Last Updated on December 4, 2023 by admin
Are you starting or expanding your business and you are searching for how to get Small Business loan and you don’t know how to go about it. Chase bank has introduce Small Business Financing which allow entrepreneur invest in the future growth of their business.
There are many ways to finance a new or existing business, each of which features its own benefits and limitations. In the wake of the recent financial crisis. Chase bank has variety of small business financing ranging from Business Loans,Lines of Credit,Commercial Real Estate,SBA Solutions,Equipment Financing,Trade Financing
You can also read: Chase bank Online and mobile banking: How to register, transfer money, pay bills and check statement of account
Borrower should consider how much finance they will need. time frame needed to repay the loan and capacity to repay the loan.For the purpose of this content we are going to outline all chase bank Small Business Financing.
1. Business Loans
Chase bank business loan have Fixed or variable rates and start as low as $10,000 and 100% financing plus up to 10% in soft costs with tenor of 7 years or up to 75% of the equipment’s estimated useful life
Financing Options
1.Term loan: fixed and variable rate options
2.Draw Loan: draw period up to 12 months followed by a fully amortizing repayment term
3.Advised Line: pre-approved period allowing you to make purchase(s) for up to 12 months. Lock in rates and terms at the time each purchase is made
Small Business Loans
A Chase Business Term Loan helps your small business purchase capital goods and equipment or consolidate debt.
1. Loans from $5,000 and up
2. Fixed and adjustable rates
3. Flexible terms from 12 to 84 months
4. Fixed monthly payments
2. Business Line of Credit
Chase has various lines of credit that’ll have working capital and cash available to borrower when they need it. This include Business Line of Credit and Commercial Line of Credit
i. Commercial Line of Credit
This is ideal for business owners who needs easy access to cash for short-term capital, inventory purchase, supplier payment or an emergency fund.The line of credit start from $10,000 to $500,000. The Annual fee is automatically waived when your average line utilization is 40% or more
However, The monthly minimum payment is accrued interest plus 1% of the outstanding balance — OR $100, whichever is greater and interest rate is based on such factors as your banking relationship, credit history and collateral
ii. Commercial Line of Credit
This line of credit Line is the right choice for business owners who has larger working capital needs, they can access More than $500,000 line of credit with a variable rate (indexed to LIBOR).Interest rate are monthly payments.
The Initial terms ranges from 12 to 24 months and renewable thereafter.. interest rate is based on such factors as your banking relationship, credit history and collateral
3. SBA Financing
The Small Business Administration (SBA) Financing Solutions is designed to helps small businesses get SBA loans by guaranteeing them up to a certain percentage which can be use to launch or expanding a business, purchasing inventory or equipment, or consolidating high interest debt.
The SBA financing come in two form,SBA 7(a) Loan Program , SBA 504 Loan Program and SBA Express
i. SBA 7(a) Loan Program
This can be used for a variety of purposes including acquisition of a business, purchase of real estate or equipment, working capital to help manage cash flow and business expansion and it Allows more flexible loan terms, with longer maturities and less money down.It also has good loan term amounts up to $5 million are available Footnote
ii. SBA 504 Loan Program
The credity facility can be used for purchase of real estate, construction, equipment acquisition and refinancing debt –The Maximum loan amount varies by project but can be up to $12.5 million. Business owners can Borrow up to 90% of the project cost or collateral value
iii. SBA Express
SBA Express is Ideal for smaller real estate, business acquisition, equipment purchase or working capital needs, they can access Loans and lines of credit up to $350,000 . IT HAS Fixed or variable interest rates
Also read: How to enroll for Wells Fargo Online banking and Mobile App
4. Equipment Financing
This provide capital with up to 100% financing plus 10% soft costs with Flexible payment structures that can match the business’s cash availability
5. Trade Financing
This kind of credit facility is designed by Chase bank to helps tap into global network and capabilities in Standby/Performance Letters of Credit, Commercial (Import) Letters of Credit and Documentary Collection to small business owners.
6. Commercial Real Estate Financing
Chase bank Commercial Real Estate Financing is Flexible real estate loans for your business in other to Increase business’s equity and eliminate leasing uncertainties by buying, building or refinancing owner-occupied real estate. The Commercial Real Estate Financing Loans start at $50,000 and You get Up to 80% loan-to-value ratio for most owner-occupied commercial real estate.
The Construction loans available with interest-only payments during construction period followed by a fully amortized term out period and it is Conventional or SBA financing. when you Select financing that best fits your needs, from fixed or variable rates with adjustable terms, including 7 or 10 years. Possible reductions in current mortgage payments
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