Chase Leads the Pack Again in SBA Lending.NEW YORK--(BUSINESS WIRE)--Aug. 13, 1998--The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. (NYSE NYSE See: New York Stock Exchange :CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. ) has made more U.S. Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) loans than any other financial institution in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of District through the first nine months of the SBA's fiscal year. During this period, Chase made 371 SBA loans, up 13% from the corresponding period in 1997. Approximately 40% of the 371 loans were made to minority-and women-owned small businesses. For two consecutive years, Chase has been awarded the SBA's highest lender award, the Pinnacle Award, which recognizes the lending institution Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in that has made the greatest number of SBA loans in a given year. Additionally, Chase has received the Pacesetter Award for excellence in lending to minority-and women-owned businesses for two consecutive years. "We are pleased that Chase is again at the top of the list in providing SBA loans in this region," said Joe Scharfenberger, executive vice president, Chase Small Business Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . "This underscores Chase's continuing commitment to small businesses and the communities in which we operate." Carol Parry, executive vice president, Chase Community Development Group, said, "Chase is firmly committed to extending and expanding our efforts to provide greater access to capital for entrepreneurs, who, in turn, create jobs that are the heart of today's healthy economy." Chase recently announced that it is the first bank in the region to enable small business customers to link deposit, investment and credit accounts for benefits such as lower fees and higher deposit rates. Chase is in the third year of a five-year $18.1 billion community investment commitment. In 1997, it made $1.13 billion in loans and investments to assist small businesses with annual revenues of less than $1 million and small not-for-profit organizations-- a growth of 35% over 1996. Of that amount, $245 million was targeted to small businesses located in low-and moderate-income communities. With over $365 billion in assets, Chase offers a wide range of comprehensive and innovative loans, grants, partnerships, investment and voluntary action program designed to help primarily small businesses, low-and moderate-income communities and their residents.
CONTACT: Chase Manhattan Bank, New York
Ken Herz, 212/270-4621
http://www.chase.com
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