Our Take
The bottom line:
Established businesses with strong financials and excellent credit can likely score competitive rates and terms on a business loan with Chase, but details are limited.
Chase - Business line of credit
Max Loan Amount
$500,000
Min. credit score
700
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
Chase is the largest bank in the United States based on asset size, with more than $3.2 trillion in assets and a lending portfolio to match. Like many banks, Chase doesn’t disclose its lending requirements — but if you have strong credit and several years in business, Chase may offer you a small-business loan with competitive rates and terms.
In order to apply, you’ll need to connect with a Chase business loan specialist. The application process may be slow compared to non-bank options, like online lenders. And if you’re approved, you’ll need to open a Chase business checking account prior to your loan being funded.
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
Chase offers business term loans, business lines of credit, trade financing, commercial real estate loans and SBA loans — in all U.S. states except Hawaii and Alaska.
Here’s what to expect with each loan type:
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 offers three types of SBA loans: SBA 7(a), SBA 504 and SBA Express loans.
Chase is an SBA preferred lender, giving the bank authority to make the final call on SBA loans applications rather than routing loans through the SBA for approval. While this can lead to quicker lending decisions for SBA loans processed through Chase, it may also make it harder to qualify.
In the 2023 fiscal year, Chase approved 1,545 SBA 7(a) loans, for a total of $333.9 million in funding.
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. | |||
» MORE: How to qualify for an SBA loan
Where Chase stands out
Competitive, flexible terms
Chase business loans offer flexible terms, beyond what is standard for most big banks. Repayment for Chase business term loans, for example, can extend up to seven years (84 months). By contrast, Bank of America’s business term loans top out at five years (60 months).
Business owners who take out an equipment loan through Chase can also choose between a standard term loan or a draw loan, which allows them to tap into a line of funding for up to 12 months.
The flexibility of a draw loan can benefit business owners who need to make multiple equipment purchases — to outfit a new office, for example — within a defined time period.
Range of financing options
With SBA loans, term loans, lines of credit and commercial mortgages, Chase offers an array of options for business owners seeking financing. That can make it easier to find a product well suited to your needs. If you’re financing a new building, for instance, you’ll be able to consider both SBA 504 loans and commercial real estate loans.
On top of business loans, Chase also offers business checking accounts — which you’ll need to open for your loan to be funded — and Chase Payment Solutions, for accepting and processing payments. If you prefer working with fewer service providers, Chase may be a one-stop shop for several different business needs.
Where Chase falls short
Fees and terms not disclosed online
Chase doesn't publish the eligibility requirements or fees for its business loans, and its website is pretty opaque when it comes to terms for certain loans, as well.
While not uncommon among bank lenders, this lack of transparency makes it difficult to effectively shop and compare loans. It can also cause business owners to waste precious time pursuing funding when they don’t meet baseline eligibility requirements.
How to apply for a business loan from Chase
You'll have to work with a Chase business loan specialist to apply for a business loan from the bank. While you do not need a Chase business checking account to apply, you will need to open one before your loan is funded.
Chase doesn’t list the documents and information needed to apply, but you can expect to provide much of the following:
- 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.
Business owners will also need to give the following personal information:
- Name, home address and telephone number.
- Social Security number and date of birth.
- Personal tax returns.
- Citizenship information.
Chase doesn't list a minimum credit score requirement on its site, but you typically need a FICO score of 700 or higher for the best odds of approval.
Alternatives to Chase business loans
Wells Fargo
Wells Fargo is consistently among the top SBA lenders, making it a good alternative for business owners seeking an SBA loan from a national bank. Like Chase, Wells Fargo is a preferred SBA lender, with the authority to make the final decision on credit without waiting for SBA approval, helping to speed up the often lengthy application process.
Wells Fargo offers SBA 7(a) loans, SBA 504 loans and SBA lines of credit.
iBusiness Funding
If you have the credentials to qualify for a Chase business loan but don’t want to wait for funding, consider iBusiness Funding (formerly Funding Circle). This online lender’s term loans can fund in just two days.
iBusiness Funding offers business term loans of up to $500,000 with terms of six months to seven years. Interest rates start at a competitive
15.22
%. To qualify, you’ll need a credit score of 660
or higher and at least 24
months in business.Bluevine
If you don’t think you can qualify for a Chase business loan, consider Bluevine. Unlike Chase, Bluevine extends credit to owners who have at least
12
months in business and who have a minimum FICO score of at least 625
.Bluevine offers business lines of credit of up to $250,000 with weekly or monthly repayment terms. The lender requires a personal guarantee and charges higher fees than banks or credit unions.
Find the right business loan
The best business loan is generally the one with the lowest rates and most ideal terms. But other factors — like time to fund and your business’s qualifications — can help determine which option you should choose. NerdWallet recommends comparing small-business loans to find the right fit for your business.
New elevated offer
