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Chase Business Loans: 2024 Review

Updated Dec 07, 2023

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At a glance

3.6
Rating: 3.6 stars out of 5
Bankrate Score
Caret Down
Accessibility
Rating: 2.9 stars out of 5
Affordability
Rating: 3 stars out of 5
Customer experience
Rating: 4.8 stars out of 5
Transparency
Rating: 3.4 stars out of 5
Flexibility
Rating: 3.8 stars out of 5
How Bankrate Scores work Arrow Down

Overview

Chase business loans are a good option for established businesses, but it may not be the right choice for newer businesses or businesses with limited revenue. Not much information is available online, so you will need to be near one of its branches for in-person help and application guidance.

Lender Details

  • Moneybag

    Loan amount

    $5,000-$500,000+

  • Rates

    Interest rate

    Not stated

  • Clock Wait

    Term lengths

    Up to 25 years

  • Dollar

    Min. annual revenue

    Not stated

  • Business

    Min. time in business

    Not stated

Who Chase is best for

Chase business loans are best for established businesses looking for a loan from a traditional bank or that already use Chase for their banking. Because it does not list its minimum requirements or rates online, you will need to meet with a Chase banker to discuss your business’s financial needs. 

Who Chase may not be best for

Newer businesses and borrowers with fair-to-bad credit may want to shop elsewhere for their financing. Chase isn’t upfront about its requirements. But like most traditional banks, you’ll likely need to have been in business for at least two years and have good or excellent credit. 

It’s also likely not a good fit for business owners who need fast financing, although Chase doesn't state its funding timelines. Since you will need to apply at a branch, you can expect a funding speed of at least a few days, if not weeks. To get a fast business loan, you likely need to look at online lenders. They tend to offer streamlined online applications and approval times in as little as 24 hours if approved.

Chase: in the details

Chase pros and cons

PROS

  • Checkmark

    Large loans of $500,000 or more

  • Checkmark

    Terms up to 25 years on some loans

  • Checkmark

    Variety of loan and line options

CONS

  • Close X

    Must apply in person

  • Close X

    Limited information about interest and fees

Business loan types offered

Chase offers business lines of credit, term loans, commercial real estate loans and SBA loans. Your state and business setup will determine the type of financing you are eligible for.

Loan quick facts

  • Amounts: $10,000 to $500,000
  • Terms: Up to five years followed by five year repayment term
  • APR: Not stated

Chase business line of credit overview

Chase offers two lines of credit: a business line of credit designed to fund expenses between $10,000 to $500,000 and a commercial line of credit for expenses over $500,000. They have variable rates based on your banking relationship, credit and collateral. Their interest rates are indexed to the Prime Rate or Secured Overnight Financing Rate (SOFR), respectively.

Both draws and payments can be initiated online, but you will need to apply for financing at a Chase branch. There is a monthly fee of either $100 or accrued interest plus 1 percent of your outstanding balance, whichever is greater. This is comparable to other top lenders like American Express. But Chase will waive its fee if your line utilization is 40 percent or higher on average during a 12-month period.

Loan quick facts

  • Amounts: $5,000 to $500,000
  • Terms: Up to 7 years
  • APR: Not stated

Chase small business term loan overview

Chase stands out because it offers term loans starting at just $5,000. Many bank and online lenders tend to have much higher minimum loan amounts. This includes banks and online lenders, like: 

There are no origination fees, although other common loan fees — like document fees and closing costs — may apply to your loan. There is also a prepayment penalty for term or commercial real estate loans over $250,000. 

You will have up to seven years to repay a small business loan from Chase. The exact cost will depend on your state, your business and the type of term loan you apply for. You can expect fixed monthly payments and a choice between an unsecured loan and a secured term loan.

Loan quick facts

  • Amounts: Up to $12.5 million
  • Terms: Up to 25 years
  • APR: Not stated

Chase SBA loan overview

Chase offers a variety of Small Business Administration (SBA) loans, including the 7(a), 504 and Express loans and lines of credit. Many SBA lenders only stick with 7(a) and 504 loans. You can get an SBA 7(a) loan for up to $5 million to help with general purchases, such as paying operating expenses or buying real estate or equipment. 

Its SBA 504 loans go up to $12.5 million for qualifying businesses, but be aware that you may pay an origination fee for Chase’s portion of the loan. 504 loans are offered through lenders and Community Development Centers (CDCs) and partially guaranteed by the SBA. 

Chase also offers SBA Express loans up to $500,000 with either a fixed or variable interest rate. Fixed interest rates charge the same rate through the entirety of your loan, while variable rates can fluctuate with the market. 

Loan quick facts

  • Amounts: Starts at $50,000
  • Terms: Up to 25 years
  • APR: Not stated

Chase commercial real estate financing overview

Chase offers financing for the purchase, renovation or refinance of commercial properties — either through conventional financing or SBA loans. Its commercial real estate loans are secured by the property, which is common practice, and terms extend up to 25 years. 

Unlike many lenders, there is no origination fee, but there is a prepayment fee for loans over $250,000. Your business can choose between a fixed or variable rate and between fixed monthly payments or a balloon payment at the end of the loan. And while specific information is not available, Chase states that its commercial real estate loans are flexible and designed to serve a variety of businesses.

Do you qualify? 

Chase is not upfront about what it takes to qualify for a business loan or line of credit. That being said, multiple years in business, strong annual revenue and positive financial projections are all good places to start with any lender. If you have fair or bad credit, you will likely need a business loan for bad credit from a different lender.

For more information, consult a Chase representative about how to qualify and what information to submit. Keep in mind that Chase business loan products are also not available in Alaska or Hawaii.

What we like and what we don’t like

Chase business loans do have their perks if you need large loans. But if you want something that is clear and straightforward, it may be worth your time to check other lenders first.

What we like

  • Large loans of $500,000 or more. Chase states that its upper limit of $500,000 for its loans and lines is flexible. If your business needs higher loan amounts, you can discuss and develop a plan with your Chase consultant.
  • Terms up to 25 years on some loans. Commercial real estate loans are available with terms up to 25 years. For Chase’s other loans, it offers terms up to five or seven years. These terms may help your business find a sweet spot between monthly payments and overall interest and fees.
  • Variety of loan and line options. Chase offers two lines of credit and four loan options to its customers.  And since it is also an SBA lender, you could qualify for a 7(a) or 504 loan.

What we don’t like

  • Must apply in person. Chase does not have an online application process. You will need to schedule an appointment and meet with an advisor at one of its branches to apply.
  • Limited information about interest and fees. Chase states that basic information like interest rate and fees differs by location. While this is standard for large national banks, it does mean that Chase does not supply any information about its costs online.

How Chase compares to other lenders

Chase is just one of the many business lenders out there. Before applying, consider these other options.

Rating: 3.6 stars out of 5
3.6

Bankrate Score

  • Loan amount

    $5,000-$500,000+

  • Interest rate

    Not stated

  • Term lengths

    Up to 25 years

  • Min. time in business

    Not stated

  • Min. business annual revenue

    Not stated

Rating: 4.3 stars out of 5
4.3

Bankrate Score

  • Loan amount

    Starts at $1,000

  • Interest rate

    6.75% APR

  • Term lengths

    6 months-25 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $50,000

Rating: 4.2 stars out of 5
4.2

Bankrate Score

  • Loan amount

    $5,000-$10 million

  • Interest rate

    8.75%-18.25% APR

  • Term lengths

    Up to 25 years

  • Min. time in business

    Less than two years

  • Min. business annual revenue

    Not stated

Chase vs. Bank of America

Bank of America is one of the largest banks in the United States. For those who like to apply in person, Bank of America has branches across the country, which may make it more convenient based on your location than Chase. It also offers a wide variety of loan types, much like Chase.

Where Bank of America excels is for customers who already have their personal or business bank accounts with the institution. You’ll qualify for benefits such as reduced interest rates or increased rewards on credit card purchases based on your banking relationship.

Chase vs. Wells Fargo

Wells Fargo is another major business lender. It offers loan sizes that far exceed Chase’s state maximums, letting well-established companies borrow as much as $15 million at one time if you get an SBA 504 loan.

The lender is also one of the top SBA loan originators, making it a good choice if you’re looking for loans offered through the SBA loan program.

A major drawback of Wells Fargo is that you might pay an annual fee for some of its loans, especially its lines of credit. You may also be required to provide a personal guarantee.

How to apply for a loan with Chase

To apply for a business loan or line of credit with Chase, you will need to make an appointment at a branch. On the business loans page, Chase has a quick link to its locations by state. From there, you can narrow down to your city and find the phone number and address of your nearest branch.
 

Chase does not provide any specific information about what information you need to provide when you apply. But here’s a look at the common documents lenders typically require: 

  • Business owners’ Social Security numbers, contact details and ownership percentage
  • Business license and registration
  • Business plan
  • Bank statements
  • Tax returns
  • List of current assets and debts

Your Chase advisor can list the exact documents your business needs to submit when you discuss your application.

Chase frequently asked questions

How Bankrate rates Chase

Overall Score 3.6
Accessibility 2.9 Traditional banks like Chase tend to work mostly with established businesses with good or excellent credit.
Affordability 3.0 Chase doesn’t offer much information on its website about its rates and fees.
Transparency 3.4 The lack of information on its website brings Chase’s score down.
Customer experience 4.8 Chase is known for providing a good customer experience.
Flexibility 3.8 Chase offers multiple loan products and may provide some business owners higher loan limits.

Methodology

Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
22
loan features weighed
Rates
770+
data points collected

To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:

  • Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
  • Affordability: This section measures interest or factor rates and fees.
  • Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
  • Customer experience: Customer service hours, online applications and app availability are considered in this category.
  • Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.