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.”