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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