Wednesday, June 30, 2010
Chase to Lower Loan Interest Rates for Some Small Biz
Chase bank said Wednesday it will lower the interest rate on a new Chase Business line of credit by 0.5 percentage points for up to three new hires made by a qualifying small business borrower.
“We encourage businesses to take advantage of the lowest interest rates in years and to create more jobs for the economy,” said Jamie Dimon, chairman and CEO of J.P. Morgan Chase. “We know how important it is to help small businesses because they are core to the U.S. economy.”
The company estimated that including the discount for a new business checking account, a small-business owner could save about $4,000 over three years on an outstanding balance of about $65,000.
The offer is available to business owners who are approved for a new Chase Business Line of Credit up to $250,000 or existing business customers who increase their line of credit by $10,000 or more. Chase business checking customers will receive an additional half percent discount on their loan rate.
Chase last year announced plans to increase small-business lending by $4 billion in 2010 to $10 billion.