Last Updated: 06/21/2025
SuperMoney User Recommendation Score -12
Mostly not recommended8 total votes
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Highlights
Community Rating
Mostly not recommended
Amount Range
$30,000 - $5,000,000
APR (Fixed APR)
6.36% - 9.75%(Verified 06/21/2024)
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Loan Term (Months)
Up to 300
Number of Reviews
SmartBiz SBA Loans Review
SmartBiz is a business financing offering by SmartBiz, based in San Francisco, CA. Founded in 2009, SmartBiz offers access to small business loans in 50 states (and Washington, DC).
SmartBiz FAQ
What are SmartBiz rates?
SmartBiz offers a fixed APR business financing product that ranges from 6.36% APR up to 9.75% APR.
Does SmartBiz charge an origination fee?
Yes, SmartBiz charges a loan origination fee starting at 2% of the business loan amount . SmartBiz deducts the fee directly from your business loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
Does SmartBiz charge prepayment fees?
No, SmartBiz does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.
How much can you borrow from SmartBiz?
Business loan amounts start at $30,000 and go up to $5,000,000.
What is the maximum business loan term you can get with SmartBiz?
SmartBiz offers small business loans with a maximum term of 300 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for SmartBiz SBA Loans?
SmartBiz SBA Loans requires companies to be in business for at least 24 months. Businesses must have a minimum annual revenue of $50,000 to be considered.
Applicants with a credit score that ranges above 560 may be eligible for SmartBiz SBA Loans. U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by SmartBiz SBA Loans.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
What is the estimated funding time for a business loan via SmartBiz?
SmartBiz can fund small business loans within 14 business days.
Does SmartBiz perform a hard credit pull?
As is the case with most providers, a hard credit pull will likely occur if you accept an offer after checking your rates. SmartBiz allows you to check your rates with a soft credit pull.
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Message from our editor
What We Love About SmartBiz Loans
Many small businesses have trouble finding enough funding to operate. This is where a company like SmartBiz can help. One of the biggest benefits the company offers will be the loan rates. They will often be far lower than what you’ll find with peer-to-peer lenders or other providers. As long as you are qualified for an SBA loan, the funding process is simple and could be as fast as seven days. You’ll also have a longer loan term—10 years—which means that the loan's monthly payment will often be far less than when borrowing from other sources.
The process is streamlined, and filling out the paperwork should take less than an hour. However, this doesn’t mean that it’s all quite so easy. You will first get pre-qualified, so you don’t have to waste your time trying to get a loan that you won’t qualify for. This is a soft pull on your credit, so you don’t have to worry about it hurting your credit score.
What SmartBiz Could Do Better
Keep in mind that you have to be patient to get through the Small Business Administration's approval process first, which can take weeks in some cases to get all of the documentation. Additionally, if you’ve been in business for less than two years, you will not qualify for a loan through SmartBiz.
SmartBiz’s Backstory
SmartBiz was founded in 2009 to leverage financial technology to help small businesses qualify for prime loans faster. It helps to streamline the SBA to get a loan more manageable but not necessarily easier since there are still requirements to meet.
The Verdict
Overall, you’ll find that the SmartBiz loans can provide some great value when you’re a small business in need of a loan. Of course, you need to make sure that you can qualify for the loan and make it through the process. Some who are on a timetable or who won’t qualify will need to look elsewhere for their loan. With rates so low, though, it’s worth trying.
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Other Services by SmartBiz
Commercial Mortgage
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Availability
Available in 50 states and Washington, D.C.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
SuperMoney Net Recommendation Score
SuperMoney users mostly don't recommend this product, giving it a user recommendation score of -12, or 2.8 on a 5-point rating scale.
-12
-1000+100
No one recommends
Everyone recommends
Reviewer Sentiment Over Time
SmartBiz SBA Loans Community Reviews
Would you recommend SmartBiz SBA Loans to your friends?
KC
Keana C.
Dec 1, 2022
May or may not recommend
Great company. Great communication. A secure, fast, and easy way to get funding for your small business
RL
Rene L.
Apr 21, 2021
Would Recommend
Great service and communication very fast response just wating on a security check has anyone got the security review
U
Anonymous
Feb 16, 2021
Would not Recommend
I submitted my application for the PPP loan over a month ago and there has been no progress. It's been stuck in review status. When you call their number, you are referred to their email address. You cannot speak with anyone or leave a message. When you email them, you will not get a response. When you log-in to check your status, it hasn't moved. They tell you your application ...Show More
Eric V.
May 15, 2018
Would not Recommend
The application process claims to provide pre qualifications and then pre approval status. You will be spending a significant amount of time providing all of their requested documents, after which you will be assigned a "specialist" that will review all of your financials and other misc documents for a 2nd time (collect more personal data), and advise you whether you are in fact "qualified" or not. This means nothing unless ...Show More
Mo H.
Apr 15, 2018
Would Recommend
Smartbiz helped my partner and I get an SBA loan when 2 other banks would not even look at our projections. Barrett Prater helped us through the whole process, keeping us updated on each step, and answering our MANY questions. To put things into perspective, it took us about a month from the initial application to money in the bank through Smartbiz. When we initially went with ...Show More
U
Anonymous
Jan 30, 2018
Would not Recommend
Like the previous review the do not have this process streamlined. They are just a third party middle man hoping for the best like everyone else is when you go to the bank. They have too many positive reviews , I believe these are fake and written. Banks are banks and smartbiz is not so smart.
FL
fred L.
Jan 3, 2018
Would Recommend
I got the maximum amount of an SBA loan that they offer in 3 weeks. If you give this company anything less than 5 stars it can only be because you were not timely in getting the information that was requested of you.
U
Anonymous
Mar 7, 2017
Would not Recommend
if you were not White American will deal with racism, that's what happened with me. You will not get the loan and will be working on wasting your time every day and ask you to send more documents .Note that I do, and I have a business account with another bank and did not ask me the same documents required by the smatbiz
. CEO Evan Singer says, will get a ...Show More
Showing 8 of 8 reviews
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