Best for Chase Business Customers
JPMorgan Chase bank offers multiple products for businesses in need of financing. Generally, business loans provided by Chase can reach up to $500,000, though there are options for businesses that need to borrow more. For customers who already have a Chase business bank account, Chase delivers additional benefits and features such as lower introductory interest rates.
If you’re looking for the best small business loans for bad credit, Chase might not be the place to start your search. Although Chase doesn’t publicly disclose its eligibility requirements, getting approved for most loans can be difficult without demonstrating that you have a reliable, established business.
Chase Business Loans Pros and Cons
- Multiple loan options
- High maximum loan amounts
- Several repayment terms
- Lack of transparency
- Limited availability
- Low customer satisfaction scores
There are several upsides to Chase business loans, including having several loan options, its high maximum loan amounts and the length of its terms.
Multiple loan options
Chase Bank offers a variety of ways for your business to get funding. Chase's financial products for business financing include small business term loans, business lines of credit, Small Business Administration (SBA) loans and commercial real estate financing. Each of these comes with flexible repayment options so you can pay back your debts comfortably.
High maximum loan amounts
Chase offers maximum business loan amounts that are higher than most of the best small business loans on the market. The Chase business term loans and business lines of credit can reach a maximum of $500,000. SBA loans through Chase can reach maximums of $5 million through the SBA 7(a) loan program and $12.5 million through the SBA 504 loan program.
Length of repayment terms
The repayment terms for Chase’s financial products vary depending on the type of loan and your business. Chase notes that you can pay certain types of small business term loans for up to seven years. Chase also offers monthly repayment options that can last up to 25 years for some SBA loans and commercial real estate financing.
There are also some negative aspects to Chase business loans. These drawbacks include the lack of transparency in eligibility requirements and pricing, limited availability and low customer satisfaction scores.
Lack of transparency
Chase doesn’t disclose any information online about its pricing or eligibility requirements regarding its business loans. To determine if your business is eligible and if the terms of the loans are to your liking, you’ll need to meet with a Chase representative in person at a local branch.
This lack of transparency isn’t uncommon for some lenders, but it makes comparing loans with other lenders more difficult and time-consuming. Because Chase doesn’t state its credit score and income requirements, some business owners will spend a lot of time gathering the necessary documentation to apply for a loan only to find out they aren’t eligible.
Chase business loans aren't available in every state the bank has a branch in. Chase business loans are only available in 28 states:
- New Jersey
- New York
- West Virginia
Low customer satisfaction scores
Although it’s one of the most widely used banks in the U.S., Chase has low satisfaction scores on multiple third-party review sites. Chase Bank has an average score of 1.3 out of 5 stars on Trustpilot. Of the over 1,300 reviews, more than 85% come in at 1 star. The most common complaint from users is poor customer service.
Likewise, Chase’s customer review score on the Better Business Bureau (BBB) site is also a low 1.1 out of 5. These reviews highlight unhelpful customer service representatives and difficulties making disputes.
Chase Business Loans Offerings
Chase offers several products for those looking for business financing solutions. These options include small business term loans, business and commercial lines of credit, SBA loans and commercial real estate financing.
Chase doesn’t disclose the details about its application process or eligibility requirements online. To see if your company qualifies for business funding from Chase, you’ll need to meet with a representative at a local Chase bank branch.
Small business term loans
One of Chase’s financial products is a small business term loan. This type of loan is a lump sum you can use to fund your small business. Chase offers three different types of small business loans:
- Term loan: A loan that comes with a fixed repayment schedule
- Draw loan: A loan allowing you to draw from the fund for up to a year and repay it as a term loan afterward
- Advised line: A line of credit that allows you to borrow money against a pre-approved commitment amount for up to one year
Chase’s business loans start as low as $5,000 with terms of up to seven years, and can have either fixed or variable interest rates. However, Chase notes that you should consider a Chase business credit card if you need a line of credit of $10,000 or less.
Business line of credit
Another business funding product that Chase offers is its business line of credit. A business line of credit is a flexible source of funding that can help pay for unexpected expenses or grow your business. Your business can draw from Chase’s business line of credit for a five-year term with renewal opportunities.
Chase offers business lines of credit that range from $10,000 to $500,000. These loans come with a five-year repayment term. You must make the greater of $100 or your accrued interest with 1% of your outstanding balance as your monthly payments. A commercial line of credit is also available, which allows for funding over $500,000 and offers terms of one or two years.
Chase Bank is an SBA-preferred lender, meaning getting an SBA loan via Chase may be faster than through other institutions. You can use an SBA loan to launch or grow your business, consolidate debt, buy equipment or inventory, and more. SBA loans include benefits such as interest rate caps and longer-term lengths but may be difficult to qualify for.
Chase's two main SBA loan programs are the SBA 7(a) and SBA 504. SBA 7(a) loans offer term loan amounts of up to $5 million for general business expenses. SBA 504 loans provide more funding, reaching up to $12.5 million. You can use these larger loans for purchasing real estate, construction equipment or other large expenses.
Chase also offers SBA Express loans. These loans offer a faster turnaround time, and you will receive a response to your application within 36 hours of applying. The maximum funding amount of an SBA express loan is $500,000.
Chase lists the materials required to apply for an SBA loan, which include:
- Written overview and history of your business
- Required financial statements
- List of ownerships and affiliations
- Copies of important business documents
- Completed borrower form
- SBA personal history forms
Commercial real estate financing
Commercial real estate financing is a way to buy, renovate or refinance real estate to eliminate any leasing uncertainties and add value to your business. These loans start at $50,000 and have repayment options of up to 25 years. Chase also offers construction loans with interest-only payments during your draw period.
Chase Business Loans Pricing
Like its eligibility requirements, Chase doesn't disclose its business loan interest rates or fees. There also isn't a business loan calculator on its website. To determine the pricing of a specific financial product for your business, you must visit a local Chase branch and meet with a representative in person. Chase bases its interest rates on factors such as if you have a Chase business checking account, your credit history and your collateral.
Chase Business Loans Financial Stability
An established financial institution, JPMorgan Chase Bank has served customers for over 200 years. The bank has an Aa1 rating from the credit rating agency Moody’s, which indicates the lowest level of credit risk. Fitch Ratings gave JPMorgan Chase a -AA rating which is given to companies that are expected to have a very low risk of default.
Chase Business Loans Accessibility
Chase Bank business loans are accessible to a company that meets the bank’s eligibility requirements.
Chase Bank currently has locations in all the lower 48 states, excluding Alaska, Hawaii and the U.S. territories. However, business loans from Chase are only available in 28 states.
Chase customer service representatives are available through multiple outlets. If you are an existing Chase customer, you can log in to your Chase business bank account and contact a representative through the secure message center. You can also contact Chase through its business customer service line at 1-800-CHASE38 (1-800-242-7338).
The official Twitter handle for Chase business customer service is @ChaseSupportTwitter, and is available Monday through Friday from 7 a.m. to 11 p.m. ET and Saturday and Sunday from 10 a.m. to 7 p.m. ET. Chase representatives are also available in person at local branches.
The Chase website is user-friendly and straightforward. It offers Chase business banking online — which uses fraud protection services to safeguard your business — and provides easy ways to move money and manage your business account from any location. Text and mobile banking are also available through Chase.
Chase Business Loans Customer Satisfaction
While Chase’s customer review score on the Better Business Bureau website is 1.09 out of 5, BBB has given Chase the rating of A+ (Excellent). Additionally, the company has responded to most complaints lodged against it on the BBB platform.
Chase Business Loans FAQ
What credit score does Chase use?
What do you need to open a Chase business account?
If you do not have a tax identification number, you can open an account with your Social Security number. To determine the initial deposit amount required, you must speak with a local business banker.
How can I apply for Chase business line of credit?
How We Evaluated Chase Business Loans
We looked at the following criteria when reviewing Chase business loans:
- Financial products offered
- Financial stability
- Loan terms
- Third-party ratings
- User experience
- Application process
- Customer reviews
- Eligibility requirements
Summary of Money’s Chase Business Loans Review
Chase offers multiple financial products to help finance your business’s needs. Its high loan amounts and long repayment terms may be beneficial to your business, but the lack of transparency and limited availability across the U.S. may cause you to look elsewhere. For more options besides Chase Bank, look at our article on the best unsecured business loans.