Chase upping small biz lending - South Florida Business Journal:

Chase, the U.S. consumer and commercial banking arm of JPMorgan Chase & Co. (NYSE: JPM), will boost its lending to small businesses by up to $4 billion in 2010, it said Monday.

The move will increase expected new lending to a total of about $10 billion. It also will provide businesses with increased access to working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards, Chase said.

While the $4 billion in additional credit will be available to qualified businesses with annual sales of less than $20 million, the majority of new loans will be targeted to companies with sales of less than $10 million.

Chase said it has $29 billion in outstanding balances in loans, lines and credit card balances to businesses with annual sales of less than $20 million.

Chase also will hire 325 additional small business bankers.

“We will provide more credit and more one-on-one advice to small businesses at this crucial time because they are so important to the U.S. economy,” said Charlie Scharf, head of Retail Financial Services at Chase, in a statement. “We urge small businesses owners to use the additional capital to expand and create jobs, and spur economic growth.