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SmartBiz SBA loans review

Get funding for your business up to $5,000,000 with extended repayment terms.’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
Max. Amount$5,000,000
Loan Term10 to 25 years
Min. Credit Score660
APR5.50% to 7.75%
Requirements660+ 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
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  • Shortens SBA loan turnaround time
  • Less time to fill out forms
  • Non-SBA funding also available


  • Larger loans take up to 30 days
  • Packaging and referral fees on top of other SBA fees
  • Prepayment penalties during first three years of loan term

Can I get a loan through SmartBiz during the coronavirus outbreak?

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 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.

Working capital loans and debt refinancing

  • One-time referral fee of no more than 2% of the loan amount
  • One-time packaging fee of no more than 2% of the loan amount
  • SBA guarantee fee of 2% to 3.75% of the guaranteed portion, depending on the loan amount
  • Bank closing fee, typically $450
  • Additional third-party report charges may apply

Commercial real estate loans

  • One-time referral fee of no more than 0.5% of the loan amount
  • One-time packaging fee of no more than 0.5% of the loan amount
  • SBA guarantee fee of 2% to 3.75% of the guaranteed portion, depending on the loan amount
  • Bank closing costs, typically around $5,000
  • Additional third-party report charges may apply

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:

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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


Finder rating 4.5 / 5


Finder rating 4.75 / 5

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Loan amount

$30,000 – $5,000,000

Loan amount

$500 – $5,000,000


5.50% to 7.75%


Starting at 6%

Loan Term

10 to 25 years

Loan Term

1 to 25 years


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


Operate business in US or Canada, have a business bank account, 560+ personal credit score

SmartBiz reviews and complaints

BBB accredited Yes
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.

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:

  • Have a 650 credit score or higher
  • Be a US citizen or permanent resident
  • Be over 21 years old
  • Have no outstanding tax liens
  • Have no bankruptcies or foreclosures in the past three years
  • Have no recent charge-offs or settlements
  • Be current on all government-related loans, including student loans

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:

  • Gambling
  • Lending
  • Life insurance
  • Religious teaching organizations
  • Political or lobbying organizations
  • Mining
  • Mortgage servicing
  • Real estate development
  • Bail bond companies
  • Pawn shops
  • Private clubs

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.

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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.

1 – 5 of 5
Name Product Filter Values Min. Amount Max. Amount APR Requirements

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
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.

OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★

OnDeck short-term loans
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.

Biz2Credit business loans
Finder Rating: 4.7 / 5: ★★★★★

Biz2Credit business loans
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.

ROK Financial business loans
Finder Rating: 4.7 / 5: ★★★★★

ROK Financial business loans
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.

Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★

Fundbox lines of credit
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.

Compare up to 4 providers

Business loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

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.

Expert review

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.

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  1. Default Gravatar
    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)

    • Default Gravatar
      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.


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