SmartBiz SBA Loans

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).

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.

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.