Chase Offers Interest Rate Cuts For Businesses That Hire

JPMorgan Chase has introduced a new incentive that rewards small businesses for each new employee they hire this year.

Starting today, Chase said it will lower its interest rate on a new Chase Business Line of Credit by 0.5 percentage point for each new hire, up to three for the life of the loan. Counting the discount for a new business checking account, a small business owner could save about $4,000 over three years on an outstanding balance of about $65,000, Chase estimates.

"We encourage businesses to take advantage of the lowest interest rates in years and to create more jobs for the economy," said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase.

"We know how important it is to help small businesses because they are core to the U.S. economy."

Last year, Chase said it planned to increase its lending to small businesses by $4 billion in 2010 to a total of $10 billion through access to working capital, term loans for expansion, commercial mortgages, lines of credit and business credit cards. It also pledged to hire 325 additional business bankers.

The offer is available to business owners who are approved for a new Chase Business Line of Credit up to $250,000 or existing business customers who increase their line of credit by $10,000 or more. Chase business checking customers will receive an additional half percent discount on their loan rate.