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finder.com’s rating: 4.5 / 5.0
★★★★★
Bottom line: SmartBiz offers faster, simplified SBA loans and bank loans — but you’ll pay for the convenience.
Min. Amount | $30,000 |
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Max. Amount | $5,000,000 |
Loan Term | 10 to 25 years |
Min. Credit Score | 660 |
APR | 5.50% to 7.75% |
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 |
Yes, you can still apply for SBA loans and standard bank loans through SmartBiz. And it's also accepting First Draw and Second Draw Paycheck Protection Program (PPP) loans until this round of funding closes on May 31, 2021.
SmartBiz can’t help you if you’re looking for an SBA disaster loan, however. You can only apply for disaster loans through the SBA directly.
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:
See how much you'll pay
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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 |
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★★★★★ | ★★★★★ | ★★★★★ |
Go to site
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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. |
Compare more business loans lenders
BBB accredited | Yes |
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BBB rating | A+ |
BBB customer reviews | 4.68 out of 5 stars, based on 28 customer reviews |
BBB customer complaints | 6 customer complaints |
Trustpilot Score | 4.6 out of 5 stars, based on 1,105 customer reviews |
Customer reviews verified as of | 12 October 2020 |
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.
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.
To meet SmartBiz’s minimum requirements for a loan of this amount, you or your business must:
Loans of this amount are only available for purchasing commercial real estate. To qualify, you or your business must meet the following requirements:
Note that the 100% financing option requires a loan payment that does not exceed the current monthly lease expense on a commercial loan.
SmartBiz does not lend to the following types of businesses:
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.
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 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.
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.
Get answers to some of the most common questions business owners have about SmartBiz.
Yes. SmartBiz uses the third-party verification GoDaddy Secure Site and 256-bit secure socket layer encryption to safeguard your personal and financial details.
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.
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.
Use this table to view more lenders that offer business financing you might qualify for.
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
SmartBiz is a connection service that can help your business find an SBA lender and navigate the SBA financing process. It only works with preferred lenders, which can approve your application without waiting for approval from the SBA. And it can help you fill out paperwork, cutting the process time from months to weeks.
The downside is that you’ll have to pay referral and packaging fees for these services. If your business can’t qualify for an SBA loan or needs funding faster, it can also connect you with non-SBA bank loans.
2 Comments
September 24, 2018
when applying for loans, is LIMITED credit pretty much in the same category as having BAD credit? (I have 1 thing on my report TOTAL. & THAT is being disputed rn bc I NEVER received the item(s) I ordered)
September 25, 2018
Hi Winzday,
Thank you for reachong out to finder.
No Limited and Bad Credit are different from each other. Limited Credit is having few account/ information listed under your name which does not cover all the major categories. You may try requesting for a loan though you need to meet the eligibility requirements of the Lender before submitting your application.
Before applying for a loan, please ensure that you have read the relevant PDS/ T&Cs before making a decision. After which, consider whether the product or option is right for you and your needs.
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash