JPMorgan Chase has extended its contract with OnDeck by up to four years to support the delivery of its digital small business lending product known as Chase Business Quick Capital.
Chase Business Quick Capital, which was introduced in 2016, provides loans for up to $200,000 for duration of up to 24 months. Decisions are done in seconds, with customers able to receive funds on the same or next-day.
The bank now intends to upgrade the offering by expanding access and adding more digital features in the next year.
Chase Business Banking senior manager and head of the Chase Business Quick Capital product Julie Kimmerling said: “Over 18 months ago, we set out to simplify the conventional originations processes, which can take weeks to months – time that many small businesses don’t have.
“Today, our digital lending product allows us to provide superior client experience, and we’ve been pleased with customer feedback.”