Last year, JPMorgan used more than $291 million of Ex-Im Bank’s Working Capital product, which allowed JPMorgan to accept trade-related inventory as collateral to extend credit for the export of American goods and services.
“J.P. Morgan has done a terrific job of reaching small- and medium-sized businesses,” Ex-Im Bank Chairman and President Fred P. Hochberg said. “We look forward to continuing our work with J.P. Morgan and ensuring that American exporters have access to the financing they need to grow their companies and succeed in the international market.”
More than $180 million went towards supporting small businesses last year, and JPMorgan has consistently ranked among the top five most active users of Ex-Im’s working capital program.
“Our Global Trade business is proud to support so many small and mid-sized companies by lending to corporations around the globe,” Daniel Cotti, JPMorgan’s head of global trade for the corporate and investment bank, said. “The US Ex-Im Bank has been a critical partner so that our financing activities ultimately support the growth of American businesses and exports. We plan to increase our engagement even further in the months and years to come.”
The award came on the heels of an announcement by the Small Business Administration that Chase topped its list of lenders, providing more than $20 billion in new credit to small American businesses last year, an 18 percent increase from 2011. Chase increased its lending to middle-market companies for the eleventh consecutive quarter.