JPMorganChase Just Earmarked $80 Billion for Small Business Lending. Here’s How to Get Your Share

The JPMorganChase program is part of a new Jamie Dimon-backed program called the American Dream Initiative.

BY BRIAN CONTRERAS, STAFF WRITER @_B_CONTRERAS_

JPMorganChase is looking to ramp up its support for small businesses with a sweeping new outreach program—and there’s billions of dollars on the line for companies that come aboard.

On Tuesday morning, the financial services giant announced its plans for a wide-reaching new project called the American Dream Initiative, which aims to boost economic opportunity nationwide through a long list of investments and initiatives around topics such as housing, healthcare, and financial literacy. To kick things off, JPMorganChase announced an ambitious goal of turbo-charging its support for small businesses by expanding from 7 million commercial relationships with SMBs to 10 million.

“The American Dream is alive, but it’s slipping out of reach for too many people—and for future generations,” JPMorganChase CEO Jamie Dimon said in a statement. “This slows economic growth, hurts communities and prevents many people from getting ahead. By reigniting the American Dream through smart local investments and policies that we know work, we can work together to make the economy benefit more people—helping them buy homes, get good jobs and build better lives.”

The opening volley of the years-long undertaking finds JPMC focused on small business development, including facilitating access to capital, entrepreneurial training, and tools. The goal is ultimately to develop commercial relationships with 3 million new small businesses nationwide.

Winning in the Attention Economy

Part of that outreach? A target of around $80 billion in small business lending over the next decade. Some of that money will be lent directly by JPMC, the bank says, including through standard lines of credit and credit card lending; other loans will be facilitated through Community Development Financial Institutions and federal programs such as Small Business Administration microloans and the State Small Business Credit Initiative.

“The vast majority of it will be full commercial standard lending at market rates, with a market-standard credit box,” Chase for Business CEO Ben Walter tells Inc. “That’s really important: we don’t want to stretch the credit box in an uncomfortable way, because making a loan to someone who can’t pay it back—not only does it not help us, it doesn’t help them either.”

As for accessing the money? “It’s available today,” Walter says.

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