Chase Review 2017 | Best Small Business Loans
PROS /After your loan is approved, you can receive your funds in as short as two days.
CONS /Loans from Chase can have high interest rates.
VERDICT / Chase is a nationwide leader in SBA 7(a) small business lending. It has low fees and a variety of loans for businesses of all sizes.
Chase Bank is one of the largest lenders of SBA 7(a) small business loans in the country. Chase ranked third overall in the amount lent to small businesses. With over 5,000 branches nationwide, this service provides easy access to loans. Chase is a preferred lender of the SBA.
Chase provides SBA 7(a) small business funding in a wide range of loan sizes, from $10,000 up to $5 million. This flexibility makes this company an option for businesses of all sizes. Loan terms range from 10 years for a loan toward working capital to 25 years for loans used on real estate.
While we rated Chase well for providing an accessible range of loan sizes and terms, it lost points for having high interest rates. Interest rates range from five to nine percent and down payments are usually 20 percent of the loan.
Chase also ranked among the best for fees and other costs. Like most SBA 7(a) small business loans, you can expect to pay closing costs and a guarantee fee paid on the SBA guaranteed portion of the loan, unless your loan is under $150,000, in which case the SBA waives the guarantee fee. Chase loans don't have any other fees, such as packaging, application or business valuation fees. Some costs, such as a real estate
appraisal, are included in the closing costs of some loans.
The application process is streamlined and quick. Chase takes three to five days to approve a loan after you complete the application and submit all required documentation. It may take an additional week and a half for it to go through the SBA approval. Of the lenders were reviewed, Chase was the fastest at disbursing funds, with a usual wait of two days after it approves the loan. This service also stands out in working with you to determine if there are other business loans that may be more appropriate for you.
Chase's website lacks specific information about the fees and eligibility requirements. You cannot apply online or find application fees. With 5,500 branches across the country, contacting your local branch is your best option to learn more. We found that calling Chase's main line wasn't helpful and it was much easier to call a local branch and ask for its loan officer. One thing to keep in mind is that loan officers may cycle between several branches. If you're unable to reach a loan officer at your local branch, try calling another nearby location.
Chase will provide you with a business relationship manager who will work with you throughout the application process on through the life of the loan. Chase also offers special banking initiatives and small business loans for veterans.
Chase is one of the top providers of SBA 7(a) small business funding in the country. It provides loans in varying sizes. Although the interest rates are higher than other lenders, Chase doesn't charge some of the fees that other lenders do.
Category: Bank loan