nation's leading small business lenders by units, and claims small business loan approval rates at 40% higher than its nearest competitor.
"Chase is very proud to partner with small businesses around the country, providing capital and other financial services that help companies grow," said Scott Geller, CEO of Chase Business Banking. "Our track record as a leading small business lender demonstrates the ongoing commitment Chase has to fuel the engine of the American economy."
Chase serves small businesses through Business Banking, Ink from Chase credit cards and Chase Merchant Services. Small business lending generally includes credit extended to businesses with under $20 million in gross annual revenue.