Small Business Finance News
J.P. Morgan Offers Discounted Loan Rates For Small Businesses That Hire
Written by Jenna Weiner
Published: 6/30/2010
J.P. Morgan Chase is offering small business owners a discount on their loan if they hire new workers.
Good news for small business owners looking to expand - one bank will give them a discounted interest rate on a loan if they bring in new employees.
J.P. Morgan Chase - the second-largest bank in the U.S. - says that it will reduce loan interest rates by half a percent for each of the first three new hires a company makes.
The company says that the 1.5 percent interest rate savings would save a small business owner with a loan balance of $65,000 approximately $4,000 over the next three years.
To be eligible for the program, small businesses need to apply for a new credit line of up to $250,000, or increase their existing credit line with the bank by $10,000 or more.
As lawmakers urge financial institutions to increase their small business lending, the Wall Street Journal reports that many banks such as J.P. Morgan and others have begun reviewing loan applications that were originally rejected - and giving some business owners a second chance.
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