Chase
Is This Your Business?4.3
6.4
Overall Score
Author: Kaitlyn Short
Chase is the U.S. consumer and commercial banking branch for JPMorgan Chase & Co, and has 5,300 branches and 15,500 ATMs throughout the United States. Offering online, smartphone, and on-the-go banking options, Chase has become a one-stop shop for financial services including debit and credit cards, personal banking, mortgages, auto financing, investment advice, small business loans, commercial banking, and payment processing. Chase goes to great lengths to keep personal information safe and secure by using technology to encrypt your information such as username, password, and account information. Consumers that choose Chase should remember that they must have a credit score of 550 or higher.
Top Ranked Companies
The Good
- Flexible Term Loans
- Line of Credit Available
- Multiple SBA Options
Flexible Term Loans
Chase's term loans up to $5 million can provide ways for a business to consolidate debt, and acquire equipment or capital goods. There are options for fixed or adjustable rate loans with term lengths anywhere from 12 up to 84 months. Payments are regularly deducted from your Chase business checking account.
Line of Credit Available
There are two options for lines of credit for your business through Chase. Which line of credit will depend on the size of your business. A business line of credit is optimal for a $10,000 to $50,000. This option can be used as overdraft protection if linked to the business' Chase banking account. There is a low annual fee depending on the amount of the line of credit. The second option is a Chase commercial line of credit. This would be best for a business seeking a line of credit over $50,000. There is no annual fee with this line of credit choice. Interest-only payments, and initial terms are 12 to 24 months.
Multiple SBA Options
Small business administration (SBA) loans are also available through Chase. There are several loan solutions: SBA 7(a) program, SBA express term loan, SBA 504 loan program, SBA express, and SBA CAPline. Each option differs in the loan amount, structure, and what the funds are needed for.
The Bad
- Low Approval Rate
- Long Wait Periods
- No Discounts Available
Low Approval Rate
Forbes.com states in an article, "The 5 Big Banks That Reject the Most Small-Sized Business Loans," that JPMorgan Chase is listed at number two with a 11.6 percent rejection rate. The article urges small business owners to build relationships with their local community banks, and use federal funded money from such institutions to help grow local businesses.
Long Wait Periods
While top business lenders are approving loans in as little as one day, Chase Bank can take upwards of a month. It can take as little as three weeks, but that'll depend on your paperwork being in order and the length of time of your business. The longer you have been in business the more likely you will be approved.
No Discounts Available
There are no prepayment penalties on a business loan, but Chase does not offer a pre-payment discount to reward a company that pays back their loan early. Some leading business loan companies will do just that.
The Bottom Line
Chase is a well-known company that is committed to providing numerous services and products to best meet the needs of businesses. You will need to take the time to sort through all the information on their website, or speak to an agent that can help decipher what your business could benefit from. Chase offers business owners the best way to obtain necessary cash, finance the purchase of inventory and equipment as well as to obtain operating capital and funds for business expansion. Whether it be with a line of credit, SBA loan, or a term loan to help your business grow to it's full potential. Smaller businesses may have a more difficult time obtaining a loan, but it would be worth the time of finding out.
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