chase sba loan application

Citizens offers personal and business banking, student loans, home equity products, credit cards, and more. You're made ready and so are we. ™. New York (CNN Business) JPMorgan Chase, Ruth's Chris Steak House and others are being accused in a lawsuit of efforts to "cheat" small. Sba loan application online chase - the easiest and fastest way to acquire money is opting for online loans and in this case, an online installment loan. chase sba loan application

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First on CNN Business: JPMorgan, Ruth's Chris accused of cheating small businesses out of emergency loans

An Illinois popcorn seller hurt by the coronavirus pandemic alleges that JPMorgan Chase's "pampering of its prized clients" like Ruth's Chris caused it to receive far less Paycheck Protection Program (PPP) funding than needed, according to the lawsuit, which seeks class-action status and was filed in federal court in Illinois.
The plaintiff, Sha-Poppin Gourmet Popcorn, argues in the complaint that Ruth's Chris is a "well-heeled nationwide chain" that didn't need the $20 million of forgivable loans it received before PPP ran out of funds.
As a result, the popcorn seller says it is "now on the brink as it desperately tries to keep its employees on."
The forgivable loan program, a centerpiece of the $2 trillion stimulus package enacted by Congress, aims to keep small businesses and their workers afloat during the pandemic.
"To find out you've been left out is disheartening," Stacy Hawkins-Armstrong, who founded and manages Sha-Poppin, told CNN Business in an interview.
The suit also alleges that JPMorgan Chase's(JPM) leaders hosted a nationwide conference call to inform their workers how to handle customers so that favored customers got special treatment. That special treatment, according to the lawsuit, included allowing those customers to submit applications earlier than they would have been able to, a tactic that pushed other qualified loan applicants out of line for a loan.
Hawkins-Armstrong was seeking $25,000 in emergency loans from JPMorgan Chase, money that would be used to keep her business afloat and continue paying her employees. Instead, she received just $6,000 through a community bank.
"Chase gave me nothing," Hawkins-Armstrong said.
The small business was profitable enough to put Hawkins-Armstrong's two children through college. Now, she doesn't know if her company will make it through the crisis.
"I'm hoping it can survive, but at this point I just don't know," Hawkins-Armstrong said.
Under fire for taking money from the $349 billion PPP that was intended for truly small businesses, Ruth's Hospitality(RUTH), the owner of the restaurant chain, announced late Thursday it will return the loan.
"The damage was done," the lawsuit argues. "Ruth's Chris's walk-back cannot undo the lost opportunities, lost time value of money, and unnecessary stress incurred by these small businesses and their owners."
The plaintiffs say this is the first time a large company is being sued for taking PPP funds. The Trump administration is now strongly urging public companies to repay these loans.
The backlash against banks and large businesses that received loans underscores concerns that the forgivable loan program suffers from a lack of oversight that is causing funds to get diverted away from those that need them most.
The owner of Ruth's Chris trades on the Nasdaq and has a stock market valuation of $250 million. There are 150 Ruth's Chris restaurants, including 20 international franchisee-owned restaurants in Mexico, Canada and other countries.
JPMorgan Chase did not provide a comment.

Shake Shack, Sweetgreen return funds

Ruth's Chris declined to comment on the lawsuit. However, a spokeswoman for Ruth's Chris said the company never used the $20 million in PPP funds it received. The spokeswoman said Ruth's Chris has spent $10 million of its own funds since March 15 to cover payroll and pay 100% of health benefits for employees.
"We intended to repay this loan in adherence with government guidelines, but as we learned more about the funding limitations of the program and the unintended impact, we have decided to accelerate that repayment," Cheryl Henry, Ruth's Hospitality president and CEO said in an emailed statement to CNN Business on Thursday. "We remain dedicated to protecting our hardworking team. It is our hope that these funds are loaned to another company to protect their employees, just as we intended."
The move came after other large restaurant chains, including Shake Shack(SHAK) and Sweetgreen, announced plans to return their PPP loans.
"The whole point of this bailout was to help the mom-and-pop shops throughout the country," Jay Edelson, CEO of Edelson PC, the law firm that filed the lawsuit. "It's incredible how it's been subverted."
The loans, which charge just 1% interest, can be used by small businesses with 500 or fewer employees to pay workers' salaries, rent and utility costs. The loans are forgivable only if the small businesses maintain current employee and compensation levels.
Demand was so strong for PPP loans that the program ran out of money earlier this month, leaving tens of thousands of small businesses without the lifelines they need to get through the crisis.
The US Senate and House of Representatives approved legislation this week that would replenish the program with an additional $310 billion.
The lawsuit also names as a defendant Phunware(PHUN), a data firm that works for President Donald Trump's reelection campaign.
Phunware, which is listed on the Nasdaq, appointed former JPMorgan exec Blythe Masters as its chair on March 30, three days after the PPP program was authorized by Congress. Masters left JPMorgan in 2014 after nearly three decades with the bank.
Phunware received a $2.85 million PPP loan through JPMorgan on April 10, according to an SEC filing. That was just two days after it applied for the loan, the lawsuit said.
"While Plaintiff sat for hours furiously attempting to access Chase's website (and never could), Defendant Phunware received the white glove treatment from Chase," the lawsuit said.
Phunware did not respond to requests for comment.
The White House and the Trump campaign did not respond to requests for comment. The SBA declined to comment.

Big banks accused of hurting small businesses

Banks have been criticized for allegedly failing to process PPP applications on a first-come, first served basis. That left some small businesses without the funding they needed.
The lawsuit against JPMorgan Chase alleges the bank made "all efforts to prioritize processing the loan applications of its favored customers first, and deal with the remainder later."
The Small Business Administration explicitly stated in a rule that PPP is a "first-come, first serve" program. However, that SBA rule does not spell out exactly what that means, nor does it say that banks must process applications in that way.
JPMorgan Chase, Bank of America(BAC), Wells Fargo and US Bank(USB) were hit with a lawsuit Sunday that argued the big banks harmed thousands of coronavirus-hit small businesses by unfairly prioritizing emergency loan requests from large customers to earn fatter fees.
That lawsuit was brought by a range of California small businesses, including a cybersecurity firm, an auto repair company, law firms and a frozen yogurt shop.
The lawsuits did not, however, produce any emails or internal documents that suggest this was the intent of the banks.
Bank of America and US Bank denied the allegations. JPMorgan Chase and Wells Fargo (WFC)declined to comment on the lawsuits.
However, a spokeswoman said that Chase Business Banking, which caters to smaller businesses with $20 million in revenue or less, has funded more than twice as many loans than the rest of the banks combined.
JPMorgan Chase also said that 80% of Chase Business Banking's PPP loans have been to businesses with less than $5 million in revenue. And more than 60% of these PPP loans went to clients with fewer than 25 employees.

CNN Business' Alicia Wallace contributed to this report

Источник: https://edition.cnn.com/2020/04/24/business/ruth-chris-jpmorgan-small-business-ppp/index.html

Promissory Note with Chase Bank, dated March 10, 2021 for $108,750 SBA Loan

EX-10.8 2 focus_ex1008.htm PROMISSORY NOTE WITH CHASE BANK, DATED MARCH 10, 2021 FOR $108,750 SBA LOAN.

Exhibit 10.8

 

 

Note

 

Review this document and choose "Close" at the bottom of this page to continue.

 

Date: March 10, 2021
   
Note Amount: $108,750
   
Borrower: AVX DESIGN & INTEGRATION, INC.
   
Lender: JPMorgan Chase Bank, N.A.

 

1. PROMISE TO PAY.

 

Borrower promises to pay to the order of Lender the Note Amount, plus interest on the unpaid principal balance at the Note Rate, and all other amounts required by this Note.

 

2. DEFINITIONS.

 

"CARES Act" means the Coronavirus Aid, Relief, and Economic Security Act, as amended, and the applicable Paycheck Protection Program rules, interim rules, regulations, guidance and Frequently Asked Questions.

 

"Covered Period" means the period beginning on the date on which the proceeds of the Loan are disbursed to Borrower and ending on any date selected by Borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement.

 

"Deferral Period" means the period ending on the date on which the amount of any forgiveness of the Loan determined under the CARES Act is remitted to Lender by SBA or forgiveness is denied. However, if Borrower does not apply for forgiveness of the Loan within 10 months after the last day of the Covered Period, the Deferral Period will end on the date that is 10 months after the last day of the Covered Period.

 

"Loan" means the loan evidenced by this Note.

 

"Maturity Date" means the fifth anniversary of the original disbursement date of the Loan.

 

"Note Rate" means an interest rate of 0.98% Per Annum and interest shall accrue on the unpaid principal balance computed on the basis of the actual number of days elapsed in a year of 360 days.

 

 

 

 

 

 

"Per Annum" means for a year deemed to be comprised of 360 days.

 

"SBA" means the Small Business Administration, an agency of the United States of America.

 

3. CONDITIONS PRECEDENT TO FUNDING OF LOAN.

 

Before the funding of the Loan, the following conditions must be satisfied:

 A.Lender has approved the request for the Loan.
 B. Lender has received approval from SBA to fund the Loan.

 

4. PAYMENT TERMS.

 

Borrower will pay this Note as follows:

A.No Payments During Deferral Period. There shall be no payments due by Borrower during the Deferral Period.
B.Principal and Interest Payments. Lpon the expiration of the Deferral Period, Lender will notify Borrower (in a billing statement or by other means) of the due date for the first payment (the "First Payment Date"). Commencing on the First Payment Date and continuing on the same day of each month thereafter until the Maturity Date, Borrower shall pay to Lender equal monthly payments of principal and interest, through the month prior to the Maturity Date; provided that the initial payments shall be applied to the interest accrued during the Deferral Period until such amount has been satisfied.
C.Maturity Date. On the Maturity Date, Borrower shall pay to Lender any and all unpaid principal plus accrued and unpaid interest. This Note will mature on the Maturity Date.
D.If any payment is due on a date for which there is no numerical equivalent in a particular calendar month then it shall be due on the last day of such month. If any payment is due on a day that is not a Business Day, the payment will be made on the next Business Day. The term "Business Day" means a day other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closed.
E.Payments shall be allocated among principal and interest at the discretion of Lender unless otherwise agreed or required by applicable law. However, in the event the Loan, or any portion thereof, is forgiven pursuant to the Paycheck Protection Program under the CARES Act, the amount so forgiven shall be applied in accordance with applicable law and regulations.
F.If Lender or SBA determines that Borrower was not eligible for all or any portion of the Loan, then Borrower shall repay the Loan, or the portion of the Loan for which Borrower was not eligible, together with any accrued and unpaid interest, immediately upon notice from Lender or SRA of this determination.
G.Borrower may prepay this Note at any time without payment of any premium.

 

 

 

 

 

 

5. AGREEMENTS.

 

Borrower understands and agrees as follows: 

A.The Loan is to be made under the SBA's Paycheck Protection Program.
B.Any loan made under the SBA's Paycheck Protection Program must be submitted to and approved by SBA. As there is limited funding available under the Paycheck Protection Program, it is possible that not all applications submitted will be approved by SBA. Lender is participating in the Paycheck Protection Program to help businesses experiencing the economic impacts from COVID 19 obtain funding through the program. Lender anticipates high application volume and that there may be processing and system issues that impact the intake, ordering and/or submission of loan requests to SBA. While Lender will use best efforts in this extraordinary time, Lender cannot guarantee it will be able to submit Borrower's application before SBA funding is no longer available. Borrower understands and agrees that Lender will not be liable to Borrower if Borrower fails to obtain the loan applied for. As such, Borrower releases and waives claims concerning Lender's processes and systems for obtaining, ordering and submitting applications to SBA and further releases and waives to the maximum extent not prohibited by law any claims against Lender for special, exemplary, punitive or consequential damages relating to any application. This provision supersedes any prior communications, understandings or agreements on the issues set forth herein.
C.Borrower must use all Loan proceeds only for purposes permitted under the Paycheck Protection Program provided for in the CARES Act.
D.Forgiveness of the Loan is not automatic and Borrower must request it. Borrower is responsible for understanding the requirements for obtaining forgiveness, and for complying with those requirements. Borrower is not relying on Lender for its understanding of the requirements for forgiveness such as eligible expenditures, necessary records/documentation, Borrower certifications, or possible reductions due to changes in number of employees or compensation. Rather Borrower will consult the SBA's Paycheck Protection Program materials. Borrower understands that these requirements may change from time to time.
E.The application for this Loan is subject to review and Borrower may nol receive the Loan. The Loan also remains subject to availability of funds under the SBA's Paycheck Protection Program, and to the SBA issuing an SBA loan number.
F.If the terms and conditions of the SBAs Paycheck Protection Program are changed in any manner that retroactively makes or requires changes to the terms of the Loan, whether by statute, regulation, interpretation, guidance or judicial action, then the terms of this Note will be automatically amended to reflect :hose retroactively made or required changes.

 

6. DEFAULT.

 

Borrower is in default under this Note if Borrower:

A.Fails to make a payment when due under the Note or otherwise fails to comply with any provision of this Note.
B.Does not disclose, or anyone acting on its behalf does not disclose, any material fact to Lender or SBA.
C.Makes, or anyone acting on its behalf makes, a materially false or misleading representation, attestation or
certification to Lender or SBA in connection with Borrower's request for this Loan under the CARES Act.
D.Becomes the subject of a proceeding under any bankruptcy or insolvency law, has a receiver or liquidator
appointed for any part of its business or property, or makes an assignment for the benefit of creditors.
E.Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender's prior written consent.
F.Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower's ability to pay this Note.

 

 

 

 

 

 

7. LENDER'S RIGHTS IF THERE IS A DEFAULT.

 

Without notice or demand and without giving up any of its rights, Lender may:

A.Require immediate payment of all amounts owing under this Note.
B.Collect all amounts owing from Borrower.
C.File suit and obtain judgment.

 

8. LENDER'S GENERAL POWERS.

 

Without notice or Borrower's consent, Lender may incur expenses to collect amounts due under this Note and enforce the terms of this Note. Among other things, the expenses may include reasonable attorney's fees and costs. If Lender incurs such expenses, it may demand immediate repayment from Borrower or add the expenses to the principal balance.

 

9. GOVERNING LAW AND VENUE; WHEN FEDERAL LAW APPLIES.

 

When SBA is the holder, this Note shall be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

If SBA is not the holder, this Note shall be governed by and construed in accordance with the laws of the State of Ohio where the main office of Lender is located. MATTERS REGARDING INTEREST TO BE CHARGED BY LENDER AND THE EXPORTATION OF INTEREST SHALL BE GOVERNED BY FEDERAL LAW (INCLUDING WITHOUT LIMITATION 12 U.S.C. SECTIONS 85 AND 1831 u) AND THE LAW OF THE STATE OF OHIO. The extension of credit that is the subject of this Note is being made by Lender in Ohio.

 

10. SUCCESSORS AND ASSIGNS.

 

Under this Note, Borrower includes its successors, and Lender includes its successors and assigns.

 

11. GENERAL PROVISIONS.

 

A.Borrower must sign all documents necessary at any time to comply with the Loan.
B.Borrower's execution of this Note has been duly authorized by all necessary actions of its governing body. The person signing this Note is duly authorized to do so on behalf of Borrower.
C.This Note shall not be governed by any existing or future credit agreement or loan agreement with Lender. The liabilities guaranteed pursuant to any existing or future guaranty in favor of Lender shall not include this Note. The liabilities secured by any existing or future security instrument in favor of Lender shall not include this Note.
D.Lender may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo enforcing any of its rights without giving up any of them.
E.Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.
F.If any part of this Note is unenforceable, all other parts remain in effect.

 

 

 

 

 

 

G.To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor.
H.Borrower's liability under this Note will continue with respect to any amounts SBA may pay Lender based on an SBA guarantee of this Note. Any agreement with Lender under which SBA may guarantee this Note does not create any third party rights or benefits for Borrower and, if SBA pays Lender under such an agreement, SBA or Lender may then seek recovery from Borrower of amounts paid by SBA.
I.Lender reserves the right to modify the Note Amount based on documentation received from Borrower.

 

12. ELECTRONIC SIGNATURES.

 

Borrower agrees that its electronic signature shall have the same force and effect as an original signature and shall be deemed (i) to be "written" or "in writing" or an "electronic record", (ii) to have been signed, and (iii) to constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic files. Such paper copies or "printouts," if introduced as evidence in any judicial, arbitral, mediation or administrative proceeding, will be admissible as between the parties to the same extent and under the same conditions as other original business records created and maintained in documentary form.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Источник: https://contracts.justia.com/companies/focus-universal-inc-4628/contract/167431/

Chase Bank Personal Loan Alternatives

JPMorgan Chase does not currently offer unsecured personal loans. If you're looking for a loan, you can find options from other lenders, including other banks, credit unions and online lenders.

Personal loan alternatives to Chase

Banks

Citibank and Wells Fargo are two banks that offer personal loans. You have to sign up to be a bank customer, and there are minimum credit and income requirements.

Features of a typical bank-issued personal loan:

  • Credit score accepted: good to excellent.

  • APR range: 5% to 29%.

  • Loan amounts: $1,000 to $100,000.

» MORE:Top banks offering personal loans

Credit unions

Most credit unions also offer personal loans, and with lower rates than traditional banks and online lenders. They do not require good credit profiles to qualify. Your local credit union is a good first choice when shopping for a personal loan.

Features of a typical credit union personal loan:

  • Credit score accepted: bad to excellent.

  • APR: Average 8.86% at federal credit unions for a three-year loan.

  • Loan amounts: $250 to $50,000.

» MORE: How to get a credit union personal loan

Online lenders

Online lenders deal with all types of credit profiles and most will estimate your rates without a hard inquiry on your credit. It pays to shop around among online lenders because each company uses its own formula for setting your rate.

NerdWallet’s comparison tool lets you check rates at multiple online lenders without affecting your credit.

Features of a typical online personal loan:

  • Credit score accepted: bad to excellent.

  • APR range: 6% to 36%.

  • Loan amounts: $1,000 to $100,000.

» MORE: Personal loans for good credit

Compare personal loans

Here are three online lenders to consider as alternatives to Chase. NerdWallet recommends pre-qualifying for multiple loans to compare rates.

Marcus by Goldman Sachs
Lightstream
SoFi
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.

Get Rate

Get Rate

Get Rate

Loan Amount

$3,500-$40,000

Loan Amount

$5,000-$100,000

Loan Amount

$5,000-$100,000

Get your personalized rate

Click “Check Rate” to pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.

Other types of Chase loans

Chase offers other types of loans, including:

Источник: https://www.nerdwallet.com/article/loans/personal-loans/chase-personal-loans

Business loan and interest rate calculator

Use the calculator to map out your strategy from start to finish by inputting the key elements of your commercial or small business loan:

  • Loan amount
  • Loan term in years or months
  • Yearly interest rate

The results will show your monthly payments plus how much interest you would pay on the principal loan amount. Take your simulated loan a step further by selecting Show amortization schedule to see a detailed, month-by-month schedule leading up to your final payoff date. You can even Add extra payments and find out how paying a little extra per month can reduce your total interest paid and speed up the payback schedule.

From small business loans to large commercial loans, rate estimate tools like the Bankrate.com calculator help businesses make a plan to invest in themselves. Take the business loan and interest rate calculator for a test drive today.

Get answers with Bankrate.com

Particularly with small business loans, interest rates should be reasonable to help the borrower protect his bottom line. Find out what the experts recommend for getting great rates on small business loans and lines of credit.

Compare rates

High yield CD and MMA rates

Источник: https://www.bankrate.com/calculators/business/business-calculator.aspx

Reviews: Chase Auto Finance

Overall lender rating

from Credit Karma members
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Explore our auto loans

See offers from 20+ lender partners to find one that matches your goals.

Member ratings

All member reviews (63)

Little to no feedback on help needed.

Credit Karma member

Probably one of the worse I've delt with. You can only make payments via ACH. Who doesn't allow for payments via debit or credit card. Not only that but you have to do the whole verification process where it sends small deposits which take up to a week then you can start using the bank account on file to make payments. Of late I've been trying to work with them on readjusting my monthly payments or interest rate but haven't gotten any follow up or feedback. If someone is struggling and you won't help them but expect them to continue to do business with you?! I mean come on. Again probably worst lender I've worked with in terms of auto loan.

Horrible

Credit Karma member

Do not use Chase Auto Finance, find any other company to finance through. My experience was horrible and after multiple repeat calls and emails to setup auto-pay my auto-pay still isn't setup correctly and I got a $15 charge for paying my bill on the 5th and not the 1st. Their online system is difficult to navigate, and their customer service agents seem falsely courteous.

I leased my Subaru. Lease was thru Chase

Credit Karma member

Never use this company. They are incompetent. Lose payment, keep applying my excise to my car payment, cant get a straight answer from.anyone I speak to.

Credit Karma member

Lower interest rate is not always a good reason to get a loan from someone. This company won't take my payment dispite it being 6 days late. Why should they care it's my credit not theirs. Online Always says system is down try again later when I try to set up for online pay but that doesn't even matter because they only want your account and routing number. I want to pay with my social security card and have it on autopay. Nope can't do that. I mean it's only 2018. This was never told to me when I did the paperwork for the card. This is a major bank. My last loan was a smaller loan company I'd never heard of, but guess what,They take cards. WTF Never Ever Again.

Pre-approved with guaranteed rate

Credit Karma member

I received a letter telling me I was pre-approved to refinance my auto loan with a guaranteed rate, so I called to get more info. It got even better... because I have a Chase checking account and would auto draft payments, the rate was even lower. At that point, I agreed to start the process. I was really excited at the prospect of lower my monthly bill or shortening the term of the loan with a lower interest rate. After all the time spent on the phone and taking a 9 point hit on my credit score, they apologized and said the underwriter denied my application for refinance. Why did you send me a letter, telling me I was pre-approved with a guaranteed rate, take 9 points off my credit score, that's still over 800, if I wasn't actually pre-approved? Plus now I have to wait 7-10 days to get a another letter from them in the mail, explaining to me why I wasn't approved. I'm extremely disappointed and upset with Chase right now.

Thank you Chase

Credit Karma member

My credit was so so because I had an old judgement on me. Chase took me on from a Nissan dealer. I pay my car loan at the bank every month. Had a change of address I did with the bank and no problem. Everyone there is always friendly. i always pay on time and have never had an issue at all a year and a half now into my 6 year loan. I was so scared when I 1st read reviews. As of now I dont regret it at all. Thank you Chase for helping me get my credit back again. 5 stars!

Horrible Horrible Horrible

Credit Karma member

Their proccess took for ever to finally get financed. When ever i called their were different people which did not know anything because something was not noted by the previous receptionist. They had to redo every process all over again when ever i called for an update OMG, how annoying!!! NEVER EVER AGAIN!!!!! WHAT AN HEADACHE!!!!!

Perfect so far

Credit Karma member

I've set up auto payments with additional principal. Everything works and runs fine. Customer service is great. And You can make payments either electronically, mail or go to nearest Chase bank. Principals are accepted any time. No problems so far Had previously horrible Santander, so at least comparing to this, Chase is perfect lender

Horrible customer service

Credit Karma member

first I would like to state that I have never been able to figure out how to sign up for an online account to manage my loan. I am pretty computer savvy, but because I do not bank with chase, it seems impossible to create an online account. my next complaint is that when I called to request that an updated statement and the payoff information be emailed to me i was infirmary that they cannot do that. I asked them to fax it to me instead and again they told me that they cannot do that. However, after I asked for a supervisor to explain to me why I cannot get this information, all of a sudden they decided that they could fax it to me. They told me it would take up to 60 minutes for the fax to come through. 90 minutes later I still have not received the fax. I called them again and this time I was told the fax can take up to 24 hours to go through. This is unacceptable. I am trying to gather the information I need to refinance my car and they are holding up this process.

Credit Karma member

Chase is my bank. I have checking, savings, credit card and now auto loan account with them. I never had issues with this bank. Their customer service is top, online system is easy to navigate and they have good mobile app. They refinananced my vehicle and I jumped down from 12% to 5% (~670 FICO score). BoFA offered me 0.5% better rate, but it was not worth it. It's better to keep strenghtening my relations with Chase.

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See offers from 20+ lender partners to find one that matches your goals.

Источник: https://www.creditkarma.com/reviews/auto-loan/single/id/chase-auto-finance2

How to Apply for a Chase Business Credit Card

You want to get a new credit card, but the one you want is a business credit card from Chase, and you're unsure of how to apply for a Chase business credit card.

Business credit cards function much in the same way as personal credit cards do, and Chase offers some of the best business credit cards out there with their Chase Ink business line, especially if you're looking for rewards. However, there are some key differences when it comes to qualifying and applying. Here we'll touch on the specifics of the best Chase credit cards, how to qualify for a business credit card, and then walk you through how to apply for a Chase business credit card.

What you need to know about Chase business credit cards and the 5/24 rule

If you want to apply for a Chase business credit card, you need to know about theChase 5/24 rule. This rule says you can't be approved for a Chase credit card if you've opened five or more credit cards in the past 24 months. Even its business credit cards are subject to this rule, so if you have opened more than four accounts within the past two years, you'll have to wait before you can apply.

The good news is that while Chase's business credit cards are subject to the 5/24 rule, they don't add to it. That is to say, if you apply for a Chase business credit card, it won't count toward your 5/24 limit. That's because Chase reports business credit cards to commercial rather than consumer credit bureaus -- in other words, they don't show up on your personal credit report.

Can anyone apply for a Chase business credit card?

If you're hoping to apply for a Chase business credit card, the requirements are much less strict than you'd think. You do have to have an eligible business, but there's a good chance that you're already partaking in a profit-generating activity that could count as a business. This is the case with most credit card companies. Anything from hobbies to side hustles can qualify, such as these common gigs.

  • Driving for Uber or Lyft
  • Selling things on Etsy
  • Reselling items on eBay
  • Selling things at craft fairs, farmers' markets, or flea markets
  • Freelancing
  • Airbnb rentals
  • Doing nails or hair out of your home
  • Flipping used furniture
  • Babysitting and tutoring

In fact, you don't have to have actually started your profit-generating activity yet to apply for a Chase business credit card, as long as you genuinely intend to start soon. Getting a business credit card now is a great way to plan ahead. Just remember, never lie on a credit card application; you may be asked to verify any information you provide.

Why you should apply for a Chase business credit card

Business credit cards are a great way to separate out your finances, whether you're running a full-scale business with employees or simply selling stuff on eBay as a side gig. You can do this with a business checking account and debit card as well, but using a business credit card can help you build business credit and avoid monthly maintenance fees. The fact that business credit cards don't show up on your personal credit history is a plus, and building your business credit will prove useful if you ever want to take out a small business loan or get business insurance. This is reason alone to apply for a Chase business credit card.

On top of that, Chase business credit cards are particularly desirable as rewards credit cards when compared to other credit card companies. First of all, a Chase business card will have business-related bonus spending categories that offer extra rewards. If your company or side gig means you spend a lot on expenses like transportation, dining out with clients, internet and phone bills, or printing and advertising services, you could apply for a Chase business credit card and accumulate rewards much faster. When compared to Chase's personal credit cards, its business credit cards also offer some of the most high-value sign-up bonuses for the same, or even no, annual fee.

How to apply for a Chase business credit card

Applications for a Chase business card are pretty simple, but there are some areas where people get confused. Here's a step-by-step guide on how to apply for a Chase business credit card.

Business information

When you apply for a Chase business credit card, the first page will ask for basic information about your business such as a name, mailing address, and annual revenue. If you are a freelancer or someone with a side gig with no employees, you are considered a sole proprietor, which is what you'll put under "Type of Business." You'd also put "1" under the "Number of Employees" field, which would be you.

You can use your own name as your business name and your personal mailing address. You'll need to estimate your annual business revenue here, and this can be projected revenue for the upcoming year, so estimate on the high side. Don't worry if you're not making much. The bank will also consider your personal income.

Under "tax identification number," you can put your EIN (Employer Identification Number) if you have one, or you can simply use your own Social Security number.

Personal information

The following page will ask for your personal information, much like a regular credit card application. As a sole proprietor, you'll identify as the "Owner" under the "Authorizing Officer" field. You'll need to provide your name, home address, and gross annual income. Your gross annual income can include income from your job, from your business, and from your spouse.

The following page will ask for your phone number (business and personal can be the same), your email address, date of birth, Social Security number, and mother's maiden name.

Employee cards

Finally, the final page when you apply for a Chase business credit card will give you the option to add employee cards. You don't have to do this, but if you do have someone trustworthy who might purchase things for your business on occasion, employee cards are a great way to help you meet your minimum spending limit for the sign-up bonus. Make sure you trust the cardholders, though, because you're on the hook for any charges they make.

Waiting for approval

Once you submit the final page, you'll receive a page that either tells you that you were approved, denied, or your application is being processed. The last option is the most likely. In this case, you will likely receive a decision within a week, although the stated wait period is 30 days. You might be contacted and asked to provide more information about your business during this time. You can also call Chase's automated status line at 1-800-432-3117 at any time to check on the progress of your application.

How to get approved for a Chase business credit card

There's no way to guarantee approval when you apply for a Chase business credit card, but there are some things you can do to improve your chances. Here are some tips.

Increase your credit score: Your credit score should be at least 680 when you apply for a Chase business credit card, but having a score of 720 or higher will give you the best chances.

Decrease your credit limit with Chase: Chase doesn't like to extend too much credit to any one customer as compared to their income, and it's very common to be denied because you already have large credit limits. In general, your overall credit limit with Chase across all of your personal and business credit cards shouldn't exceed 50% of your income or $75,000. If you're coming close to either of those limits, ask for a credit limit decrease on one of your existing Chase credit cards before applying for a Chase business card.

Space out your credit card applications: Chase doesn't like to see lots of recent inquiries. Aside from not going over 5/24, you also won't be approved if you've opened a Chase credit card in the past 30 days. If you've opened up four or five Chase credit cards in the past six months, it's best to wait a while before you apply for a Chase business credit card.

Apply in-branch: People who apply for a Chase business credit card in-branch rather than online tend to have a better shot at approval, and they also tend to receive bigger sign-up offers. If you have a branch near you, it's worth going in and applying in person.

Wait until you've been in business longer: While you don't have to have a 10-year-old business generating six figures to be approved for a Chase business credit card, rejection is common for people who have been in business for a short period of time and have low revenue. People who have been in business for at least two years and generate at least $2,000 in revenue have a better chance of approval.

What to do if you're denied for a Chase business credit card

If you're denied when you apply for a Chase business credit card, there is still hope. You can call its reconsideration line at 1-888-270-2127 to speak with someone about your application. Often, Chase just needs a little more information about your business or wants to verify something in order to approve you. Below are some common questions a representative may ask you.

  • What type of business are you running?
  • How many years has your business been in operation?
  • Why do you want a business credit card?
  • What type of expenses will you be putting on this credit card?
  • How much revenue did your business generate last year?
  • How do you market your business?

Upon answering these questions, you may find that Chase reverses its decision and approves you for a new Chase business credit card. It may also still deny you, but you'll be given a reason so that you can improve your chances of approval next time.

The best Chase business credit cards: Chase Ink Business Preferred℠ vs. Chase Ink Business Cash℠

Both of the Chase Ink business cards are great options for business credit cards that offer high-value rewards. The Chase Ink Business Preferred℠ Credit Card is more geared toward travel rewards, while theChase Ink Business Cash℠ is geared toward cash back. It's also worth noting that the Chase Ink Business Preferred℠ Credit Card has a $95 annual fee while the Chase Ink Business Cash℠ has no annual fee and a generous sign-up bonus.

That being said, the Chase Ink Business Preferred℠ has the highest sign-up bonus of any Chase card: 100,000 Ultimate Rewards® points (100,000 if you apply in-branch) after spending $15,000 within the first three months. This is worth $1,250 in travel spending when you book through Chase's Ultimate Rewards® portal, and you can easily get more value out of it by transferring your Ultimate Rewards® points to other airlines or hotels within Chase's network.

Whichever card you apply for, you'll be in line for great rewards and will have the ability to easily split up your personal and business expenses. Even if you can't qualify just yet, it's good to know what you can do to increase your future chances.

Источник: https://www.fool.com/the-ascent/credit-cards/how-to-apply-for-a-chase-business-credit-card/

Chase Small-Business Loans Review 2021

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JPMorgan Chase, more commonly called Chase Bank, is the biggest bank in the United States.1 So it makes sense that you’re considering Chase for your small-business lending needs. But does this big bank have what it takes to give you a good funding experience, or should you get your loan somewhere else?

We lean toward the latter (for reasons that will soon become clear), but let’s dive deep into Chase small-business loans to help you decide. 

In this review, we’ll look at what kinds of financing Chase offers, how it compares to other lenders, and what customers have to say.

Chase has lots of loans, but we prefer other lenders

Pros

Pro BulletMany types of loans and credit lines
Pro BulletSBA preferred lender
Pro BulletBusiness banking and other services

Cons

Con BulletNo online loan applications
Con BulletLack of transparency
Con BulletNegative reputation and reviews

In theory, JPMorgan Chase sounds like a good lender. It offers all kinds of business funding options (including several types of business loans and business lines of credit), so you can choose the financing that fits your needs. That’s a big plus, since so many online lenders offer just one or two types of funding.

Plus, as a bank, Chase offers all sorts of other things your business needs―from a business checking account to a business credit card to merchant services. That means you can keep all your business finances (and personal finances too) in one place. Sounds convenient, right?

So what’s our beef with Chase? It comes down to two things.

First, JPMorgan Chase keeps a lot of important information private. 

It doesn’t list, for example, any borrower requirements. That makes it hard to know if you can qualify for its financing. Sure, you can mosey down to a branch and talk to a loan officer to find out―but why should you have to potentially waste your time with that when Chase could just publish borrower requirements like so many other lenders?

Qualifying for a JPMorgan Chase business loan

Min. credit score

Min. revenue

Min. time in business

Get a loan

UnlistedUnlistedUnlistedVisit Site

Data effective 3/12/21. At publishing time, requirements are current but subject to change. Offers may not be available in all areas.

(We can chase sba loan application that Chase has similar requirements to other banks, which means you need a business that’s at least two years old, a personal credit score in the high 600s, and more than $200,000 in business revenue. But of course, we can’t say for sure.)

Likewise, Chase doesn’t list interest rates on any of its loans. We assume they’re competitive, yes, because JPMorgan Chase is a traditional bank (which usually have lower interest rates than online lenders). But without specific interest rates, how are you supposed to comparison shop between Chase and another bank or lender?

As a business owner, you’re too busy to spend time on a loan application for a loan it turns out you can’t qualify for or don’t want (because of the interest rate). 

So if we were you, we’d go with a more transparent bank―like Bank of America, which publishes both interest rates and borrower requirements.

Second, JPMorgan Chase doesn’t have the best reputation.

In part, we say that because of Chase’s customer reviews. As you’ll see later in this review, Chase gets pretty low ratings from its customers. Doesn’t inspire much confidence, does it? (In contrast, many online lenders get rave reviews from borrowers.)

Worse, though, is all the scandals and lawsuits Chase has gone through in recent years. We detail some of those in our Chase business account review, but they include things like overcharging customers on its mortgage bank loans and discriminating against mortgage borrowers. Yikes. 

So while Chase hasn’t had a business loan-specific scandal just yet, its lending practices as a whole have been pretty sketchy―not ideal for a lender you’re trusting your finances and credit score with.

The issues we’ve listed are enough to keep us from recommending JPMorgan Chase as a business lender.

Still, we can’t deny the pros we mentioned either. If you want lots of funding options or to take care of all your business finance needs at one place, Chase sure looks appealing.

So if you still think Chase sounds like a bank you might want to do business with, let’s go ahead and look at the specific financing options you can access.

Chase business loan options

Chase offers a variety of term loans, business lines of credit, real estate financing, and SBA business loans (loans backed by the US Small Business Administration).

As we already told you, Chase doesn’t advertise interest rates on any of these loans. We guess it offers low, competitive rates―but we can’t tell you for sure. 

Oh, and one other thing worth noting before we talk about Chase’s specific financing solutions: You can’t apply for any of these loans or credit lines online. You have to find a local Chase branch and apply there (like it’s 2006 or something).

Okay, now for the loans.

Product

Min./max. loan size

Lowest listed rate

Repayment term

Learn more

Business line of credit$10,000/$500,000Unlisted5 yr. renewableVisit Site
Commercial line of credit$500,000 and upUnlisted12–24 mos. renewableVisit Site
Business loan$5,000 and upUnlisted12–84 mos.Visit Site
Real estate financing$50,000 and upUnlisted7–10 yrs.Visit Site
SBA 7(a) loansUp to $5 millionUnlistedUnlistedVisit Site
SBA 504 loansUp to $12.5 millionUnlistedUnlistedVisit Site
SBA Express loansUp to $350,000UnlistedUnlistedVisit Site

Data effective 3/10/21. At publishing time, pricing is current but subject to change. Offers may not be available in all areas.

First up, Chase offers a couple different business lines of credit (which give you revolving credit you can borrow from again and again). It has a smaller business line of credit and a larger commercial line of credit. The business line of credit comes with an (unspecified) annual fee, but you can waive the fee by using at least 40% of your credit line.

Note that both credit lines have limited terms, so you’ll have to renew them if you want to keep borrowing once your term is up.

Chase has several business loans too. The most basic version is its term loan, which you simply borrow and repay (making it good for working capital). It also has equipment financing for your equipment purchases (and you can get 100% of the equipment cost plus another 10% to cover soft costs).

For a little more flexibility, you can choose Chase’s draw loan (which lets you draw funds like a line of credit for one year before converting to a term loan) or its advised line (which works similarly, but each purchase in that year becomes its own loan with specific rates and terms).

Money

Payment schedule

One nice thing about Chase? It offers a monthly payment schedule, unlike online lenders that often insist on weekly (or even daily) payments. That can free up cash flow for your business.

Then there’s Chase’s real estate financing. You can use its commercial real estate loans to buy, sell, or refinance commercial real estate. Keep in mind, though, that you can only use these loans on owner-occupied real estate.

Finally, Chase offers several SBA loan options, including SBA 7(a) loans, SBA 504 loans, and (the much smaller) SBA Express loans. You can use these loans for working capital, equipment, real estate, or refinancing.

By the way, we should point out that Chase is actually an SBA preferred lender (and one of the 100 top SBA lenders in the country2). That means Chase doesn’t have to get SBA approval on its SBA loans―which means a faster approval and funding time for you. That’s a big perk, since the SBA loan program usually comes with notoriously long wait times. 

Anyway, like we said, Chase has quite a few funding options. Before you start that loan application, though, let’s take a look at what Chase customers think of JPMorgan Chase.

Small Business Loan Requirements Checklist

Applying for a small-business loan soon?

Our free checklist can help you understand what lenders are looking for.

As we mentioned earlier, Chase customers don’t really like Chase Bank. It’s got downright bad reviews. On Trustpilot, Chase earns a 1.3 out of 5.3 And on its Better Business Bureau profile, it earns 1.18 out of 5 (which, to be fair, is similar to what other big banks earn).4

Most of the reviews come down to really, really bad customer service. People report having issues with their credit cards, loans, bank accounts, and being unable to get the help they need from Chase. Likewise, we saw complaints that Chase mishandles fraud and identity theft and that it overcharges fees.

That said, Chase does have some positive reviews too. And weirdly enough, most of them praise Chase’s customer service―the same thing other customers hate. We found stories of customers saying Chase quickly resolved issues with credit cards and fraud claims, in particular. 

Still, the number of bad reviews far (far!) outweighs the good.

To be clear, most of these reviews are not business-specific, much less business loan-specific. But still, they give you a good picture at what kind of bank you’re dealing with. And based on what customers say, it’s not a pretty picture.

Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.

Find a Loan

Chase business loan FAQ

Does Chase do mortgage loans?

Yes, Chase offers both personal mortgages and commercial mortgages (aka commercial real estate loans).

How do I get a business loan from Chase Bank?

To get a small-business loan from Chase, you’ll need to submit a loan application with your local Chase branch. It doesn’t accept online applications.

As with any loan application, expect to provide lots of supporting documentation. So make sure you have documents like these handy:

  • Personal and business tax returns
  • Personal and business bank statements
  • Business plan
  • Business forecast
  • Any legal documents (like articles of incorporation)

Is Chase accepting PPP loan applications?

Chase accepted PPP loan applications through March 19, 2021. (The final deadline for Paycheck Protection Program applications through any lender is March 31, 2021.)

That said, if a version of the PPP chase sba loan application program returns in the future, we expect Chase to participate again.

When all is said and done, is Chase’s small-business lending right for your business?

For most businesses, we’d say no. Chase doesn’t provide enough information about its loans―like borrower requirements and interest rates―to show that it’s worth applying with. Plus, Chase gets very poor customer reviews. And, you know, it has a history of major scandals.

So for most small-business customers, we recommend choosing a different lender instead. Still, if you like the specific loans Chase offers (because it has a lot of options) or you like that Chase lets you do your banking and borrowing in the same place, then you may decide to go with Chase hd movies captain america the winter soldier way, we hope you get the business loan you’re looking for.

Want to see some Chase alternatives? We don’t blame you. Find our favorite lenders on our rankings of the best small-business loans.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources

  1. Bankrate, “Top 15 Largest Banks in the US.” March 2, 2021. Accessed March 12, 2021.
  2. US Small Business Administration, “100 Most Active SBA 7(a) Lenders.” Accessed March 12, 2021.
  3. Trustpilot, “Chase.” Accessed March 10, 2021.
  4. Better Business Bureau, “JPMorgan Chase & Co.” Accessed March 10, 2021.
Chloe Goodshore

Written by

Chloe Goodshore

Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.

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Источник: https://www.business.org/finance/loans/chase-small-business-loans-review/

Promissory Note with Chase Bank, dated March 10, 2021 for $108,750 SBA Loan

EX-10.8 2 focus_ex1008.htm PROMISSORY NOTE WITH CHASE BANK, DATED MARCH 10, 2021 FOR $108,750 SBA LOAN.

Exhibit 10.8

 

 

Note

 

Review this document and choose "Close" at the bottom of this page to continue.

 

Date: March 10, 2021
   
Note Amount: $108,750
   
Borrower: AVX DESIGN & INTEGRATION, INC.
   
Lender: JPMorgan Chase Bank, N.A.

 

1. PROMISE TO PAY.

 

Borrower promises to pay to the order of Lender the Note Amount, capital one 360 interest rate money market interest on the unpaid principal balance at the Note Rate, and all other amounts required by this Note.

 

2. DEFINITIONS.

 

"CARES Act" means the Coronavirus Aid, Relief, and Economic Security Act, as amended, and the applicable Paycheck Protection Program rules, interim rules, regulations, guidance and Frequently Asked Questions.

 

"Covered Period" means the period beginning on the date on which the proceeds of the Loan are disbursed to Borrower and ending on any date selected by Borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement.

 

"Deferral Period" means the period ending on the date on which the amount of any forgiveness of the Loan determined under the CARES Act is remitted to Lender by SBA or forgiveness is denied. However, if Borrower does not apply for forgiveness of the Loan within 10 months after the last day of the Covered Period, the Deferral Period will end on the date that is 10 months after the last day of the Covered Period.

 

"Loan" means the loan evidenced by this Note.

 

"Maturity Chase sba loan application means the fifth anniversary of the original disbursement date of the Loan.

 

"Note Rate" means an interest rate of 0.98% Per Annum and interest shall accrue on the unpaid principal balance computed on the basis of the actual number of days elapsed in a year of 360 days.

 

 

 

 

 

 

"Per Annum" means for a year deemed to be comprised of 360 days.

 

"SBA" means the Small Business Administration, an agency of the United States of America.

 

3. CONDITIONS PRECEDENT TO FUNDING OF LOAN.

 

Before the funding of the Loan, the following conditions must be satisfied:

 A.Lender has approved the request for the Loan.
 B. Lender has received approval from SBA to fund the Loan.

 

4. PAYMENT TERMS.

 

Borrower will pay this Note as follows:

A.No Payments During Deferral Period. There shall be no payments due by Borrower during the Deferral Period.
B.Principal and Interest Payments. Lpon the expiration of the Deferral Period, Lender will notify Borrower (in a billing statement or by other means) of the due date for the first payment (the "First Payment Date"). Commencing on the First Payment Date and continuing on the same day of each month thereafter until the Maturity Date, Borrower shall pay to Lender equal monthly payments of principal and interest, through the month prior to the Maturity Date; provided that the initial payments shall be applied to the interest accrued during the Deferral Period until such amount has been satisfied.
C.Maturity Date. On the Maturity Date, Borrower shall pay to Lender any and all unpaid principal plus accrued and unpaid interest. This Note will mature on the Maturity Date.
D.If any payment is due on a date for which there is no numerical equivalent in a particular calendar month then it shall be due on the last day of such month. If any payment is due on a day that is not a Business Day, the payment will be made on the next Business Day. The term "Business Day" means a day other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closed.
E.Payments shall be allocated among principal and interest at the discretion of Lender unless otherwise agreed or required by applicable law. However, in the event glenview state bank review Loan, or any portion thereof, is forgiven pursuant to the Paycheck Protection Program under the CARES Act, the amount so forgiven shall be applied in accordance with applicable law and regulations.
F.If Lender or SBA determines that Borrower was not eligible for all or any portion of the Loan, then Borrower shall repay the Loan, or the portion of the Loan for which Borrower was not eligible, together with any accrued and unpaid interest, immediately upon notice from Lender or SRA of this determination.
G.Borrower may prepay this Note at any time without payment of any premium.

 

 

 

 

 

 

5. AGREEMENTS.

 

Borrower understands and agrees as follows: 

A.The Loan is to be made under the SBA's Paycheck Protection Program.
B.Any loan made under the SBA's Paycheck Protection Program must be submitted to and approved by SBA. As there is limited funding available under the Paycheck Protection Program, it is possible that not all applications submitted will be approved by SBA. Lender is participating in the Paycheck Protection Program to help businesses experiencing the economic impacts from COVID 19 obtain funding through the program. Lender anticipates high application volume and that there may be processing and system issues that impact the intake, ordering and/or submission of loan requests to SBA. While Lender will use best efforts in this extraordinary time, Lender cannot guarantee it will be able to submit Borrower's application before SBA funding is no longer available. Borrower understands and agrees that Lender will not be liable to Borrower if Borrower fails to obtain the loan applied for. As such, Borrower releases and waives claims concerning Lender's processes and systems for obtaining, ordering and submitting applications to SBA and further releases and waives to the maximum extent not prohibited by law any claims against Lender for special, exemplary, punitive or consequential damages relating to any application. This provision supersedes any prior communications, understandings or agreements on the issues set forth herein.
C.Borrower must use all Loan proceeds only for purposes permitted under the Paycheck Protection Program provided for in the CARES Act.
D.Forgiveness of the Loan is not automatic and Borrower must request it. Borrower is responsible for understanding the requirements for obtaining forgiveness, and for complying with those requirements. Borrower is not relying on Lender for its understanding of the requirements for forgiveness such as eligible expenditures, necessary records/documentation, Borrower certifications, or possible reductions due to changes in number of employees or compensation. Rather Borrower will consult the SBA's Paycheck Protection Program materials. Borrower understands that these requirements may change from time to time.
E.The application for this Loan is subject to review and Borrower may nol receive the Loan. The Loan also remains subject to availability of funds under the SBA's Paycheck Protection Program, and to the SBA issuing an SBA loan number.
F.If the terms and conditions of the SBAs Paycheck Protection Program are changed in any manner that retroactively makes or requires changes to the terms of the Loan, whether by statute, regulation, interpretation, guidance or judicial action, then the terms of this Note will be automatically amended to reflect :hose retroactively made or required changes.

 

6. DEFAULT.

 

Borrower is in default under this Note if Borrower:

A.Fails to make a payment when due under the Note or otherwise fails to comply with any provision of this Note.
B.Does not disclose, or anyone acting on its behalf does not disclose, any material fact to Lender or SBA.
C.Makes, or anyone acting on its behalf makes, a materially chase sba loan application or misleading representation, attestation or
certification to Lender or SBA in connection with Borrower's request for this Loan under the CARES Act.
D.Becomes the subject of a proceeding under any bankruptcy or insolvency law, has a receiver or liquidator
appointed for any part of its business or property, or makes an assignment for the benefit of creditors.
E.Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender's prior written consent.
F.Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower's ability to pay this Note.

 

 

 

 

 

 

7. LENDER'S RIGHTS IF THERE IS A DEFAULT.

 

Without notice or demand and without giving up any of its rights, Lender may:

A.Require immediate payment of all amounts owing under this Note.
B.Collect all amounts owing from Borrower.
C.File suit and obtain judgment.

 

8. LENDER'S GENERAL POWERS.

 

Without notice or Borrower's consent, Lender may incur expenses to collect amounts due under this Note and enforce the terms of this Note. Among other things, the expenses may include reasonable attorney's fees and costs. If Chase sba loan application incurs such expenses, it may demand immediate repayment from Borrower or add the expenses to the principal balance.

 

9. GOVERNING LAW AND VENUE; WHEN FEDERAL LAW APPLIES.

 

When SBA is the holder, this Note shall be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

If SBA is not the holder, this Note shall be governed by and construed in accordance with the laws of tcf online digital banking State of Ohio where the main office of Lender is located. MATTERS REGARDING INTEREST TO BE CHARGED BY LENDER AND THE EXPORTATION OF INTEREST SHALL BE GOVERNED BY FEDERAL LAW (INCLUDING WITHOUT LIMITATION 12 U.S.C. SECTIONS 85 AND 1831 u) AND THE LAW OF THE STATE OF OHIO. The extension of credit that is the subject of this Note is being made by Lender in Ohio.

 

10. SUCCESSORS AND ASSIGNS.

 

Under this Note, Borrower includes its successors, and Lender includes its successors and assigns.

 

11. GENERAL PROVISIONS.

 

A.Borrower must sign all documents necessary at any time to comply with the Loan.
B.Borrower's execution of this Note has been duly authorized by all necessary actions of its governing body. The person signing this Note is duly authorized to do so on behalf of Borrower.
C.This Note shall not be governed by any existing or future credit agreement or loan agreement with Lender. The liabilities guaranteed pursuant to any existing or future guaranty in favor of Lender shall not include this Note. The liabilities secured by any existing or future security instrument in favor of Lender shall not include this Note.
D.Lender may exercise any of bmo harris locations near me rights separately or together, as many times and in any order it chooses. Lender may delay or forgo enforcing any of its rights without giving up any of them.
E.Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.
F.If any part of this Note is unenforceable, all other parts remain in effect.

 

 

 

 

 

 

G.To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor.
H.Borrower's liability under this Note will continue with respect to any amounts SBA may pay Lender based on an SBA guarantee of this Note. Any agreement with Lender under which SBA may guarantee this Note does not create any third party rights or benefits for Borrower and, if SBA pays Lender under such an agreement, SBA or Lender may then seek recovery from Borrower of amounts paid by SBA.
I.Lender reserves the right to modify the Note Amount based on documentation received from Borrower.

 

12. ELECTRONIC SIGNATURES.

 

Borrower agrees that its electronic signature shall have the same force and effect as an original signature and shall be deemed (i) to be "written" or "in writing" or an "electronic record", (ii) to have been signed, and (iii) to constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic files. Such paper copies or "printouts," if introduced as evidence in any judicial, arbitral, mediation or administrative proceeding, will be admissible as between the parties to the same extent and under the same conditions as other original business records created and maintained in documentary form.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Источник: https://contracts.justia.com/companies/focus-universal-inc-4628/contract/167431/

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Little to no feedback on help needed.

Credit Karma member

Probably one of the worse I've delt with. You can only make payments via ACH. Who doesn't allow for payments via debit or credit card. Not only that but you have to do the whole verification process where it sends small deposits which take up to a week then you can start using the bank account on file to make payments. Of late I've been trying to work with them on readjusting my monthly payments or interest rate but haven't gotten any follow up or feedback. If someone is struggling and you won't help them but expect them to continue to do business with you?! I mean come on. Again probably worst lender I've worked with in terms of auto loan.

Horrible

Credit Karma member

Do not use Chase Auto Finance, find any other company to finance through. My experience was horrible and after multiple repeat calls and emails to setup auto-pay my auto-pay still isn't setup correctly and I got a $15 charge for paying my bill on the 5th and not the 1st. Their online system is difficult to navigate, and their customer service agents seem falsely courteous.

I leased my Subaru. Lease was thru Chase

Credit Karma member

Never use this company. They are incompetent. Lose payment, keep applying my excise to my car payment, cant get a straight answer from.anyone I speak to.

Credit Karma member

Lower interest rate is not always a good reason to get a loan from someone. This company won't take my payment santander car finance contact number uk it being 6 days late. Why should they care it's my credit not theirs. Online Always says system is down try again later when I try to set up for online pay but that doesn't even matter because they only want your account and routing number. I want to pay with my social security card and have it on autopay. Nope can't do that. I mean it's only 2018. This was never told to me when I did the paperwork for the card. This is a major bank. My last loan was a smaller loan company I'd never heard of, but guess what,They take cards. WTF Never Ever Again.

Pre-approved with guaranteed rate

Credit Karma member

I received a letter telling me I was pre-approved to refinance my auto loan with a guaranteed rate, so I called to get more info. It got even better. because I have a Chase checking account and would auto draft payments, the rate was even lower. At that point, I agreed to start the process. I was really excited at the prospect of lower my monthly bill or shortening the term of the loan with a lower interest rate. After all the time spent on the phone and taking a 9 point hit on my credit score, they apologized and said the underwriter denied my application for refinance. Why did you send me a letter, telling me I was pre-approved with a guaranteed rate, take 9 points off my credit score, that's still over 800, if I wasn't actually pre-approved? Plus now I have to wait 7-10 days to get a another letter from them in the mail, explaining to me why I wasn't approved. I'm extremely disappointed and upset with Chase right now.

Thank you Chase

Credit Karma member

My credit was so so because I had an old judgement on me. Chase took me on from a Nissan dealer. I pay my car loan at the bank every month. Had a change of address I did with the bank and no problem. Everyone there is always friendly. i always pay on time and have never had an issue at all a year and a half now into my 6 year loan. I was so scared when I 1st read reviews. As of now I dont regret it at all. Thank you Chase for helping me get my credit back again. 5 stars!

Horrible Horrible Horrible

Credit Karma member

Their proccess took for ever to finally get financed. When ever i called their were different people which did not know anything because something was not noted by the previous receptionist. They had to redo every process all over again when ever i called for an update OMG, how annoying!!! NEVER EVER AGAIN!!!!! WHAT AN HEADACHE!!!!!

Perfect so far

Credit Karma member

I've set up auto payments with additional principal. Everything works and runs fine. Customer service is great. And You can make payments either electronically, mail or go to nearest Chase bank. Principals are accepted any time. No problems so far Had previously horrible Santander, so at least comparing to this, Chase is perfect lender

Horrible customer service

Credit Karma member

first I would like to state that I have never been able to figure out how to sign up for an online account to manage my loan. I am pretty computer savvy, but because I do not bank with chase, it seems impossible to create an online account. my next complaint is that when I called to request that an updated statement and the payoff information be emailed to me i was infirmary that they cannot do that. I asked them to fax it to me instead and again they told me that they cannot do that. However, after I asked for a supervisor to explain to me why I cannot get this information, all of a sudden they decided that they could fax it to me. They told me it would take up to 60 minutes for the fax to come through. 90 minutes later Chase sba loan application still have not received the fax. I called them again and this time I was told the fax can take up to 24 hours to go through. This is unacceptable. I am chase sba loan application to gather the information I need to refinance my car and they are holding up this process.

Credit Karma member

Chase is my bank. I have checking, savings, credit card and now auto loan account with them. I never had issues with this bank. Their customer service is top, online system is easy to navigate and they have good mobile app. They refinananced my vehicle and I jumped down from 12% to 5% (~670 FICO score). BoFA offered me 0.5% better rate, but it was not worth it. It's better to keep strenghtening my relations with Chase.

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Источник: https://www.creditkarma.com/reviews/auto-loan/single/id/chase-auto-finance2

Chase Small Business Loans Review 2021

Chase Business Loans

Our Approach:

To help match your business with the right loan, we compared Chase’s loan offerings and matched those to the businesses that would benefit most.

In this review, we’ll cover the types of loans Chase offers to help you decide if Chase is the right lending partner for your small business.

Selecting the best small business loan for your company comes down to three things:

  • Type of business you have
  • Needs of your business
  • What you want for the future of your business

Chase Business Loans Summary:

Chase offers several loans. Some loans are better suited for larger corporations, while others are designed to help small fifth third bank & atm troy mi. We will focus on the latter in this review.

Small business loans offered by Chase:

  • Term loans are the best business loans for companies that need access to larger quantities of capital with manageable repayment terms. Chase offers term loans up to any amount with both fixed and variable rate options. Variable rates will be based on the prime rate, London Interbank Offered Rate (LIBOR), or another market rate. Fixed rates are set in stone, so you chase sba loan application know what your payment will be throughout the life of the loan. What rate you receive depends on the amount you borrow and your business’s creditworthiness.
  • Draw loans are the best business loans for companies that need access to money to operate for a set period of time. Companies draw money as needed for the duration of the term, after which a fully amortized repayment schedule is decided. Chase offers draw loans for small businesses based on their relationship with Chase, and the rate you receive depends on the amount you borrow and your business’s creditworthiness.
  • Advised line loans are the best business loans for companies that need to make purchases for a set period of time, where the rate and terms are decided at the time of each purchase. Chase offers Advised Line loans for up to 12 months. Variable rates will be based on the prime rate, LIBOR, or another market rate at the time you make a purchase.
  • Line of credit loans are the best business loans for companies needing the flexibility of a revolving line of credit. With a Line of Credit loan, you can draw as you need and pay only for what you use. Chase offers credit lines up to $500,000 with no set minimum interest rate. Rates vary based on your business’s relationship with Chase and other risk factors.
  • SBA loans are the best business loans for small businesses needing great rates and easier approval. With an SBA 7(a) loan, you can finance a new business or a business needing capital to grow more rapidly. These loans are great because they’re guaranteed by the Small Business Administration (SBA), meaning Chase doesn’t take on as much risk lending money to a less established business. For this reason, you’re more likely to be approved for an SBA loan than a traditional bank loan.

PROS

  • 100% financing available
  • Terms as long as seven years
  • Many loan choices
  • Larger credit limits
  • Free up your cash
  • Fund only what you want
  • Financing that grows with your business

CONS

  • Must have a business checking account through Chase
  • Some loans may require collateral to guarantee the loan
  • Long application process
  • Must apply in a branch

Chase Alternatives

You can find alternatives to Chase by reading our list of the five best small business loans. You can also learn about more funding options umpqua bank sonora ca visiting our guides on small business loans.

Types of Chase Business Loans

Chase offers several types of business loans: term loans, draw loans, advised line loans, lines of credit, and SBA loans.

A term loan is a set amount of capital distributed upfront, having variable or fixed payments each month for the duration (term) of the loan.

A draw loan is a flexible loan type that allows businesses to borrow (draw) money as needed to pay for business expenditures during a set period of time. After that time period lapses, the business is then held liable for repaying the overall amount borrowed plus applicable interest and fees.

An advised line loan makes it so businesses can make purchases over a period of time. Each time a purchase is made the interest rate is decided. These variable interest rates are determined by the current market rates based on the prime interest rate, LIBOR, or some other metric.

A line of credit is a working capital loan. It works similarly to how a credit card works; both offer a revolving line of credit from which you can draw funds when necessary. You must pay the fixed minimum monthly payment to stay in good standing with the lender. As you make payments, your credit limit returns, making it so you can continue to borrow funds from the credit line.

An SBA loan is great for small businesses that meet the lending criteria of the SBA. These loans are easier to qualify for because Chase doesn’t take on as much risk lending to a new or relatively newly established business, as these loans are guaranteed by the SBA. For this reason, you’re more likely to qualify for an SBA loan than for a traditional bank loan.

Chase Term Loans

Term loans are useful when a business needs a set amount of capital upfront to cover business expenses for a set period of time (term).

Lowest rate: Not specified

Loan sizes up to: $5 million

Benefits:

  • Loans from $5,000 and up
  • Fixed and adjustable rates
  • Flexible terms from 12 to 84 months
  • Fixed monthly payments

Qualifications:

  • Must have a Chase business bank account
  • Must visit a branch to determine if you qualify

How to Apply:

  • Visit a local Chase bank branch

Chase Draw Loan

A draw loan permits a business to make purchases (draw) while the bank covers the cost throughout a certain predetermined period. Once that period ends, the business then begins repaying the loan at a set rate for a determined period. The rate and term are determined based on the capital owed and other considerations.

Lowest rate: Undetermined

Loan sizes up to: $5 million

Benefits:

  • Loans from $5,000 and up
  • Fixed and adjustable rates
  • Flexible terms from 12 to 84 months
  • Fixed monthly payments

Qualifications:

  • Must have a Chase business bank account
  • Must visit a branch to determine if you qualify

How to Apply:

  • Visit a local Chase bank branch

Chase Advised Line Loan

An advised line loan permits a business to make purchases while the bank covers the cost over a predetermined period. At the time of purchase, the interest rate is set based on the current prime rate.

Lowest rate: Undetermined

Loan sizes up to: $5 million

Benefits:

  • Loans from $5,000 and up
  • Fixed and adjustable rates
  • Flexible terms from 12 to 84 months
  • Fixed monthly payments

Qualifications:

  • Must have a Chase business bank account
  • Must visit a branch to determine if you qualify

How to Apply:

  • Visit a local Chase bank branch

Chase Line of Credit

A line of credit is a certain quantity of capital extended to a business from which to make business purchases. Once a business makes a purchase, they are then responsible for repaying the purchase amount over a set period of time. This process is similar to how a credit card works. As a business repays the money, their balance returns giving them more borrowing power.

Lowest rate: Undetermined

Loan sizes up to: $5 million

Benefits:

  • Loans from $5,000 and up
  • Fixed and adjustable rates
  • Flexible terms from 12 to 84 months
  • Fixed monthly payments

Qualifications:

  • Must have a Chase business bank account
  • Must visit a branch to determine if you qualify

How to Apply:

  • Visit a local Chase bank branch

Chase SBA Loan

An SBA loan is a loan guaranteed by the US government’s SBA. This agency’s mission is to help small businesses acquire the resources needed to succeed in business, financing being one of those resources. Chase offers a variety of SBA loans including the coveted SBA 7(a) loan.

Lowest rate: Undetermined

Loan sizes up to: $5 million

Benefits:

  • Loans from $5,000 and up to $5 Million ($350,000 for SBA 7(a) loans)
  • Fixed and adjustable rates
  • Flexible terms from 12 to 84 months
  • Fixed monthly payments

Qualifications:

  • Operate for profit
  • Be engaged in, or propose to do business in, the US or its territories
  • Have reasonable owner equity to invest
  • Use alternative financial resources, including personal assets, before seeking financial assistance
  • Must have a Chase business bank account
  • Must visit a branch to determine if you qualify

How to Apply:

  • Visit a local Chase bank branch

Chase Reviews

Chase seems to have mostly positive reviews from customers. Here are some verified Chase reviews on Trustpilot’s website made by people who sought loans through them to help their businesses:

“I have account [sic] with chase bank of america call center hours for the last 7 years and I don't have any issues with them so far. business bankers are great.Policy is little strict, my small business loan didn't approve then I applied through bizloanbankers dot com multiple lenders contacted me within 15 minutes.”

“More Hassles and Fees Than You Could Imagine!”

“Do not do business with Chase.”

Chase Review Ratings

Value - 3.5/5

Overall Chase’s value works well for most businesses given they offer many types of business loans. Chase may not be so useful for companies needing fast access to capital. BlueVine may not be so useful for companies needing a real estate or equipment financing loan or other long-term loans. We recommend exploring alternatives by reading our review of the best small business loans.

Customer Service - 4/5

Many of the customer reviews we observed had customer service issues. Personally, when we called Chase, we were greeted by a pleasant voice on the phone and all our questions were answered. We also visited a branch, and a business banker patiently helped us through the loan application process and answered our questions while addressing our concerns.

Ease of Use - 3/5

Applying for both term loans was exceptionally easy. The only frustrating part was having to visit a branch to learn what amazon prime student fee needed to have in place to qualify. It took a series of trips to ensure we were in compliance and able to get financing.

Included Features - 4/5

Chase offers many features we found useful:

  • Many types of loans to serve every business need
  • High loan amounts, more than many other lenders
  • Fixed and variable rates of interest
  • Professional loan experts to answer questions

Final Thoughts on Chase

Chase may be the right lender for your business if you need short-term or long-term financing with comparable rates, flexible terms, and financing that grows with your business. The better your relationship with Chase, the more favorable the terms and easier it is to qualify for a loan. Chase may not be the best loan choice if you need funding fast. Getting qualified is a process, like applying for a loan at most brick-and-mortar banks.

Chase FAQs

Does Chase offer small business loans?An orange arrow pointing down

Yes. Chase offers many varieties of small business loans. Chase also is a qualified Small Business Administration (SBA) lender.

What are the qualifications to get a small business loan?An orange arrow pointing down

To qualify for a small business loan with Chase, you’ll need to visit a local bank branch and have a conversation with a Chase business loan expert. During the conversation, the expert will ask you a series of questions to determine which loan is best for you, how much you may likely qualify for, and set the rates and terms.

Can an SBA loan be forgiven?An orange arrow pointing down

An SBA loan is not forgiven if the business remains in operation. The SBA will pay off the vast majority of the outstanding balance, you’ll have to pay the rest.

What is the best small business loan?An orange arrow pointing down

Chase offers the best small business loan depending on your business.

What is the average interest rate on a small business loan?An orange arrow pointing down

Chase does not set limits on their interest rates. Most traditional banks charge 7% to 100%, though SBA 7(a) loans range between 5.5% and 11.25%.

What type of loans does Chase Bank offer?An orange arrow pointing down

Chase offers many types of business loans. In this review, we covered Chase’s small business loans; however, they also offer commercial real estate loans and equipment loans.

Источник: https://howtostartanllc.com/reviews/chase-small-business-loans-review

JPMorgan Chase & Co. has temporarily suspended applications for small business loans made outside of the federal government's Paycheck Protection Program as it deals with more than 375,000 requests for $40 billion of loans under the scheme, the Financial Timesreports, citing a bank spokeswoman. JPMorgan is currently utilizing all of its small business underwriting resources to process the PPP applications and will continue to process non-PPP applications that are already in the pipeline, according to the report.

The Financial Accounting Standards Board is looking to propose an optional, one-year delay of its leases standard in the coming days in response to the coronavirus pandemic. The delay on the leases standard will be available to "certain private companies and not-for-profit organizations," FASB Chairman Russell Golden said in a statement. Additionally, FASB is looking to offer guidance and address questions on issues including accounting practices for loans guaranteed by the Small Business Administration.

House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and other Democrats urgedComptroller of the Currency Joseph Otting and Federal Deposit Insurance Corp. Chair Jelena McWilliams to postpone any rulemaking not concerned with the coronavirus pandemic, including the Notice of Proposed Rulemaking for the Community Reinvestment Act, or CRA. The members said the NPRM has a "misguided approach" and undermines the CRA to a great extent.

The Independent Community Bankers of America also called on the FDIC and OCC to make necessary changes to their proposal to reform the CRA. The ICBA has recommended, among other things, that community banks be allowed up to $5 billion in assets to opt into the revised framework and exempt traditional, branch-based banks from keeping an eye on the location of deposits and delineating deposit-based assessment areas.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.

The U.S. Securities and Exchange Commission adopted amendments to the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief and Consumer Protection Act concerning business development firms and other closed-end funds. The move will allow eligible BDCs and registered closed-end funds to engage in a streamlined registration process already available to operating companies, including modernized communications and prospectus delivery procedures and requirements.

Treasury Secretary Steven Mnuchin said the Federal Reserve hopes to provide more details on a lending program for medium-sized businesses this week, Bloomberg News reports, citing Mnuchin's interview with CNBC. The so-called Main Street lending program will be aimed at firms with more than 500 employees that are not eligible for the Paycheck Protection Program and too small for federal loans that are earmarked for larger businesses.

A bipartisan group of senators are asking Mnuchin to offer temporary liquidity to mortgage servicers facing massive volume of requests for forbearance due to the coronavirus pandemic, American Banker reports. In the letter to Mnuchin, Sens. Mark Warner, D-Va., Mike Rounds, R-S.D., Tim Kaine, D-Va., Jerry Moran, R-Kan., Bob Menendez, D-N.J., and Tim Scott, R-S.C., alerted that the mortgage providers will be unable to cover obligations to their investors, as borrowers get forbearance on federally backed mortgages. The news comes after mortgage servicers appealed for aid from the Fed and the Treasury Departments after the Federal Housing Finance Agency Head Mark Calabria said nonbank servicers will receive no relief from Freddie Mac and Fannie Mae.

JPMorgan Chase fired Edward Koo, a corporate bonds and credit derivates trader, for violating the company's rules by creating a WhatsApp group and using it to exchange market chatter with other trading employees, sources told Bloomberg News. The company reportedly penalized the other traders by slashing their bonus payouts.

Blucora Inc. amended an agreement to acquire privately held HK Financial Services in response to current economic conditions. Among other things, the amended agreement adjusts the purchase price to $100 million, from $160 million, while also adding a financing contingency and setting a new target closing window between April 9 and Oct. 1.

The Stern Group has agreed to acquirethe outstanding publicly held common shares of Asta Funding Inc. via the merger of Asta Funding with a wholly owned unit of Asta Finance Acquisition Inc., where Asta Funding will remain as the surviving entity. Under the terms of the deal, each outstanding Asta Funding common share will members first federal credit union pa purchased for $11.47 in cash.

In other parts of the world

Asia-Pacific: China said to pursue further easing; AMTD lists on SGX

Europe: Top bank execs give up millions amid pandemic; Danske ex-CEO could face lawsuit

Middle East & Africa: Lebanon drafts crisis plan; pandemic impact reverberates across MEA economies

Now featured on S&P Global Market Intelligence

De novo banks class of 2020: Women-owned Agility Bank files: A women-owned, Houston-based banking startup has filed the second de novo application of 2020.

Bank M&A 2020 Deal Tracker: Deal announcements drop to 8-year low in March: The median deal value-to-tangible common equity ratio for deals announced this year was 148.3%, down from 158.1% in all of 2019.

Coronavirus bailout already towers over TARP, with more to come: The Federal Reserve and U.S. Congress are committed to making the small business lending program work, even though it got off to a rocky start and additional funds may not arrive fast enough.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, Hang Seng rose 1.38% to 24,300.33, while the Nikkei 225 declined 0.04% to 19,345.77.

In Europe, around midday, the FTSE 100 was up 1.01% at 5,735.29, and the Euronext 100 was up 0.31% at 877.12.

On the macro front

The U.S. jobless claims report, producer price index, consumer sentiment report, wholesale trade, EIA natural gas report, Fed balance sheet, and money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Источник: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/jpmorgan-stops-small-business-loans-outside-sba-loan-program-57972139

Chase is warning PPP applicants about backlogs ahead of the latest stimulus package

US Markets Loading.HMS

JPMorgan Chase is telling some customers applying for Paycheck Protection Program (PPP) loans that they might have more success applying elsewhere, CNBC reports. Chase's warning came in anticipation of the $484 billion coronavirus-relief package that President Trump signed into law on Friday, $310 billion of which will replenish the PPP.

The majority of small business loan applications in the US haven't received funds yet
Business Insider Intelligence pet friendly hotels outer banks nc oceanfront

The bank has categorized applicants based on where harry chapin food bank history fall in its processing queue, chase sba loan application it sent an email to those still early in the process that, "your application is in Stage 1, with an extremely large volume of applications ahead of yours. We wanted to give you this information, so that you can decide if you would like to try applying with another lender." Chase has received requests totaling $40 billion since the program kicked off in early April.

The initial $350 billion allocated to the PPP was depleted within two weeks, and many are concerned that will happen again, given the massive backlog of applications — that makes it important for banks to set clear expectations among applicants.  

Banks are seeing a daily volume of $50 billion in applications — a level of demand the PPP would need nearly $1 trillion to satisfy. Some experts said the funding could last just days given the volume of existing applications banks already need to process. "The majority if not all of the funding Congress is considering right now is already exhausted," per Nick Simpson, a spokesman with the Consumer Bankers Association.

The new funding allocates about a third of the funds to smaller lenders like community banks and pirates of the caribbean at worlds end davy jones death credit unions, but they're also backed up with applications: Smaller banks have said they're doing an entire year worth of loans in one weekend. Meanwhile, it's not clear at this point if Congress would supply a third round of funding — www walmart money card customer service without that, it's likely that thousands of small businesses will still be left without access to relief loans.

While Chase's approach isn't a solution to these concerns, we think its transparency is a good move, as it will help temper customer expectations. The actual funding funneled through the PPP isn't in banks' control, but they're still bearing the brunt of criticism around its shortcomings: Banks are the ones processing and disbursing the loans, and they stand to reap billions from the fees the Small Business Association will pay for facilitating them. Besides the huge volume of applicants, the PPP was initially touted as same-day loans, which has not borne out.

We've seen customer frustration over this manifest in lawsuits accusing some major US banks of prioritizing larger loan applicants to yield higher fees or processing their own customers first. Chase's decision to set more realistic expectations thus can help tamp down on some of the feeling of mistreatment among customers. By anticipating this frustration and working to proactively mitigate it, Chase could draw less ire than if it overpromised fast loan facilitation or didn't openly communicate about these issues. 

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Источник: https://www.businessinsider.com/chase-warns-ppp-applicants-about-massive-demand-2020-4

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