SmartBiz SBA loans review

SmartBiz rates, fees and terms

SmartBiz SBA loans come with APRs from 5.5% to 7.75% and terms of 10 years to 25 years, depending on the product.

It also comes with several fees, depending on the type of loan.

SmartBiz fees are usually deducted from loan proceeds, so you get the net amount when your loan is funded.

You can use our calculator to calculate how much you’ll pay per month and the total interest cost:

How SmartBiz compares to other connection services

Here's how this service stacks up to other similar online connection services that offer SBA loans.

SmartBiz business loans	Lendio business loans	Seek Business Capital loans
★★★★★ Finder rating 4.5 / 5	★★★★★ Finder rating 4.75 / 5	★★★★★ Finder rating 4.5 / 5
Go to site	Go to site	Read Review
Loan amount $30,000 – $5,000,000	Loan amount $500 – $5,000,000	Loan amount $5,000 – $500,000
APR 5.50% to 7.75%	APR Starting at 6%	APR Varies by lender
Loan Term 10 to 25 years	Loan Term 1 to 25 years
Requirements 660+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years	Requirements Operate business in US or Canada, have a business bank account, 560+ personal credit score	Requirements Personal credit of 680+, no bankruptcies in the last 4 years.

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SmartBiz reviews and complaints

SmartBiz customers are pleased with how seamless the SmartBiz team make the SBA loan application process. Many mention they had been frustrated with the hassle of applying and borrowing directly from a bank or other lender, and SmartBiz made it easier to find a lender that would work with their business.

How to qualify

SmartBiz SBA loan eligibility varies by loan amount. In general, you’ll need to have been in business for at least two years and be profitable on your tax returns.

Loans of $30,000 to $350,000

To meet SmartBiz’s minimum requirements for a loan of this amount, you or your business must:

Loans of $350,000 to $5 million

Loans of this amount are only available for purchasing commercial real estate. To qualify, you or your business must meet the following requirements:

• Credit score of 675 or higher
• Business must be at least two years old
• All real estate must be at least 51% owner-occupied
• Enough business and personal cash flow to cover all debt payments — with three years of tax returns and interim financial data to prove it
• No delinquencies or default on government loans

Note that the 100% financing option requires a loan payment that does not exceed the current monthly lease expense on a commercial loan.

What industries does SmartBiz work with?

SmartBiz does not lend to the following types of businesses:

How the application works

You can apply by filling out a preapplication form on the SmartBiz website. If you’re preapproved, you have 10 complete the application by providing information about yourself and your business’s finances, then upload any required documents.

For commercial real estate loans, you have to accept a letter of intent to start negotiating the terms of your real estate deal with your property seller or current lender. You also need to coordinate with your SmartBiz relationship manager to set up a valuation of the property.

It can take as little as seven days to get your loan after you’ve been approved for debt refinancing or a working capital loan. Commercial real estate loans typically take at least 30 days. Try to hold off on making extra repayments until you’re at least three years into the loan — otherwise you’ll have to pay a prepayment penalty of up to 5% of the loan balance.

What sets it apart

SmartBiz is one of the only online connection services that specializes in SBA and bank lenders. This, plus its packaging services, make it easier for businesses owners to navigate the SBA funding process the first time around. It's also useful if you don't have the time to dedicate hours to filling out the SBA's notoriously complicated application and forms.

SmartBiz bank loans

SmartBiz can also connect you with its bank partners for non-SBA term loans. This program is designed for small businesses that might not qualify for an SBA loan.

• Loam amounts: $30,000 and $350,000
• Rates: 6.99% to 23.99% APR
• Terms: Two to five years
• Requirements: At least two years in business, personal credit score of 640 or higher for all owners, US citizen or permanent resident, cash flow to support loan repayments, no bankruptcies in the past three years or outstanding tax liens

You can apply for both SBA and non-SBA loans with the same application — just indicate that you’re interested in non-SBA funding.

Find out how SmartBiz stacks up to other lenders by reading our guide to business loans.

Frequently asked questions

Get answers to some of the most common questions business owners have about SmartBiz.

Will SmartBiz keep my information safe?

Yes. SmartBiz uses the third-party verification GoDaddy Secure Site and 256-bit secure socket layer encryption to safeguard your personal and financial details.

I’ve been turned down by a bank for an SBA loan before. Am I eligible for a SmartBiz SBA loan?

According to SmartBiz, you may still be eligible. The lender has helped applicants who were previously declined for a bank business loan get funding. But you also might want to look into SmartBiz’s non-SBA options if you’re looking for less than $200,000 in financing.

Is SmartBiz an SBA underwriter?

No, the lenders that SmartBiz connects you with are the SBA loan underwriters. SmartBiz only helps you fill out the application and find the right provider.

See other top business loan options

Use this table to view more lenders that offer business financing you might qualify for.

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Name	Product	Filter Values	Min. Amount	Max. Amount	APR	Requirements
Lendio business loans Finder Rating: 4.75 / 5: ★★★★★			$500	$5,000,000	Starting at 6%	Operate business in US or Canada, have a business bank account, 560+ personal credit score	Submit one simple application to potentially get offers from a network of over 300 legit business lenders.	Go to site More Info	Compare	loading Fetching your data…
OnDeck short-term loans Finder Rating: 4.6 / 5: ★★★★★			$5,000	$250,000	As low as 35%	600+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account	A leading online business lender offering flexible financing at competitive fixed rates.	Go to site More Info	Compare	loading Fetching your data…
Biz2Credit business loans Finder Rating: 4.7 / 5: ★★★★★			$25,000	$6,000,000	Starting at 6.50%	6+ months in business; $100,000+ annual revenue; 500+ credit score	Get only the capital you need through secure, prescreened lenders with this highly rated company offering SBA, expansion, working capital and other loans.	Go to site More Info	Compare	loading Fetching your data…
ROK Financial business loans Finder Rating: 4.7 / 5: ★★★★★			$10,000	$5,000,000	Starting at 6%	Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales	A connection service for all types of businesses — even startups.	Go to site More Info	Compare	loading Fetching your data…
Fundbox lines of credit Finder Rating: 4.2 / 5: ★★★★★			$1,000	$150,000	Not stated	6 + months in business, $100,000+ in annual revenue, 600+ credit score	Get flat rate, short-term financing based on the financial health of your business, not your credit score.	Go to site More Info	Compare	loading Fetching your data…

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