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Chase loans to Ohio business up 30 percent last year

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Staff Report 11:05 AM Thursday, April 7, 2011

Chase said Thursday it loaned $505 million to small businesses in Ohio last year, marking a 30 percent increase over 2009.

The bank last year made loans to 9,800 small businesses with annual revenue of less than $20 million, executives said.

The financial services company’s efforts to increase small-business lending have given the state’s economy a boost, said David Tortorella, head of Chase Business Banking in Ohio.

“Business owners here have become more confident and optimistic and are using Chase loans to invest in their businesses and generate growth for our state’s economy,” he said.

In 2010, Chase ranked number two in Small Business Administration loans made in Ohio and ranked first nationally.

The bank took several steps to boost small-business lending, including adding more than 500 business bankers and creating what it called a “second-look” program to look for ways to extend credit to companies whose initial loan requests were rejected.

In the four-county Dayton metro area, Chase operates 33 offices and ranks as the third largest bank in terms of deposits, according to Federal Deposit Insurance Corp. data. As of June 30, 2010, the bank has $1.7 billion in deposits, a share of nearly 16 percent in the market, according to FDIC data.

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