JP Morgan Chase has increased its small business lending in Kentucky during the fiscal year 2010.
Last year, Chase Bank lent $313 million to small businesses in Kentucky. The bank qualifies small businesses as those with less than $20 million in annual revenue.
Spokesperson Nancy Norris says Chase’s national small business lending is up 40 percent, but the increase in Kentucky is nearly four times that.
“We’ve added a lot of new customers in Kentucky because JP Morgan chase has come through the economic downturn stronger than ever,” Norris says, “so we are seeing a lot of customers coming to Chase and leaving whatever their bank had been prior to the recession.”
Chase is one of the largest banks in the state. It has more than 68 branches and over 1,200 employees in the Commonwealth.