Chase Bank Small Business Loans Review
Generally, Chase Bank takes its well-deserved, high ranked place among the most applied to providers of small business administration financing usually referred to as SBA programs.
Particularly, it is a nationwide lending leader of SBA 7(a) loans given to small business owners throughout the US.
Reasonable fees and costs as well as marked flexibility the bank is appreciated for has made it #1 lender attractive for businesses of all budgets and sizes.
SBA Financing from Chase Bank
Basically, small business administration funding offered by Chase Bank comes in the following loan options:
– Loan solutions themselves are represented by:
- SBA 7(a) Loan Program, which is considered to be one of the easiest in terms of qualifying options. Applying for maximum you can get up to $5 million for 7, 10 and even up to 25 years, where interest rates charged can be either fixed or variable.
- SBA Express Term Loan that features a more accelerated application process and longer maturity terms. While the max sum applied amounts up to $350,000, the standard terms are similar to SBA 7(a). Interest rates are also fixed and variable.
- SBA 504 Loan Program that provides more favorable pricing, terms and lower down payments than any other Chase Bank small business loans. The amount that can be applied is unlimited. Rates offered are fixed only.
- SBA Express Sub-Programs for Specific Applications, which are available for companies exporting goods and looking for funds to either expand or enter one more overseas market.
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– Line of Credit solutions come in the following options:
- SBA Express. This line of credit (revolving) provides an ongoing access to funds within three years. Featuring a more accelerated application process the line offers up to $350,000 financing. The rates are variable.
- SBA CAPLine. Cyclical working capital offered by this revolving line of credit ranges between $350,000 and $5 million. An initially approved two-year term is annually renewed. The rates charged are also variable.
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Whatever objective you may pursue, any loan will allow required expanding, purchasing and cash flow managing within the limits set.
What Ranks Chase Bank that High
First and foremost, Chase Bank is known as the quickest small business loan provider; funds approved can be credited to you within as short as a couple of days.
Since in running any business time is crucially important, such a quick approval followed by pretty swift lending does matter.
Second off, the bank is the most attractive in charging. Although it is sometimes criticized for charging higher interest rates, but in fact, those are balanced by charging no fees that most other lenders do.
This way optimum balance that a careful borrower will certainly consider is kept to.