Chase Bank Business Loans Review

Pros

• Multiple types of available financing
• High borrowing amounts
• Interest rates tend to be inexpensive
• Long-term financing options available
• Few extra fees

Cons

• Borrower qualifications might be hard to meet
• Financing isn’t available in some states
• The application process can be slow

What Is Chase Bank?

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.

Services Offered By Chase

For this review, we’ll be focusing on Chase’s small business funding. This includes:

• Business lines of credit
• Term loans
• SBA 7(a) and 504 loans
• Commercial real estate financing

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.

Borrower Qualifications

Chase prefers to do most of its loan application processing in-branch, so you won’t find definitive qualifications online.

Rates & Fees

While Chase has some of the best business lending rates out there, the company discloses almost no information about them upfront.

Lines Of Credit

These are the terms and fees for a Chase small business line of credit:

Businesses looking to draw small amounts of money at their discretion may want to consider a business line of credit.

If you need a very small credit line totaling less than $10,000, the bank recommends applying for a Chase Business Credit Card instead.

Business Term Loans

These are the terms and fees for Chase Bank business loans:

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.

SBA Loans

Here are the terms and fees for a Chase SBA loan:

Chase is a Preferred SBA lender that offers SBA 7(a), 504, and Express products. A Chase SBA loan can help businesses without a strong history 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.

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.

Application Process

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 48 continental 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.

Sales & Advertising Transparency

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 Service & Technical Support

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.

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,  YouTube channel, social media profiles on Facebook, Instagram, X, LinkedIn, and Pinterest.

User Reviews

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).

Negative Reviews & Complaints

You’ll find no shortage of customer complaints on the BBB or elsewhere regarding Chase. Common complaints include:

• Billing issues
• Poor customer support
• Denied for loans
• Numerous fees

Positive Reviews & Testimonials

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:

• Low rates
• Accessibility
• Wide range of products

Final Verdict: Are Chase Bank Business Loans Worth It?

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.