In a Nutshell
- Specializes in SBA loans
- Pre-qualifies you for multiple lenders with one form
- More than $1.2 billion funded so far
- Lack of non-SBA loan options
- Not a direct underwriter
SmartBiz at a Glance
SmartBiz exists to help your small business compare and get approved for an SBA loan. SBA loans are loans guaranteed by the federal government’s Small Business Administration and offered by more than 800 authorized lenders. SmartBiz works with many of these authorized lenders. Its technology finds the lenders most suited to your business’s funding needs, essentially streamlining the application process and increasing your likelihood of getting approved.
Why SmartBiz Is Good For Your Business
It’s hard enough running the day-to-day operations of a small business without having to worry about financing. With more than 800 authorized SBA lenders, finding the right one can be a daunting task. That’s where SmartBiz comes in, matching you with a suitable lender in minutes—and saving you time and energy for all those other important business tasks. Even if you don’t qualify for an SBA loan, SmartBiz will match you with a regular business loan from one of its partners.
All authorized SBA lenders operate according to the Small Business Administration’s guidelines, which include the following requirements:
- Maximum loan amount of $5 million
- Minimum credit score is usually 700, although some lenders have been found to accept credit scores as low as 620
- Loans of up to $350,000 always involve some collateral. For loans exceeding $350,000 the SBA requires lenders to collateralize the loan to the maximum extent possible up to the loan amount.
- Businesses involved in certain industries such as gambling, medical research, and marijuana are ineligible—even if their activities are legal in the state where they are located.
Applying for an SBA loan is typically a lengthier process than for a regular business loan. Fortunately, SmartBiz’s technology automates much of the process, enabling you to get quickly and efficiently prequalified for lenders that are likely to approve you.
Before applying, keep in mind that SmartBiz’s partnering SBA lenders look closely at:
- Personal background, including criminal record. Anyone owning more than 20% or more of the business must fill out a form with their personal information and sign a personal guarantee.
- Business background. Members of the company management team should be prepared to provide a resume outlining their business and work experience.
- Business plan. This should include a value proposition, financial statements and projections, details of any existing debts, and a clear outline of how the SBA loan funds will be used.
- Personal and business financial statements, tax returns, and bank statements.
- Business credit report. As with a personal credit report, the lender will need you to provide details so it can access this report.
How Much Can You Borrow?
An SBA loan from SmartBiz can be for a minimum $30,000 up to a maximum $5 million. The range for SBA loans is much wider than for regular business loans or lines of credit.
The repayment terms on an SBA loan range from 10-25 years. All loans come with fixed rates and must be paid back in monthly instalments.
How Safe Is It?
SmartBiz is headquartered in San Francisco, the center of fintech innovation, and backed by leading venture capital firms. As such, it takes technology and security very seriously. SmartBiz is very transparent about the way it operates. On its website, you’ll find full details about how it operates, who operates it, and how it shares your information.
Help & Support
For a marketplace, SmartBiz has good customer service ratings. Its customer support staff are available during regular hours Monday-Saturday on 866-283-8726.
SBA loans offer higher loan amounts and lower interest rates than regular business loans, but the approval process is harder. Thankfully, SmartBiz makes it easier for small businesses to get approved, through a tech-powered application process that matches applicants with the most suitable lender. SmartBiz is a great platform for any small business owner wanting to compare and get approved for an SBA loan.
433 California Street
San Francisco, CA 94104