As an entrepreneur, you will always face hurdles along the way as you try to run your start-up or side business, and the most common problem is finances. Periodically, your side business may need more cash than what you currently have. No matter the reason, Chase credit loans are a great solution to your financing needs and will have your side business back on track in no time.
The common reasons side businesses may need extra funding include; increasing your inventory due to a sudden business boom, your side hustle may be expanding its operations rapidly, and you need a loan to finance the expansion. Maybe your side business is a cyclic venture, and you need funds to run the business venture during the off-season. Whatever the reason, there is always a Chase credit solution that will fit your needs.
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Some of the great options offered by Chase include:
Business Loans
Chase offers competitive loans with great financing options. There is a term loan where you can choose either the fixed or the adjustable-rate options. A second business financing option is the draw loan. This comes with a draw period that can go up to 12 months, after which a full remuneration period follows. With this option, you can be able to take out loans as per your needs within the agreed-upon draw term enabling you to access just the right amount. The final financing option is the advised line that contains a predetermined period that allows a business owner to make purchases for a period not exceeding 12 months. This option also comes with locked-in rates at the time of each purchase.
All these options have the following features:
- Loans begin from as low as $5,000.
- Options for either set or adjustable rates.
- Flexible terms ranging from twelve months to a period not exceeding 84 months.
- Specified monthly payments.
As a Chase business account holder, you can also benefit significantly from the Equipment financing program in the event you are expanding your operations. You may need financing to get the required equipment. With this option, you will be able to preserve your capital since Chase will provide you with 100% financing for the equipment as well as 10% financing for the soft costs. This is a great deal since you will enjoy potential tax benefits as you will hold the title as well as capitalize the equipment since the bank will only hold security interest on the equipment.
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Small Business Administration Loans
Chase Bank also offers the SBA loan programs that are pretty irresistible when planning to expand your business, launch a new business, consolidate high-interest loans, or purchase equipment and inventory.
Chase provides a loan program referred to as SBA 7 (a) that has term loans of up to $5 million with various loan terms and longer maturities.
Another variant of the above, the SBA 504, is also available to a business owner. The loan amount can be twelve and a half million depending on the type of project with extended periods available. With this option, you can receive up to 90% of your project cost.
Lastly, they also have the SBA Express that is best suited for small business needs and acquisitions. This option comes with loans and lines of credit that can go up to $350,000. The option of choosing either fixed interest or variable interest, and versatile loan agreements.
Final Thoughts
Whether your small business is acquiring new equipment, consolidation of high-interest debt, acquisition of land, or just cash for operational costs, you can always find a suitable financing option from Chase Business loans.