Chase Business Loans Review
Chase offers small business owners a variety of financing options including term loans, SBA loans, equipment financing, trade financing, and business lines of credit. In general, applications must be completed in-person or on the phone.
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The rating in the box above covers all of Chase’s small business financing products. The product information in the box above is only about the term loan product.
Known for everything from credit cards to investment services, Chase continues to be a favorite among business owners. Today, the financial institution offers business owners an array of financing options, including term loans, SBA loans, lines of credit, equipment financing, and more.
Chase offers the following to businesses:
- Competitive and highly individualize rates
- Loans starting at $5,000
- Lines of credit up to $250,000
- Chase checking account required for loans
Headquartered in New York City, NY, Chase is the largest bank in the nation, with $2.53 trillion in total assets and serving over 46 million digital customers. Chase has over 5,100 branches and 16,000 ATMs in 23 states across the United States.
Chase’s Business Financing Options
Business owners considering Chase will find a number of lending solutions including lines of credit, business term loans, SBA loans, commercial real estate loans, equipment financing, trade financing, and business credit cards.
The rates attached to Chase lending products are highly dependent on a variety of factors, including business type, credit history, desired amount, and more. On average, loan rates fluctuate between 5% to 12% plus the prime rate (equalling about 10% to 17%), and lines of credit range from 5% to 7% plus the prime rate (equalling about 10% to 12%); however, those with excellent credit and a healthy financial history may expect lower rates.
Loan applications cannot be completed online and so the process typically begins and ends at a Chase branch; however, those who cannot visit a branch may be able to complete the process via phone, or, as a branch manager recommended, by meeting at an alternative location, like the applicant’s business establishment.
Basic Information: Rates, Terms, Fees, and Limits
Chase is a 7(a) SBA loan provider, but those considering Chase-specific lending options may want to consider the following:
Chase Business Line of Credit
The Chase Business Line of Credit offers approved applicants anywhere from $10,000 to $500,000. Business lines of credit are typically used to access cash for short periods of time in an effort to manage seasonal cash flow fluctuations, make operational purchases like inventory, or even act as overdraft protection when linked with a Chase Business Banking checking account.
All interest is variable and rates are dependent on a variety of factors. Business owners who are seeking specific rate quotes are encouraged to contact their local Chase branch. All business lines of credit are subject to the following annual fees:
- $150 for lines of credit up to $50,000
- $250 for lines of credit over $50,000 and up to $250,000
- $5000 for lines of credit over $250,000
Chase Business Term Loans
Chase Business Term Loans are typically used to help businesses purchase equipment or goods or consolidate existing business debts. They are available to approved businesses seeking at least $5,000. Chase does not share specific information about borrowing limits, fees, or rates, so those interested should contact their local Chase branch to obtain the information relative to their specific lending request.
Flexible loan terms are available between 12 and 84 months, and monthly fixed payments are deducted from the borrower’s Chase Business checking account. You can check out other options on our Best Small Business Loans page.
Chase does offer several borrowing options for business owners, and because they offer SBA loans, they may be a good option for new businesses. Despite the fact that their rates aren’t published, Chase is typically credited with having competitive, low interest rates that are attractive to business owners.
Additionally, since Chase offers a suite of business products, including business checking, merchant services, and popular, reward-earning business credit cards, those seeking a single banking solution may find Chase’s services to be a good fit.
Chase is known to have stringent requirements, and those with scant or poor credit may find it difficult to secure financing through Chase. If you do have poor credit, check out our Small Business Loans for Bad Credit page to see options that may be available to you.
Additionally, aside from credit card applications, which can be completed online, Chase lending solutions typically require a trip to a branch. For those living in one of the 23 states with a Chase presence, that may not be a problem; however, for more than half the nation, Chase may be just out of reach.3.71 Chase Bank Small Business Financing
Author: Jeff Gitlen