In an effort to support the incorporation of new businesses and to help sustain small businesses already in existence, JPMorgan Chase is boosting its small business lending to $12 billion, up 20 percent from last year.
Additionally, it is bolstering its small business hiring to stay on top of the need for loans and expects to hire 250 new small business bankers in 2011, Bloomberg reported.
"There’s some pent-up demand, they want to invest and the quality of the borrower is improving," Michael Cleary, head of small business lending, told Bloomberg.
Cleary said the bank is expanding its lending because small business owners are "the entrepreneurs
that hire half of the employees" in the country, and it is important to support them as we try to pull ourselves through the economic recovery.
The boost in lending can only be viewed as a positive sign regarding the future, especially with a variety of reports and surveys revealing that small business owners are more optimistic and plan to boost hiring in coming months.
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