(Yahoo! Finance) - JPMorgan Chase (JPM) said on Tuesday it plans to lend $80 billion to US small businesses over the next decade and add 1,000 bankers as part of a wider multiyear push to go after more Main Street customers.
JPMorgan CEO Jamie Dimon said the wider plan is part aimed at “reigniting the American Dream” by pushing for “smart local investments and policies.”
Along with extending financing, the bank's “American Dream Initiative” also expands JPMorgan's training and advisory programs for existing customers, small businesses, and students with a focus on entrepreneurship, wealth creation, career development, and helping those groups access affordable housing and healthcare.
JPMorgan is also pledging to bolster political advocacy around those areas, according to the release.
“The American Dream is alive, but it’s slipping out of reach for too many people — and for future generations,” Dimon said in the press release. “This slows economic growth, hurts communities and prevents many people from getting ahead.”
JPMorgan, which is above the regulatory threshold to acquire another US bank, holds a US deposit market share of 11.1% as of the end of last year, down from 11.3% in 2024. It has a long term goal of achieving a 15% share of the country’s bank deposits.
The bank also said it will aim to boost the number of small business owners it graduates through its Coaching for Impact entrepreneur program sevenfold. It also wants to lean in on helping to advise small businesses on how to better access supplier programs for defense and government projects.
The aspirational plan comes six months after the country’s largest bank unveiled another initiative targeting American manufacturing and defense. Both echo policy efforts by the Trump administration to boost economic growth and address affordability challenges for Americans.
The bank previously invested $2 billion over 11 years into Detroit, Michigan to help reduce unemployment and boost growth. Late last year, CEO Dimon told Reuters the bank plans to roll out the model in other cities.
JPMorgan isn't alone in recently unveiling a plan targeting job creation either.
Giant money manager BlackRock said last month it is committing $100 million in donations to fund training programs for skilled trades such as ironwork, plumbing, and HVAC installation as part of its major push into private infrastructure investing.
JPMorgan has faced some criticism over access and affordability issues in recent months. The bank, along with senior executives for other major credit card issuers, took a firm but polite stance against answering President Trump’s call at the beginning of this year to cap credit card interest rates at 10%.
Over the past quarter, US banks tightened lending standards to small businesses while also seeing weaker demand for mortgages and other residential loans from consumers due to affordability concerns, according to the Federal Reserve's most recent senior loan officer opinion survey.
By David Hollerith - Senior Reporter
