JPMorgan Chase & Co. provided $10 billion in credit to small businesses in 2010, and the bank’s Ink small-business credit cards played a “significant” role, Chase officials tell PaymentsSource.
Chase declined to provide specific data, but the bank noted in a news release it extended credit this year to more than 250,000 small businesses with annual sales of less than $20 million. Chase’s small-business lending was up more than 40% compared with 2009, the bank said in a press release.
“Credit cards are a crucial foundation for small businesses, and we are proud to offer a suite of business credit cards devoted to one thing: helping small businesses grow,” Richard Quigley, president of Ink from Chase, said in the release.
Chase launched its suite of Ink credit cards in all 2009 (see story).
The issuer spent much of this year promoting the cards’ benefits. Chase in July went head-to-head with American Express Co. with an advertising campaign that featured small-business owners who used their cards (see story).
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