Want Merchants? Chase Has 2 Million Small Business Clients
In our conversation with Leo Rocco posted yesterday, the founder of GoPago explained that his company would be relying on the relationship between local merchants and lender JP Morgan Chase (now a GoPago investor) to grow his business.
A release issued by Chase this week reveals the scope of that merchant network, plus details about its expansion in 2011.
Chase serves more than 2 million small businesses, the release says, and is an active partner with the U.S. Small Business Administration. In 2011, Chase approved $1.1 billion in SBA loans for 5,509 small business clients. And Chase was the number one SBA lender in terms of both dollars and volume in two states last year: New York and Texas.
GoPago’s eventual rollout in New York City — perhaps later this year? — will offer a first look at how much Leo Rocco may stand to gain from working with Jamie Dimon and team.