Although it's one of the biggest banks in the country, Chase Bank keeps it old-school when it comes to business loans.
WRITTEN & RESEARCHED BY
Lead Staff Writer
Last updated onUpdated
REVIEWED BY
Editor & Senior Staff Writer
| Total Rating | 3.2 |
|---|---|
| Rates & Fees4.0 | |
| Services4.3 | |
| Eligibility Requirements2.6 | |
| Application1.0 | |
| Sales & Advertising Transparency3.8 | |
| Customer Service3.4 | |
| User Reviews2.6 | |
Table of Contents
Chase Bank (JPMorgan Chase Bank, N.A.) is a national bank based in New York City. It is currently one of the four largest banks in the United States. In addition to its personal and business banking services, the company offers a competitive array of products that small businesses can take advantage of.
Of course, this assumes you’re in a region served by a Chase branch, as you’ll need to apply for Chase Bank business loans in person.
Chase Bank is widely considered to have some of the best lending rates in the country. Those elite rates are primarily available to an elite clientele. Still, if you have a stable, profitable business and/or a stellar credit rating, it’s probably not a bad idea to talk to your local Chase Bank loan officer to see if you could qualify.
| Services4.3 |
|---|
| Lending Services 5.0 |
| Lending Limits 5.0 |
| Payment Portal & Mobile App 2.5 |
For this review, we’ll be focusing on Chase’s small business funding. This includes:
While Chase offers a variety of financial products for businesses, these products are most suitable for strong, established businesses with a solid credit history. Newer businesses, businesses with low revenue, and borrowers with credit challenges will want to seek funding elsewhere.
| Eligibility Requirements2.6 |
|---|
| Availability 4.5 |
| Borrower Qualifications 1.3 |
| Transparency 3.0 |
Chase prefers to do most of its loan application processing in-branch, so you won’t find definitive qualifications online.
| Time In Business | Varies |
| Credit Score | Undisclosed |
| Revenue | Undisclosed |
While we can’t tell you exactly what Chase’s prerequisites for business funding are, it’s a safe bet to say you’ll stand a better chance of qualifying for funding if your credit is at least in the mid-to-high 600s.
You’ll also want to have a good debt-to-asset ratio, factoring in not just your income but also your frozen assets. In most cases, you’ll also need to have a banking account with Chase to qualify.
Chase does disclose that businesses must be in operation for at least two years to qualify for its small business loans and lines of credit.
It isn’t uncommon for banks to not disclose their borrowing requirements or have strict requirements in place. Still, we had to consider this when giving Chase a score in this area of 2.6 out of 5.
| Rates & Fees4.0 |
|---|
| Pricing 3.8 |
| Affordability 4.2 |
Small businesses seeking loans from Chase have several funding options. In this review, we’ll take a look at Chase’s business lines of credit, business term loans, and SBA loans. While Chase has some of the best business lending rates out there, the company discloses almost no information about them upfront.
These are the terms and fees for a Chase small business line of credit:
| Borrowing Amount | $10,000 – $500,000 |
| Term Length | 5 years |
| Interest Rate | Variable (commercial indexed to LIBOR) |
| Additional Fees | The greater of 0.25% of your approved credit limit or $200 |
| Collateral | Unknown |
Businesses looking to draw small amounts of money at their discretion may want to consider a business line of credit.
A revolving line of credit is similar to a credit card. It’s an account that lets you borrow, at will, up to your credit limit. You can use as much or as little of it as you want, only paying interest on the amount you use.
If you need a very small credit line totaling less than $10,000, the bank recommends applying for a Chase Business Credit Card instead.
These are the terms and fees for Chase Bank business loans:
| Borrowing Amount | $5,000 – $500,000 |
| Term Length | Up to 7 years |
| Interest Rate | Undisclosed (fixed and adjustable) |
| Origination Fee | None |
| Collateral | Unknown |
Chase doesn’t divulge a lot of information about its business term loans, so you’ll need to hash most of the details out with a lending agent at your local branch. Chase is, however, known for having competitive rates on its business loans.
Chase does disclose that a prepayment fee applies for loans that exceed $250,000.
Here are the terms and fees for a Chase SBA loan:
| Borrowing Amount |
|
| Term Length |
|
| Interest Rate | See current rates |
| Additional Fees | 0-3.75% (SBA guarantee fee) Unknown (Chase fees) |
| Collateral | Not required for loans under $25,000 |
Chase is an approved SBA lender that offers SBA 7(a), 504, and Express products. A Chase SBA loan can help businesses without a strong history to access lending at lower rates — and with longer terms — than they would otherwise be able to by guaranteeing a percentage of the debt. Keep in mind that you’ll be dealing with the SBA’s rules as well as Chase SBA loan policies.
SBA 7(a) loans are usually the easiest to qualify for and can be used for numerous different purposes. The SBA guarantees up to 75% of the loan, up to a maximum of $3.75 million for you big spenders. SBA 504 loans are usually earmarked for business construction and real estate acquisition, with the SBA guaranteeing up to 50% of these types of loans.
Businesses that need funds more quickly or irregularly may want to consider SBA Express. Available as both term loans and revolving lines of credit, these expedited loans are guaranteed up to 50% by the SBA. They’re capped at $500,000, but if your company exports goods, you may qualify for a $500,000 limit through the Export Express subprogram.
| Application1.0 |
|---|
| Application Process 1.0 |
| Application Timeline 1.0 |
Chase is pretty old-fashioned when it comes to its business lending. All of its business loan products must be applied for in person at your local branch. Chase branches can be found in all continental 48 states, although branches are more prolific in metropolitan areas.
You can use the company’s branch locator to find the nearest one to you.
Unfortunately, there isn’t much disclosed about the application process, such as funding timelines or even an overview of the process. We would like to see more information in this area, and the inability to apply online can also be inconvenient for busy owners who would prefer a more modern approach to a loan application. All of this was taken into consideration for our score of 1/5.
| Sales & Advertising Transparency3.8 |
|---|
| Sales Practices 4.0 |
| Web Presence 3.5 |
Chase’s website provides a basic amount of information about the company’s products but very little in the way of rates or fees. As you might expect for a site representing such a large company, it’s a bit of a labyrinth, with lots of links to submenus and tables. Expect to spend a little time tracking down the information you need.
| Customer Service3.4 |
|---|
| Personal Support 2.7 |
| Self-Service 5.0 |
Since so many of Chase’s business transactions are done locally, your experience will be as good as the service offered by your local branch.
On a company-wide level, however, Chase (like many large banks) has had its recent share of consumer-related scandals and no shortage of customer complaints.
| Chase Bank Business Loans Customer Service | Availability |
|---|---|
| Phone Support | |
| Email Support | |
| Support Tickets | |
| Live Chat | |
| Dedicated Support Representative | |
| Knowledge Base or Help Center | |
| Videos & Tutorials | |
| Company Blog | |
| Social Media |
There are several support options available online. You can contact Chase by phone, use an online form for comments or complaints, or schedule an appointment with a banker.
There are also some great self-support options, including a comprehensive help center and FAQs. You can also check out the company blog or YouTube channel or connect through social media profiles on Facebook, Instagram, X/Twitter, LinkedIn, and Pinterest.
| User Reviews2.6 |
|---|
| User Feedback 3.0 |
| Review Site Aggregate 2.1 |
Until recently, Chase had a pretty dismal reputation with the BBB, in large part due to government action taken against the bank. As those scandals fade into the rearview mirror, Chase has managed to rebound. It now has an A+ rating, although most of its user reviews on the site are negative (which is not uncommon for BBB reviews in general).
You’ll find no shortage of customer complaints on the BBB or elsewhere regarding Chase. Common complaints include:
Chase tends to fare a lot better when you’re looking at specific products rather than at the corporation as a whole. Chase receives praise for:
Despite its size, Chase is still a pretty traditional bank when it comes to business lending. Depending on your credit rating, cash flow, and geographic location, this can make Chase an ideal choice or put it entirely out of reach.
Businesses that can access credit from Chase will find agreeable and flexible terms and competitive rates. But, as is the case with many of the financial sector’s most prominent players, you’re dealing with a massive, often impersonal company that has a history of playing fast and loose with laws and regulations. This isn’t always a problem, but when it is, it can cause you some unnecessary headaches.
Otherwise, consider the pros and cons of working with a large institution. Do you stand to benefit from Chase’s massive resources? Or will you be lost in the shuffle as larger clients are given priority and consideration?
Don’t think you can qualify for a loan from Chase? You still have alternatives! Check out our picks for the best small business loans to get an idea of what’s out there. If you prefer to stick with banks, here are a few of Chase’s biggest competitors.
Merchant Maverick has been researching and reviewing business lenders since 2015. Our writers have tested over a hundred different funding products, including traditional term loans, online loans, lines of credit, start-up loans, merchant cash advances, and equipment financing. In each review, we evaluate rates and fees, services, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.
Read more about how we rate business loans and funding products.
When comparing different lenders and loan products, we consider many data points, including the ease and transparency of the application process, interest rates, repayment structure, sales ethics, time to funding, revenue and time in business qualifications, and credit score requirements. Our lists of the best funding products include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, low rates, flexible requirements, and competitive borrowing amounts.
We spend an average of 10-15 hours researching and updating each one of our lists, making sure the loans and funding products included meet our internal standards for quality and reputation.
Find Funding for Any Credit Level
BusinessLoans.com  |
|---|
Explore a wide range of business loan options at BusinessLoans.com. With no minimum credit score requirement, find the perfect funding solution for your needs. Get Started.
Find Funding for Any Credit Level
BusinessLoans.com |
|---|
Explore a wide range of business loan options at BusinessLoans.com. With no minimum credit score requirement, find the perfect funding solution for your needs. Get Started.
Let us know how well the content on this page solved your problem today. All feedback, positive or negative, helps us to improve the way we help small businesses.
Give Feedback
Want to help shape the future of the Merchant Maverick website? Join our testing and survey community!
By providing feedback on how we can improve, you can earn gift cards and get early access to new features.
Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.
Start A Quick Application
Help us to improve by providing some feedback on your experience today.
The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.
Start A Quick Application
"*" indicates required fields
