Our Take
The bottom line:
Chase - Business line of credit
Pros & Cons
Pros
- Multiple types of business loans available.
- Loans larger than $500,000 are available.
- Competitive, flexible terms.
Cons
- Strict eligibility requirements.
- Limited information on terms and fees available online.
Full Review
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Chase business loans are best for borrowers who:
- Have established businesses with strong credit, business financials. Banks tend to have stringent loan eligibility requirements. While Chase doesn’t publish its exact qualifications, startups and businesses with shaky revenue are unlikely to qualify.
- Need large loans. If you want to borrow more than $500,000, you can meet with a Chase staffer to talk about options.
- Don’t need quick access to funds. Business owners need to apply in person for a Chase business loan, and the underwriting process can take days or weeks. If you need fast funding, consider an online lender, some of which can fund loans in as little as 24 hours after approval.
Chase business loan features
Business term loan | Business line of credit | Commercial real estate loan | |
---|---|---|---|
Loan amount | $5,000 and up. | $10,000 to $500,000. | $50,000 and up. |
Fees | No origination fee, but other fees may apply such as appraisal, document recording and tax transcript. Prepayment fees may apply for loans greater than $250,000. | Annual fee: 0.25% of the line ($200 minimum and $750 maximum).
Waived when average utilization over a year is at least 40%. | No origination fee, but other fees may apply such as appraisal, document recording and tax transcript. Prepayment fees may apply for loans greater than $250,000. |
Terms | Up to 84 months. | Five-year revolving term, renewable. | Up to 25 years. |
Repayment schedule | Monthly. | Monthly. | Monthly. |
Chase SBA loans
Chase SBA loan features
Loan amount | Up to $5 million. | Up to $5 million.* | Up to $500,000. |
Estimated APR range | Varies based on your business’s qualifications, but subject to SBA maximums. | Varies based on your business’s qualifications, but subject to SBA maximums. | Varies based on your business’s qualifications, but subject to SBA maximums. |
Fees | Guarantee, packaging, servicing and other miscellaneous fees may apply. | Guarantee, packaging, servicing and other miscellaneous fees may apply. | Guarantee, packaging, servicing and other miscellaneous fees may apply. |
Terms | Up to 25 years for commercial real estate and up to 10 years for all other purposes. | Up to 25 years for commercial real estate and up to 10 years for all other purposes. | Up to 25 years for commercial real estate and up to 10 years for all other purposes. |
Repayment schedule | Monthly. | Monthly. | Monthly. |
*The standard maximum for a 504 loan is $5 million. Chase may lend up to $12.5 million for its portion of the loan. The maximum portion funded by a Certified Development Company is $5 million. |
Where Chase stands out
Competitive, flexible terms
Range of financing options
Where Chase falls short
Fees and terms not disclosed online
How to apply for a business loan from Chase
- Business name, address and phone number.
- Date business was established.
- Ownership type and tax identification number.
- Business tax returns.
- Bank and financial statements.
- Details on equipment or property for real estate and equipment loans.
- Name, home address and telephone number.
- Social Security number and date of birth.
- Personal tax returns.
- Citizenship information.