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SmartBiz SBA Loans

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SuperMoney Net Recommendation Score -14  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -14, equating to 2.7 on a 5 point rating scale.

-14

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly not recommended

3 users recommend
0 users are unsure
4 users don't recommend
Browse Reviews: 3 Recommendations | 4 Complaints
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Highlights
Community Rating Mostly not recommended
Loan Amount $30,000 - $5,000,000
APR  (Fixed APR) 6.36% - 9.75%
Loan Term (Months) Up to 300 months
Number of Reviews 7

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’s 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.

What limitations does SmartBiz set on the purpose of the business loan?

SmartBiz considers business loan applications for business purposes, such as:

  • Business Debt Refinance
  • Equipment Purchase
  • Lease Improvement
  • New Location
  • Product or Service Expansion
  • Working capital

What types of small business loans does SmartBiz offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. SmartBiz provides access to the following business loan types:

  • SBA Loans

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 from 560 may be eligible for SmartBiz SBA Loans.

U.S. citizens are, of course, eligible for the services offered by SmartBiz SBA Loans. Permanent resident / green card holders are also eligible to apply.

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 approve (or deny) a business loan application within 24 hours and fund small business loans within 7 business days of approval.

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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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Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Prepayment Fee
Origination Fee (%) Starting at 2%
Credit Score Range 560 -
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Minimum Months in Business 24
Minimum Revenue $50,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
Approval Speed 24 hours
Funding Time Range 7 - 14 days
Pre-Approved Soft Credit Inquiry
Loan Amount $30,000 - $5,000,000
APR (Fixed APR) 6.36% - 9.75%
Loan Term Up to 300 months

SmartBiz SBA Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -14, equating to 2.7 on a 5 point rating scale.

-14

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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† To check the rates and terms you qualify for, one or more soft credit pulls will be done by SuperMoney, and/or SuperMoney's lending partners, that will not affect your credit score. However, if you choose a product and continue your application at a lending partners' website, they will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.