Last Updated: 06/25/2025
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Highlights
Amount Range
$10,000 - $5,000,000
APR (Variable APR)
6.99% - 29.99%(Verified 06/21/2024)
Loan Term (Months)
6 - 300
SMB Compass Business Loans Review
SMB Compass Business Loans is a business financing offering by SMB Compass LLC, based in Rye, NY. Founded in 2017, SMB Compass LLC offers access to small business loans in 49 states (and Washington, DC).
SMB Compass Business Loans FAQ
What are SMB Compass Business Loans rates?
SMB Compass Business Loans offers a variable APR business financing product that ranges from 6.99% APR up to 29.99% APR.
Does SMB Compass Business Loans charge an origination fee?
Yes, SMB Compass Business Loans charges a loan origination fee of 1% to 3% of the business loan amount . SMB Compass Business Loans 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 SMB Compass Business Loans charge prepayment fees?
No, SMB Compass Business Loans 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 SMB Compass Business Loans?
Business loan amounts start at $10,000 and go up to $5,000,000.
What is the maximum business loan term you can get with SMB Compass Business Loans?
SMB Compass Business Loans offers small business loans with terms ranging from 6 to 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 SMB Compass Business Loans?
SMB Compass Business Loans requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $250,000 to be considered.
Applicants with a credit score that ranges above 550 may be eligible for SMB Compass Business Loans. U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by SMB Compass Business Loans.
To qualify, applicants may need to provide the following documentation:
- Bank account information
- Business formation documents
- Business financial statements
- Driver's license or other government photo ID
What is the estimated funding time for a business loan via SMB Compass Business Loans?
SMB Compass Business Loans can fund small business loans within 2 business days.
Does SMB Compass Business Loans report your account activity to credit bureaus?
Yes, SMB Compass Business Loans reports to the following credit bureaus:
- Equifax
- Experian
- TransUnion
- Dun and Bradstreet
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help build your credit.
Does SMB Compass LLC 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. SMB Compass Business Loans allows you to check your rates with a soft credit pull.
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