SmartBiz Review

Caroline Banton

In a Nutshell

SmartBiz is an online marketplace for Small Business Administration (SBA) loans. Since its founding in the wake of the 2008 financial crisis, SmartBiz has helped American small businesses secure more than $4 billion in SBA 7(a), PPP (Paycheck Protection Program), and bank term loans. The platform’s technology matches your business with a lender most likely to fund your loan, increasing your likelihood of approval on the first attempt.

pros

  • Specialization in SBA loans
  • Prequalification with multiple lenders with one form
  • Over $4 billion funded to small businesses since inception

cons

  • Few non-SBA loan options
  • Not a direct underwriter

SmartBiz SmartBiz Visit Site

SmartBiz at a Glance

Direct lender or marketplace?
Marketplace
Loan types
SBA loans, business term loans
Loan amount
$30,000 - $5 million
Repayment terms
10-25 years
APR
4.75% - 7%
Best for
Qualifying for loans offers from America’s top SBA lenders

Overview

SmartBiz helps you to compare small business loan options and qualify for SBA loan funding. SBA loans are guaranteed by the federal government and facilitated by more than 800 authorized lenders. SmartBiz works with many of these authorized lenders. The provider’s technology matches you with the lenders most suited to your business’s funding needs, streamlining the application process and increasing your likelihood of approval.

Why SmartBiz Is Good for Your Business

Running the day-to-day operations of a small business is hard enough without having to worry about financing. With more than 800 authorized SBA lenders, finding the right one can be a daunting task. SmartBiz eases the challenge by matching you with a suitable lender in minutes, freeing up your time and energy for other business matters. Even if you don’t qualify for an SBA loan, SmartBiz will match you with a regular business loan from one of its partners.

Loan Features

All authorized SBA lenders operate according to the SBA’s guidelines, which include the following requirements:

  • A maximum loan amount of $5 million
  • A minimum credit score of 650 to 675
  • The banks require a lien on business assets 
  • 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.

Application Process

Applying for an SBA loan is typically a lengthier endeavor than it is for a regular business loan. Fortunately, SmartBiz’s technology automates the prequalification process.

Before applying, keep in mind that SmartBiz’s partnering SBA lenders look closely at the following factors:

  • 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 of $5 million. The range for SBA loans is much wider than for regular business loans or lines of credit.

Repayment Terms

The repayment terms on an SBA loan ranges from 10 to 25 years. All loans come with fixed rates and must be paid back in monthly installments.

How Safe Is It?

SmartBiz is headquartered in San Francisco, the center of fintech innovation, and backed by leading venture capital firms. The company takes technology and security seriously and is transparent in the way that it operates. The website explains how SmartBiz shares borrower information.

Help & Support

For a marketplace, SmartBiz has excellent customer service ratings. Customer support staff are available via telephone during regular hours Monday to Saturday on (866) 283-8726.

SmartBiz SmartBiz Visit Site

Summary

SBA loans offer higher loan amounts and lower interest rates than regular business loans, but the approval process is more complex. SmartBiz makes it easier for small businesses to get approved with technology that matches applicants with the most suitable lender. SmartBiz is an excellent platform for any small business owner seeking to compare financing options and ultimately secure an SBA loan.

Physical Address

SmartBiz

433 California Street

San Francisco, CA 94104

Caroline Banton is a freelance writer of business and finance articles that have been featured in The Huffington Post, The Motley Fool, Time, MSN, PYMNTS.com, GOBankingrates.com, SaleMove, and MyBankTracker.com. Before becoming a writer, Caroline had over fourteen years of experience working at the World Bank. Caroline has an MBA from Johns Hopkins University.

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30 Sep 2020

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