JPMorgan Working With On Deck to Speed Small-Business Loans
- Bank plans to offer a new lending product with On Deck in 2016
- Executive: `We'll be able to offer almost real-time approvals'
Is Peer-to-Peer Lending the Future of Banking?
This article is for subscribers only.
JPMorgan Chase & Co., the biggest U.S. bank, is collaborating with On Deck Capital Inc. to dramatically speed up the process of providing loans to some of the lender’s 4 million small-business customers. On Deck’s stock surged 28 percent in extended trading.
“We’re working with On Deck to build a new Chase lending product that will be launching in 2016 for small-dollar loans to our small-business clients,” Jennifer Piepszak, JPMorgan’s head of business banking, said Tuesday in a phone interview. “By combining Chase’s relationships and lending experience with On Deck’s technology platform, we’ll be able to offer almost real-time approvals and same- or next-day funding.”