Business Line of Credit FAQs

Applying for financing

Check your eligibility:

Business annual revenue of at least $100,000
FICO^® Score of at least 660 is required
Majority ownership and management have not changed in past two years
Borrowers and guarantors should have a consumer and/or business credit report that’s free of bankruptcy or judgments and show evidence of consistent on-time payments. (If you would like to know more about the information on your consumer credit report, you can request one free copy each year—just visit AnnualCreditReport.com to find out how.)
Your primary business address is in any U.S. state except Alaska and Hawaii.
You’ll only use the funds for business purposes.
Depending on the amount you request, additional requirements may apply.
Have or open a Chase Business Checking or Savings account.

Unfreeze your credit:

If you have a freeze on your credit report, contact Experian^® and TransUnion^® to unfreeze it before you apply.

During your application, you’ll need to provide us with:

Your personal monthly housing payment
Your business’s annual gross revenue from the last fiscal year (rounded to the nearest dollar)
How many people work for your business, include employees and contractors
The date you became the business owner
How much you want to borrow
We’ll reach out if we need additional information after you submit your application

Multi-owner companies:

Any person or entity that owns 20% or more of the business is considered a beneficial owner and will need to provide information to complete the application.
Yes, all beneficial owners must guarantee the debt in the case of default.
All beneficial owners will need to provide consent for a hard credit inquiry, confirm the other beneficial owners and provide their personal monthly housing payment.
If any beneficial owners have a freeze on their credit report, they should contact Experian^® and TransUnion^® to unfreeze it before you apply.

These documents are often needed to process an application for a line of credit. However, the actual documents you’ll need may vary depending on how much you apply for and your current banking relationship with Chase. We’ll notify you of any documents we do need.

Taxpayer ID or Social Security Number
Evidence of good standing with Secretary of State
Most recent year’s business financials like income statement, balance sheet
Number of workers - this includes employees and active contract workers
Articles of Incorporation or Articles of Organization
Tax transcript such as a 4506-C or 8821, as requested
Business tax return and personal tax return

You can learn more about these documents and what they include by visiting the Chase knowledge center.

Get started by calling your relationship manager if you have one, or visit a Chase branch near you.

For less than $10,000, consider a Chase Business Credit Card.

Getting approved

We'll contact you soon after we have all of the information we need.

If you’re approved, you’ll sign your agreement to finalize your line of credit. Chase may need additional documents from you before we can finalize your agreement.

Be sure to have your Chase business checking account account ready to transfer funds from your line when you want to use them. You can choose to take money out immediately after the line of credit is finalized.

Using and managing a line of credit

For lines of credit under $500,000: When you want to use your line of credit, simply sign into your Chase Business Online℠ account to transfer the amount you need from your line of credit to your Chase business account.

For lines of credit over $500,000: Sign in to Chase Business Online to transfer funds from your line to your Chase business account or reach out to your relationship manager and they will begin the funds transfer process for you. We recommend you keep your fund availability schedule in mind when planning to use your line.

Fees and payments

For a business line of credit, you’ll be charged an annual fee of 0.25% of your approved line ($200 min to $750 max), whichever is greater. Your first fee will be charged when you sign your agreement.

After the first year, your annual fee will be waived if your 12-month average use is at least 40% of your credit line.

For a commercial line of credit, there is a booking fee of 0.15% of your approved line amount ($3000 max).

For a business line of credit, the minimum monthly payment is your accrued interest plus 1% of the outstanding balance or $100, whichever is greater.

For a commercial line of credit, the minimum monthly payment is your accrued interest on the outstanding balance. If there is no outstanding balance, then there is no minimum monthly payment.

If you are facing financial difficulties, please contact us to discuss your situation.

Contact your relationship manager, if you have one
Call us at 1-866-343-4079, Monday–Friday from 8 a.m. to 8 p.m. ET

General Questions

During your draw period, you can use and repay funds as needed according to the terms of your lending agreement. Interest will accrue on any funds that are borrowed. As you repay what you borrow, that amount will be available again to use.

Your repayment period happens after the draw period ends. You will need to repay any outstanding funds according to the terms of your lending agreement. You can’t draw any additional funds once the repayment period starts.

Closing your account

Overview

To close a line of credit, the total payoff balance (including principal, accrued interest and fees) must be $0, and we must receive authorization to close the account. Follow these steps to close a line of credit.

Step 1. Request a payoff statement

Contact us and say you want to pay off and close your account. We’ll provide you with a payoff statement which shows the balance due, including principal, accrued interest and fees. You need a payoff statement because the balance you see online may not be the total amount due.

Step 2. Pay off your balance

If there’s a balance due, pay it off to bring the balance to $0. To avoid accruing additional interest, we recommend you pay off your balance the day you receive the payoff statement. If you have payments scheduled, pay off your balance at least five days before the date they’re scheduled to be paid. This will reduce the risk of overpayment. Payments made by wire transfer, cashier’s check, certified check or Chase account transfer that are received by 11 p.m. ET will be credited the same day.

Please note, paying the balance to $0 won’t close an account, you must complete step 3.

Step 3. Provide authorization to close the account

When you contact us to close a line of credit, we'll provide you with an Authorization to Close form. An authorized signer on the account will need to sign and return the form to your nearest branch or follow the instructions provided on the form.

Please note that a line of credit can’t be closed without this form.

Step 4. Stop scheduled payments

If you scheduled one-time or automatic payments through a Chase Business Online account, sign in and cancel or turn them off. This will help avoid duplicate payments or overpayment.

If you set up automatic payments when you first originated your line or by phone after origination, these payments will stop automatically once the balance is $0.

What happens next?

After we receive the signed form, we’ll confirm all transactions have posted and the balance is $0 before closing your account. If your account is secured with collateral, we’ll determine if it can be released once the account is closed. No further action is required from you.

Ready to close your account?

Review our FAQs for more info on the steps, then contact us in one of the following ways to get started.

Contact your relationship manager, if you have one.
Call 1-800-CHASE38 (1-800-242-7338), Monday–Friday from 8 a.m. to midnight, Saturday–Sunday from 8 a.m. to 8 p.m. ET.
Visit a branch

Payoff statement

A payoff statement (sometimes called a payoff quote) is a detailed breakdown of the total amount owed to pay off the balance as of that day. It includes the principal, accrued interest and any fees owed.

Helpful reminders:

The total payoff amount is only valid for the date indicated on the payoff statement.
The payoff statement may not include transactions that haven’t posted yet or were made after the statement was generated.

Have your account number ready, then contact us to request a payoff statement:

Contact your relationship manager, if you have one.
Call 1-800-CHASE38 (1-800-242-7338), Monday–Friday from 8 a.m. to midnight, Saturday–Sunday from 8 a.m. to 8 p.m ET.
Visit a branch

Paying off the balance

To pay off your balance from a Chase deposit or savings account, call us at 1-800-CHASE38 (1-800-242-7338), Monday–Friday from 8 a.m. to midnight, Saturday–Sunday from 8 a.m. to 8 p.m. ET.

You may also visit your nearest branch during branch hours for assistance.

Account transfer payments made over the phone or in branch by 11 p.m. ET Monday–Friday (excluding bank holidays) are credited the same business day.

Wire transfers received by 11 p.m. ET Monday–Friday (excluding bank holidays) are credited the same day. However, it may take a few days for the payment to post to your account.

Have your financial institution send a wire transfer using the following details. (Note, your financial institution may charge a fee.)

Bank Name: JPMorgan Chase Bank, NA
Routing/ABA number: 021000021
Wire account number: 9008103839
Borrower: [Borrower Name]
Text to beneficiary: [Full loan account number]

Have your financial institution issue a cashier’s check. Note, your financial institution may charge a fee. Be sure to write the account number in the memo line on the check.

Payable to: Chase

Memo line: [Account Number]

To have the payment credited on the same day, take the check to your nearest branch during branch hours Monday–Friday (excluding bank holidays). However, it may take a few days for the payment to post to your account.

To pay off your balance with cash, visit your nearest branch during branch hours. Cash payments made in branch are credited the same business day. However, it may take a few days for the payment to post to your account.

Regular checks typically take 7-10 business days to post to your account. Because interest will accrue during this time, paying by check may result in over or under payment, which could delay closing the account. For a payoff payment to be credited the same day it is received, please use one of the other payment options.

You can make a payment and paydown a balance online, but you cannot "payoff" your balance online at this time. This is because your online balance may not reflect recent activity such as accrued interest, advances and fees. Please choose another method to pay off a business line of credit.

We don’t recommend mailing a payoff check. This is because the payoff amount is good for the date it was quoted and interest accrues daily after that. Mailing a payoff payment could result in underpayment and an inability to close the account.

If you do want to mail a payment, you can send it by regular or overnight mail to this address:

Mailing address:

JPMorgan Chase Bank, N.A.

10 South Dearborn, L2, IL1-0054

Chicago, IL 60603

We don’t process photos of checks sent by email.

If a third party will be paying off the balance, an authorized signer for the account will need to:

Request a payoff statement and provide the payoff information to the third party so they know how much is due and where to send the final payment.
Complete the Authorization to Close form and return it to us.
Stop any scheduled payments that were set up through your Chase Business Online account.

If you underpaid the balance, your account won’t be able to close, and it will continue to accrue interest until it’s paid off. Request another payoff statement and make your final payment the same date that’s shown on the statement using a payment method that can be processed the same day.

If you overpaid the balance, the additional amount will be refunded after the account closes.

The payoff balance on a payoff statement is the principal balance, accrued interest, fees and posted transactions as of the date the statement was generated. If your payoff payment doesn’t bring the balance to $0, it could be because:

You made the payoff payment after the date of the statement.
There was a draw on the account that hadn’t posted as of the date the payoff statement was generated.
The payoff payment was received after 11 p.m. ET on the date of the payoff statement, so the payment was credited on the next day.

Authorization to close

When you request a payoff statement, it will include an Authorization to Close form. An authorized company signer on the account will need to sign, date and return it to us.

To return the signed form to us:

Follow the instructions provided on the form.
Email your relationship manager, if you have one.
Take it to your nearest Chase Branch.

Please note: By signing an Authorization to Close form and returning it to us, you are requesting Chase to close your line of credit. The account will be closed to all signers on the account. No one should attempt to obtain additional advances on the account after you sign the letter/form.

Stop scheduled payments

If you set up automatic payments when you first originated your line or by phone after origination, these payments will stop automatically once the balance is $0.

If you set up automatic payments online, you will need to turn them off. To turn off these payments:

Sign in to your Chase Business Online account.
Select the account you’re closing.
Go to "Manage" and make sure the line of credit you want to close is showing.
If automatic payments are on, select "Turn off", which will appear under automatic payments.
When asked if you’re sure you want to turn off this series of automatic payments, select "Cancel it."

Please note, you must turn off automatic payments by 11 p.m. ET on the payment date or the funds could still be withdrawn from your account.

Scheduled one-time payments are payments that were set up online to pay a specified amount on a specified day. To cancel these payments:

Sign in to your Chase Business Online account.
Select "Pay & Transfer."
Select "Activity."
Under "My Chase Payments" select "Business loans."
You will see past and scheduled payment activity in the table.
Select "Cancel" for any payments that have the option.
When asked if you’re sure you want to cancel the payment, select "Cancel it."

Please note, you must cancel these payments by 11 p.m. ET on the payment date or the funds could still be withdrawn from your account.

Collateral and fees

Once the account is closed, we’ll determine if collateral can be released. The review process can take around 10 business days from account closure for us to determine if collateral can be released. It can take additional time for the state records to reflect a release if Chase determined that it was proper to file a release of the collateral. Contact us if you have questions about your collateral.

There aren’t any fees for closing a line of credit. However, a payoff statement might show interest or fees that occurred since the last account statement that you received.

Refer to the lending agreement you signed when you opened your line of credit for more information about potential fees. If you’re still not sure, contact us.

Contact your relationship manager if you have one.
Call 1-800-CHASE38 (1-800-242-7338), Monday–Friday from 8 a.m. to midnight, Saturday–Sunday from 8 a.m. to 8 p.m. ET.
Visit a branch

Annual fees are charged according to your lending agreement. If you close your account within 60 days of paying the annual fee, the fee will be refunded automatically.

General questions

We’ll close your account once we have your completed Authorization to Close form, can confirm the balance is $0 and there are no pending transactions. This can sometimes take a few days to reflect on your account. Don’t attempt to use a line of credit once the Authorization to Close form has been sent to us. This could result in account closing delays or additional charges that have to be paid off.

Please note, we can’t close your account until all the account closure steps are complete.

A paydown payment lowers the balance, possibly to $0, while keeping the line of credit open for future use. You can pay down your balance any time. The account will remain open, and the funds will remain available as long as you are in the draw period.

A payoff payment brings the balance to $0 with the intention of closing the line of credit. Paying off the balance won’t close the account. You must also send an Authorization to Close form for us to process an account closure. If you pay off and close your account before the draw period is over, you will lose the ability to draw on the line.

Closing other types of credit

Your account will automatically close once the balance is paid down to $0. If we need anything during the process of closing a loan, we’ll reach out to you.

For SBA, commercial business lines of credit, or government non-profit loans: please contact your relationship manager to get more information on how to pay off and close your account. Alternately, call 1-800-CHASE38 (1-800-242-7338) or visit a branch.

Business Line of Credit FAQs

Applying for financing

What do I need to know about applying for a Chase Business Line of Credit?

What documents do I need?

How do I apply?

Getting approved

When will I know if I've been approved?

What happens if I’m approved?