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 (
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 (
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