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Chase Business Card Division President Richard Quigley on small-business owner’s increasing optimism and efforts to boost lending.
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Early on know that small businesses are the key to creating jobs in driving our economy forward where are they charging.
But a bump in the right direction our next guest has -- keen insight into how small businesses are spending.
He's Richard Quigley president of chase business card division he joins us now and of course it's the infamous ink card and -- seen in commercials and -- you have a keen sense of what small businesses are saying.
What are they saying what's the biggest problem right now.
I talk a small business owners all the time across the country and what we're seeing is actually -- growing optimism.
For the last eighteen months have been increasingly confident about where the economy's going concern invest in their businesses and starting to spend.
So who's giving out the loans that are having more success going to the big banks or is that the smaller community banks of the -- willing to take a bet on small business.
Well I can tell you is that chase has historically been completed -- small business owners and didn't 2011 that we gave -- seventeen billion dollars in loans new -- to credit to small business.
Sort completely but behind them and we're increasing that that amount in in 2012.
In fact.
We think will women give small business owners even more than just giving loans lines -- and that's by a couple days ago we launched on the called mission small business.
This will be a grant program.
-- we'll be giving grants to small business owners all across United States to help them grow their business hire more employees and contributed their communities.
650000.
Dollar grant and businesses can apply for it.
It's itching to grant you give it to them that's -- -- -- alone know well that.
It's a grant you go to mission small business dot com as a business you'll fill in had a short profile -- of -- yourself why your business is unique.
Would you do to contribute to the community -- -- And then you're good to go and then what will happen is consumers who love these small businesses.
Can also go to mission small business dot com and actually vote to support the business is that they love.
You say small business optimism perhaps ticking slightly higher what it would decide based on we know the job situation is still challenging the economy's just not be able to get.
A whole other fractions of one wildly more optimistic I think part of it is that small business owners have just been currently -- -- -- It's added a huge leap of faith to -- start her own business and I think that's what propels -- going forward.
And I think now that we've achieved some stability within the the economy and some mild growth.
That they're even more -- about what can happen in the future.
But although optimism is is up it is still at the same place it is it was last February so it it we kind of flat lined.
What bothers them is if the regulations is it health -- coming down the -- something let's keep them up at night.
I think a number things keep them up and I -- think it's mostly consumer spending and the demand for their their products.
And that I think it's actually tied to the unemployment rate because that's was -- consumers from spending more.
So that's why we're interested in this program for mission small business is -- we think of the grant funding the small business level not to go grow the business they'll be able to hire.
And start this virtuous cycle in terms of targeting American economy we know what chase has been able to do in -- -- further -- program as an example of what would you like the government to do to help small businesses as well.
Well I think that this is this the government and consumers all need to come together try to help out small business owners it's not going to be 11.
Part kind of thing.
And that's for the reason constructed the the program for -- -- small business such as consumers if they go and vote for small business will contribute five dollars for every vote.
And that company that everyone can help to contribute -- to -- small business.
I think all any sure logical nor would say they want the government to get lost that's I think what they would say yeah.
And Richard and I think -- done now I just say it for them I don't think government should get lost -- allow our small businesses -- -- growth yes immediately think thank you so much for doing don't think it's him take it can go online and apply and they don't you never know you know thank you very much are.
