OnDeck and JPMorgan Chase will continue their partnership on Chase Business Quick Capital for up to four years, the two companies announced today.
Chase Business Quick Capital offers small business loans of up to $200,000 for terms as long as 24 months. Decisions are rendered in seconds and funds may be received the same day.
OnDeck provides the technology backing the service, which launched in 2016. Chase plans to expand access and enhance digital features in 2018.
“We want to be the easiest bank for small businesses to work with, and part of that is simplifying delivery of our products so they have more time to run their businesses,” Chase Business Banking CEO Andrew Kresse said.
“Over 18 months ago, we set out to simplify the conventional originations processes, which can take weeks to months – time that many small businesses don’t have,” said Julie Kimmerling, senior manager and head of the Chase Business Quick Capital product at Chase Business Banking. “Today, our digital lending product allows us to provide superior client experience, and we’ve been pleased with customer feedback.”