Banking giant JPMorgan Chase is committing tens of billions of dollars in new lending to small businesses as part of a broader effort to expand access to capital and support economic growth in the US.
Chase says its “American Dream” initiative includes plans to deploy $80 billion in financing aimed at helping small businesses grow, particularly in underserved communities.
The initiative is designed to expand lending opportunities, increase access to credit and support long-term economic mobility. The bank says the program will focus on small business owners who may face barriers to traditional financing, including minority-owned and low-to-moderate income businesses.
In an interview with Fox Business, JPMorgan Chase CEO Jamie Dimon emphasized the importance of continued investment in the U.S. economy and small business sector.
“The American Dream is not over. America is the most prosperous nation the world has ever seen and that is true today. But what is true too is that for part of the folk, it hasn’t been the American Dream.
Think of the lower-income folks, people in certain rural areas or certain inner cities – schools don’t work, there’s too much crime, they’re not getting jobs, their incomes haven’t gone up in a long time – JPMorgan has always been dedicated to growing this country and countries around the world so this is kind of a focus crusade.
We simply got our people to say ‘what more can we do to help fix those things that ail America?’”
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