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JPMorgan increasing small business lending in 2010

JPMorgan Chase & Co. said Monday it will increase its lending to small businesses by up to $4 billion in 2010.
/ Source: The Associated Press

JPMorgan Chase & Co. said Monday it will increase its lending to small businesses by up to $4 billion in 2010.

The move will provide businesses with increased access to working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards, the New York-based bank said.

Chase has $29 billion in outstanding balances in loans, lines and credit card balances to businesses with annual sales of less than $20 million.

The $4 billion in additional credit will be available to qualified businesses with annual sales of less than $20 million. A majority of new loans will be targeted to companies with sales of less than $10 million, the bank said.

To help with the loans, Chase also said it plans to hire 325 small business bankers to work at the bank's branches nationwide.

Shares of JPMorgan added 32 cents to $43.80 in afternoon trading.