JPMorgan Chase’s online lending platform for small business clients, which is offered in partnership with alternative lender OnDeck, launched on a “limited basis” last week, according to American Banker.
Chase is pre-screening a selection of its existing 4 million small business customers and inviting them to apply for loans of up to $250,000. Though the software is being offered by OnDeck, the loan underwriting criteria will be set by Chase, and the loans themselves will be Chase-branded and held on the bank’s balance sheet. The bank did not specify when the platform will be broadly launched or how many clients have been invited to apply. The partnership between Chase and OnDeck was announced last December.
The platform was designed to ease friction associated with small business lending.
