Chime temporarily accepted Small Business Administration (SBA) loans to Chime Spending Accounts until July 21, 2020. However, as of July 2022, they no longer accept this option because according to the company, the Chime Spending account is only for personal use.
SBA loan payments requested after July 31, 2020, will be rejected and returned to the issuer because these are considered business transactions. Founded in 2013, Chime provides a modern alternative that caters to the need of everyday people better than traditional banks.
Chime isn’t a bank; instead, it is a financial technology company that provides banking services via other partner financial institutions. However, you can still open a Chime Spending Account, Chime Credit Builder Account, or even a Chime Savings Account. Howbeit, many other banks work with SBA and accept SBA loans. The SBA website has resources listing lenders near you.
Other Banks That Work With SBA and Accept SBA loans
This bank is a well-known SBA partner and lender that processes and accepts SBA loans nationally. Celtic Bank provides its clients with an online application process for SBA loans, and this is something not all lenders with SBA provide. According to reports, the Bank’s average loan amount remains one of the highest of the 10 largest SBA lenders.
Wells Fargo Bank
This is another top bank to work with when processing or seeking to accept SBA loans. Wells Fargo is a renowned SBA lender that makes available a wide array of financing options for small businesses like lines of credit and commercial real estate financing. According to well-researched reports, Wells Fargo’s SBA loan approval count makes them the second-most active SBA lender for 7(a) loans.
The Huntington National Bank
Better known as a Midwest bank, the Huntington National Bank boasts over 1,000 branches across 12 states! They are steadily ranked as the top SBA lender in the Midwestern region and, in the fiscal year 2021, had approved the most 7(a) loans of any lender in recent years. Huntington also offers SBA Express and 504 loans.
Situated in Cleveland, this bank accepts and offers SBA Loans. It also has branches in the following 16 states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.
United Midwest Savings Bank
United Midwest Savings Bank is a top bank known to help businesses including medical and dental practices, insurance agencies and funeral homes secure SBA loans. For businesses or individuals looking to borrow $150,000 or less, this bank provides one of the most reliable and fastest online applications that can lead to funding in as little as 10 days.
All SBA loans processed by this bank are offered to businesses situated within its footprint in the Western and Midwestern United States. Owing to the average U.S. Bank SBA loan amount, SBA Express Loans according to reports are what represents a good percentage of the bank’s loan volume. U.S. Bank remains one of the best banks to work with if you need a smaller loan amount. It has an A+ rating with the BBB.
Metro City Bank
This is a Korean-American bank based in Doraville, Georgia, and offers personal and commercial banking services. Metro City Bank accepts and processes SBA Loans in at least seven states: Georgia, New York, New Jersey, Alabama, Texas, Virginia, and Florida. This community bank also can help with other personal and business banking services, payroll deposits, and more.
With over 30 branch locations throughout the Chicago and Milwaukee metro areas, Byline’s remains a community partner in its neighborhoods for over 100 years. Byline is also an SBA-preferred lender known to accept and provide loans to businesses throughout the country. When you work with Byline Bank, you will be assigned to an SBA expert who’ll work to find a creative solution to align with your financing needs.
Founded in 1906 in Wallis, Texas, Wallis is renowned for its unique experience of surviving the Great Depression and both World Wars. Coupled with accepting and processing SBA loans, Wallis Bank boasts of a vast range of business loan products, including equipment loans, construction loans, working capital lines of credit, and more. The bank has seven branches in California, Texas, and Georgia but offers retail banking across the country.
Enterprise Bank and Trust
Enterprise Bank & Trust strives to cater to the lifetime financial needs of its clients. They are known to work with privately-held businesses to ensure they succeed, help families secure their financial futures, and invest in advancing the quality of life in the communities they serve. They accept and process SBA loans in 13 states, including California and Texas.