J.P. Morgan Chase has begun a program that will lower the interest on a business’ line of credit if they hire a new employee. Many small businesses are hesitant to hire new employees and this trepidation is causing economic troubles that are spreading into various areas of the economy, including the financial world.
This new program by Chase is available to businesses that have a new Chase business credit line of up to $250,000 or current customers who increase their line of credit by $10,000. Reports say that there is a maximum of three employees that a business can hire in order to use this program and for each new hire the interest will drop half a percentage point.
Obviously, many believe this program may be of marginal assistance since it requires a business to actually qualify for these lines of credit then hire workers before it will be of any use. Yet, those businesses who can afford to do so can hire new workers and save money on their credit line with Chase, which is something that is, obviously, hoped to spur more businesses to hire.
Many analysts believe that programs like these need to become more widely used in so that businesses will take the initiative and hire. Many believe that the hesitation to hire until the economy improves, on the part of business owners, is one of the main forces that is keeping the economy and job market in a substandard state.
Business owners that are interested in more information about this incentive from Chase are being told to consult J.P. Morgan Chase’s website or talk to a Chase representative.