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OnDeck Shares Surge 33% on News of Collaboration With Chase to Foster Small Business Loans

JPMorgan Chase & Co., the biggest U.S. bank, is collaborating with On Deck Capital Inc. to dramatically speed up the process of providing small business loans to some of the lender’s 4 million customers. The product will be offered under the Chase brand and is expected to be piloted next year with small dollar loans under $250,000. The news pumped OnDeck`s share price by 33% on Wednesday reaching $12.45 per share on NYSE.

Jennifer Piepszak, JPMorgan’s head of business banking, shared on Tuesday with Bloomberg, We’re working with OnDeck to build a new Chase lending product that will be launching ...

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