Chase Quietly Launches Its Online Small-Business Loan Platform

Small Business Lending

Following months of behind-the-scenes work with OnDeck Capital, JPMorgan Chase has quietly started offering online loans to its existing small-business customers.

The New York megabank launched its digital lending platform on a limited basis last week, spokeswoman MaryJane Rogers confirmed Monday.

Existing Chase small-business customers are being prescreened, and some of them are being invited to apply for loans of up to $250,000, according to Brian Geary, director of platform solutions at OnDeck.

JPMorgan has roughly 4 million small-business customers. The bank declined to say how many of those clients have received invitations to apply for a loan, or when its online lending platform will be opened to a broader group of prospective applicants.

Under the partnership, New York-based OnDeck, which also offers small-business loans through its own website, is providing its technology to JPMorgan. The loans are Chase-branded, and are being held on the bank’s balance sheet. JPMorgan is also setting the underwriting criteria for the loans.

 

See more at http://www.americanbanker.com/news/marketplace-lending/chase-quietly-launches-its-online-small-business-loan-platform-1080382-1.html

https://halocapitalgroup.com/chase-quietly-launches-online-small-business-loan-platform/

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About Barbara Johnson

Hello my name is Barbara and I'm a voracious DIY enthusiast and I'm here to meet nice people. View all posts by Barbara Johnson

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