Business & Finance
Business and Finance
Business and Finance
Fri, July 2, 2010
Thu, July 1, 2010 JPMorgan Chase, Goldman Sachs, Huntington Bancshares, Bank of America and Wells Fargo & Co.
CHICAGO--([ BUSINESS WIRE ])--Zacks.com Analyst Blog features: JPMorgan Chase & Co. (NYSE: [ JPM ]), Goldman Sachs Group Inc (NYSE: [ GS ]), Huntington Bancshares Inc. (Nasdaq: [ HBAN ]), Bank of America Corp. (NYSE: [ BAC ]) and Wells Fargo & Company (NYSE: [ WFC ]).
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Here are highlights from Wednesdaya™s Analyst Blog:
JPMorgan Motivates Small Businesses
In an effort to motivate small businesses and to reduce unemployment level, JPMorgan Chase & Co. (NYSE: [ JPM ]) on Tuesday started a new plan to slash loan rates on small businesses, who decide to hire new employees.
JPMorgan will lower the rate by 0.5 percentage points for every new employee small businesses appoints, with the maximum of three employees.
Apart from lowering loan rates, JPMorgan will also provide discounts to small businesses for the opening of checking accounts. The company expects these small businesses to take full advantage of the lower interest rates and help reduce unemployment.
The new program initiated by JPMorgan will be applicable to new lines of credit of up to $250,000. However, the existing customers can avail this facility by increasing their line of credit by $10,000 or more. A small business can save up to $4,000 over a period of three years on the balance of $65,000 with the discounts and rate cuts, according to the estimate made by the company.
In addition, JPMorgan plans to hold conferences in 11 cities across the country to assist local and small business owners to improve their sales figures and fund their businesses.
Small business lending has been a topic of intense discussion since the financial crisis. Many of the U.S. banks, who had taken government funding were pressurized by the public to help reduce unemployment by providing loans to small businesses. Though these banks are still lending, the demand for loans have been very less due to the financial turmoil and they are not able to find enough credit worthy borrowers.
Besides JPMorgan, other companies have also started various programs to help small businesses. In November 2009, Goldman Sachs Group Inc (NYSE: [ GS ]) with the help of Warren Buffett had launched a program to provide $500 million of capital to fund small businesses and facilitate education programs. In February 2010, Huntington Bancshares Inc. (Nasdaq: [ HBAN ]) announced that it expects to double the small business lending over the next three years to $1.5 billion.
Earlier this month, Bank of America Corp. (NYSE: [ BAC ]) had announced that it will increase its spending on small and medium-sized and diverse businesses. The company pledged to buy $10 billion of products and services from the small companies over the next half-decade, with a 5% increase in spending every year.
Wells Fargo & Company (NYSE: [ WFC ]) had remained one of the largest providers of credit to the U.S. economy in first quarter 2010 and continued to lend to credit-worthy customers.
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