JPMorgan pledges USD80b in small business lending under ‘American Dream Initiative’
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The news: The US’ largest bank announced the ‘American Dream Initiative’ (ADI) on Tuesday, committing to support small businesses, homeownership, financial health and access to healthcare that CEO Jamie Dimon argues are essential for Americans.
The context: The bank said it will begin with lending to small businesses before expanding into other areas to build economic opportunity.
“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,” Dimon said in a statement.
The bank said ADI will start by launching a firmwide effort to support 10 million small businesses — up from seven million served today — over the next several years.
JP Morgan said it will increase access to capital at every stage of SME growth and intends to provide nearly USD80 billion in lending to small businesses over the next 10 years, including direct lending to customers as well as through community and mission-driven lending partners.
The bank will also advance policies that support entrepreneurship and job creation, by championing policies that increase capital and reduce red tape for small businesses such as the Small Business Administration’s Made in America Manufacturing Initiative to eliminate USD100 billion in red tape costs.
The source: JP Morgan Chase
