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Small business lending picks up, credit improving

Dec 29, 2010 Matt Roesly

Lending to small businesses froze during the height of the recession, but new data from Chase indicates that credit issues have thawed and small business borrowing is back to a healthy level. The banking giant announced last week that it has issued $10 billion in small business loans and small business credit cards, providing much-needed fuel to the nation's most significant source of employment and revenue. The jump in lending also carries significance for small businesses because the more accessible the borrowing opportunities, the greater the likelihood that their business credit reports will indicate vitality for future loans. "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," said Richard Quigley, president of Ink from Chase. Improved economic conditions and a commitment to helping small businesses led Chase to increase its lending by 40 percent year-over-year. Chase hired more than 500 small business bankers in 2010 to improve customer relationships.