If you have a fair credit score and need a loan for your business, you are in the right place. We all know that entrepreneurship with equity and building a successful business is very difficult, especially if it is a small business – it will require a series of investments to grow.
With that in mind, Chase Small Business Loan came to help you, delivering several interesting financing options, with affordable rates, as long as you have a positive credit history, starting at 700. With it, you can do whatever you want, from paying expenses, buying supplies, or even financing equipment and building/refurbishing a physical space.
Everything is very simple, from the application process to the payment terms. You can get up to $12,500,000 in loans, which can be very helpful for improving and expanding your business.
Are you ready to apply for a Chase Small Business Loan ? Read on to learn all about this provider, as well as its advantages, cons, and how to apply.
Chase Small Business Loan
Minimum credit score of 700 Get cash in less than 24 hoursHow does Chase Small Business Loan work
Chase is the largest bank in the United States based on asset size, with over $2.6 trillion in assets and an equivalent loan portfolio. It has more than 4,700 branches in the United States, with many conventional commercial lending products, plus SBA is available in the 48 contiguous states.
Chase Small Business Loan offers five types of financing options: commercial term loans, SBA loans, commercial lines of credit, equipment financing, and commercial real estate. See more details below:
Business Term Loans
Chase offers loans with lump sums in loan payments. Here you can get $5,000 or more, with terms ranging from 12 to 84 months. Also, it is worth noting that the specific rates on these loans are not publicly available.
Business lines of credit
Chase Small Business Loan offers entrepreneurs two different credit line options, see:
Commercial lines of credit are available for amounts from $10,000 to $500,000 with a renewable term of 60 months. If you need more financing beyond what has been presented, you can look into Chase’s commercial lines of credit, which start at $500,000 with terms that start at 12 to 24 months and can be renewed at maturity.
SBA loans
This mode is quite special, where, with it, you can apply for SBA-backed term loans with below normal rates.
The problem with this option is that it can take several weeks to process. In addition, the loan amount is up to $12.5 million, with terms of up to 25 years with fixed and adjustable rates.
Equipment Financing
Chase Small Business Loan is the best option for equipment financing because it allows you to issue the loan with no down payment and offers up to 10% extra credit on top of the rebate purchase price.
The repayment term is up to seven years, or 75% of the estimated life of the equipment, with availability in all 48 contiguous states.
Commercial Real Estate Loans
Chase Small Business Loan proposes two types of commercial real estate loans – they are conventional and SBA real estate loans.
Main Advantages of using Chase Small Business Loan
Chase Small Business Loan is available in all 48 contiguous states. Moreover, it offers several options to choose from, with good terms interesting terms.
But there is a little more to this line of credit that may convince you to get a loan and fulfill your favorite business dreams. Some advantages include:
- SBA Preferred Lender
- Competitive and flexible terms
- Many types of loans and lines of credit
- Widely available in the lower 48 states
- Pro-business banking and other services
- Equipment financing at up to 100% plus soft costs
- Offers a wide range of business financing products
Chase Small Business Loan is an easy-to-use system that allows almost any small business owner to get a loan, depending on their goal.
Cons from Chase Small Business Loan
When you research business loan providers, it is important to know that no service is perfect. Such is the case with Chase Small Business Loan, which has some cons that users should consider before actually taking out the loan. Learn about the main problems we found with this service to see if it is perfect for you:
- Must apply in person – the first point is that unfortunately you will have to go in person to a branch to get this loan – something outdated that can take a few hours to perform the procedure.
- Rates and terms are not disclosed online – Chase Small Business Loan does not disclose eligibility requirements or fees for its business loans, leaving prospective applicants unclear on such an important point.
- Low loan volume – The largest bank in the United States, Chase, doesn’t keep up with high user numbers relative to the volume of loans applied for – it’s too little compared to other banks.
How to Qualify from Chase Small Business Loan
Chase Bank releases some subtle points of requirements for qualification – they are usually pretty closed and don’t reveal their fees. Here are some of them:
- Personal Credit Score – based on various information, we recommend maintaining a minimum personal credit score of 670 to improve your chances of eligibility.
- Length of Time in Business – length of time in business is important, and you will need to talk to a banker to confirm the required term. Although it is not so clear, the minimum practiced is a term of at least two years.
- Annual Revenue – Chase doesn’t disclose this requirement either, but to help you out, most of their competitors request a minimum annual revenue between $100,000 and $250,000.
How to Apply
To be able to apply for the Chase Small Business Loan you need to apply in person with a business loan specialist at the Chase bank itself – there is no online application.
- Don’t forget to bring the following documents below, they may be required:
- Business plan.
- Business name, address, and phone number.
- Date the business was established.
- Property type and tax identification number.
- Business tax returns.
- Bank and financial statements.
- Details about equipment or property for real estate and equipment loans.
- Name, address, and phone number.
- CPF and date of birth
Conclusion
In conclusion, Chase Small Business Loans offer a robust selection of financing options designed to meet various business needs, from term loans and lines of credit to equipment financing and real estate loans. The advantages include competitive terms, wide availability across the contiguous United States, and specialized SBA-backed loans that can be particularly beneficial.
However, potential applicants should be aware of some drawbacks, such as the requirement to apply in person at a branch, limited online transparency regarding rates and fees, and possibly lower loan volumes relative to other banks.
To determine if Chase Small Business Loans are right for your business, it’s recommended to visit a branch or speak directly with a Chase banker. This will provide you with detailed information tailored to your specific financial situation and business goals.
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