J.P. Morgan awarded Ex-Im Bank Lender of the Year; financed $291 million in 2012; Chase lent $20 billion to American small businesses in 2012, third consecutive year as #1 SBA lender
Submitted by: JPMorgan Chase & Co.
Posted: Apr 04, 2013 – 03:58 PM EST
NEW YORK, Apr. 04 /CSRwire/ - In recognition of its commitment to helping the economy grow and support small and medium-sized businesses in the U.S., J.P. Morgan today received the Lender of the Year award from the Export-Import Bank of the United States (Ex-Im Bank).
In 2012, J.P. Morgan employed more than $291 million of the Ex-Im Bank’s Working Capital product, a program that helps J.P. Morgan extend credit for the export of U.S. goods and services by allowing the bank to accept trade-related inventory as collateral. Last year, $181 million went toward supporting small businesses. J.P. Morgan has consistently been among the top five most active users of Ex-Im Bank's Working Capital program.
"J.P. Morgan has done a terrific job of reaching small- and medium-sized businesses," said Ex-Im Bank Chairman and President Fred P. Hochberg. "We look forward to continuing our work with J.P. Morgan and ensuring that American exporters have access to the financing they need to grow their companies and succeed in the international market."
"Our Global Trade business is proud to support so many small and mid-sized companies by lending to corporations around the globe," said Daniel Cotti, J.P. Morgan's head of global trade for the Corporate & Investment Bank. "The US Ex-Im Bank has been a critical partner so that our financing activities ultimately support the growth of American businesses and exports. We plan to increase our engagement even further in the months and years to come."
The Lender of the Year award from Ex-Im Bank follows the U.S. Small Business Administration's announcement that Chase was its #1 lender by approved units. Overall, Chase provided more than $20 billion in new credit to American small businesses in 2012, up 18% from the prior year, and increased its lending to middle market companies for the 11th consecutive quarter.
"JPMorgan Chase is committed to helping small and medium-sized businesses grow and compete in the global marketplace," said Scott Geller, CEO of Chase Business Banking. "We are proud of the work we've done and are continuing to do our part to help strengthen the economy."
"Our vision for helping businesses succeed in the global economy goes beyond our traditional lending work," said Peter Scher, Executive Vice President & Head of Corporate Responsibility, JPMorgan Chase. "In addition to providing access to capital, we leverage our capabilities to provide resources – key data, expertise and other important elements – that help businesses and municipalities reach their potential, through programs like The Global Cities Initiative, which aims to equip businesses as well as civic and government leaders in metropolitan areas with the tools they need to be competitive in the global economy."
JPMorgan Chase's efforts to catalyze economic growth go beyond providing financing to businesses. The bank was the first lender to agree to participate in Ex-Im Bank's Supply Chain Finance Program, which provides liquidity and strengthens the U.S. export supply chain to help create and maintain jobs, especially for small business suppliers. And through a $10 million grant, the firm also helped launch the Global Cities Initiative, which helps business, city and metropolitan leaders become more globally fluent by providing an in-depth and data-driven look at their regional standings on crucial global economic measures, highlight best policy and practice innovations from around the world, and creating an international network of leaders who ultimate trade, invest and grow together.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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