Chase plans to hire more than 500 small business bankers over the next two years as part of the firm’s ongoing efforts to expand small business relationships and increase access to credit, advice and education, while helping small business owners navigate inflation and concerns of a recession.

The new hiring commitment will grow Chase business banking’s workforce by 20%. The new employees will help support and grow Chase’s five million small business clients through financial advice as well as deposit, credit and cash management products.

According to JPMorgan Chase’s 2023 Business Leaders Outlook, the majority of small business owners expect a recession this year, while nearly all report that inflation has impacted their expenses. Despite this, small business optimism remains high as more than two-thirds of small businesses expect increased revenue and sales in the year ahead, and 65% anticipate greater profits in 2023.

“Small business owners are facing difficult challenges with persistent inflation, supply chain disruptions, and expense pressure,” Ben Walter, CEO of business banking at Chase, said. “We know that banks play a critical role in the long-term success of small businesses and their communities. This investment in our workforce is a testament to our commitment to our clients and our intent to support them through the business cycle.”