Chase, OnDeck Extend Existing Relationship
NEW YORK, NY Aug 07, 2017 JPMorgan Chase (NYSE: JPM) and OnDeck (NYSE: ONDK) today announced a contract extension to continue their collaboration on the bank’s digital small business lending product, Chase Business Quick Capital®, for up to four years.
Chase Business Quick Capital simplifies the way small business customers access credit by offering loans for up to $200,000 and with a term of up to 24 months. Chase small business clients can apply in minutes, decisioning occurs in seconds and funds are received the same or next-day. OnDeck will continue to provide technology enablement to support the delivery of Chase’s online lending product.
“We want to be the easiest bank for small businesses to work with, and part of that is simplifying delivery of our products so they have more time to run their businesses,” said Andrew Kresse, CEO of Chase Business Banking.
With technology support from OnDeck, Chase launched the product in early 2016 to existing Chase Business Checking customers by invitation only. Chase plans to continue to refine the product, including expanding access and enhancing digital features in 2018.
“Over 18 months ago, we set out to simplify the conventional originations processes, which can take weeks to months – time that many small businesses don’t have,” said Julie Kimmerling, senior manager and head of the Chase Business Quick Capital product at Chase Business Banking. “Today, our digital lending product allows us to provide superior client experience, and we’ve been pleased with customer feedback.”
For more information about Chase and its small business offerings, please visit chase.com/business.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.6 trillion and operations worldwide. Chase serves nearly half of America's households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,200 branches, 16,000 ATMs, mobile, online and by phone. For more information, go to Chase.com. Chase for Business serves 4 million small businesses in the U.S. through Business Banking, Merchant Services and Ink credit cards.
OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the company has powered Main Street's growth through advanced lending technology and a constant dedication to customer service. OnDeck's proprietary credit scoring system - the OnDeck Score® - leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry's widest range of term loans and lines of credit. To date, the company has deployed over $7 billion to more than 70,000 customers in 700 different industries across the United States, Canada and Australia. OnDeck has an A+ rating with the Better Business Bureau and operates the educational small business financing website BusinessLoans.com. For more information, please visit www.ondeck.com.
Ashley Frost, Ashley.C.Frost@jpmorgan.com