If you are a State Business Administration client and want to know if Chime work with SBA, please read this guide to get all the details.
We shall elaborate more on the possibilities of using Chime with SBA.
Before proceeding, let us find out a little bit about SBA.
State business administration (SBA) is an American agency that provides financial support to small businesses.
It does so by creating a platform for entrepreneurs to connect with lenders and funds to help them plan meticulously and grow their businesses.
SBA provides loans known as SBA loans. These loan facilities are provided by accredited banks and sometimes online lenders and partly guaranteed by the government.
Before one applies for this loan, you need to check your eligibility status and confirm whether your bank can approve such loans. For this reason, many Chime users ask, “Does Chime work with SBA.”
Does Chime Work With SBA
No, as at the time of writing this guide, Chime didn’t accept business transactions from SBA.
This was according to a statement on Chime’s official Twitter page, which states, “We are unable to accept business transactions including deposit and loans for business use.
Any SBA all PPP loan will be rejected and sent back to the IRS”.
Can I Get SBA Loan On Prepaid Cards
No, SBA no longer allows loan transactions via prepaid cards. This means if you submit a loan application and reference you want it to be deposited on your prepaid card, SBA won’t approve it. They only approve applications via bank account.
What Banks Does SBA Work With
The following are some of the banks SBA works with:
- Live Oak Banking Company
- The Huntington National Bank
- Celtic Bank Corporation
- Wells Fargo Bank
You can verify from their website to see if they accept your bank.
This is where we will end on “Does SBA work with Chime.”