JPMorgan Chase & Co., the second largest U.S. bank, is raising lending to small businesses by $4 billion and hiring more than 300 new bankers to cater to these businesses.
The bank also announced that it plans to add approximately $10 billion in total new lending this year to companies with annual sales of less than $20 million.
Improved demand and signs of a recovering economy prompted JPMorgan to increase lending. The bank repaid its $25 billion in Troubled Asset Relief Program funds this summer and, like other banks that received bailout funds, has come under pressure to aid the economic recovery in America through increased lending.
JPMorgan has introduced several other initiatives, including a mortgage modification program for homeowners and a new credit card for business customers, to showcase their support of the economy.
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