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SmartBiz SBA loans review

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Get funding for your business up to $5,000,000 with extended repayment terms.

SmartBiz is one of the first online marketplaces for small business lenders that streamlines the application process for SBA and bank loans compared to applying directly with a bank.


Min. Amount


Max. Amount


Product NameSmartBiz SBA Loans
Min. Amount$30,000
Max. Amount$5,000,000
Loan Term10 to 25 years
Requirements650+ 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
Go to SmartBiz's website

Do I qualify?

SmartBiz has different requirements depending on which type of loan you’re applying for. Generally, business owners need to have strong personal credit and be a US citizen or permanent resident. Businesses must have strong revenue.

Small Business Administration (SBA) loans typically come with more requirements than traditional business loans.

    What are SmartBiz SBA loans?

    SmartBiz SBA loans are government-backed business term loans for owners who’ve had difficulty qualifying for other types of financing. While SBA loans typically take a lot of time and paperwork, SmartBiz speeds up that process and makes it less painless.

    How does it do this? SmartBiz uses an automated lending marketplace of SBA–preferred banks, it can cut the process time from months to weeks. All it takes is a simple online application.

    Loans of $30,000 to $5,000,000 come with variable APRs starting at 6.25% to 8.5% and repayment terms of 10 to 25 years.

    Through SmartBiz, you can get three different types of SBA loans: Commercial Real Estate, Debt Refinance and Working Capital. All three are technically SBA 7(a) loans but can be used for different purposes. Click on the accordions below to for more information on each.

    What is an SBA loan?

    An SBA loan is a government-guaranteed small business loan that comes with longer repayment terms and lower interest rates than many other business lenders offer. With an SBA loan, the government agency agrees to pay the lender back a portion of the amount borrowed if you default. Founded in 1953, the Small Business Administration partially guarantees these types of loans to support small business owners across the nation.

    What are SmartBiz bank term loans?

    While best known for connecting borrowers with SBA loans, SmartBiz also can connect you with its bank partners for non-SBA term loan. This program is designed for small businesses that might not qualify for an SBA loan or need funds faster.

    Through the bank term loan program, your business can borrow between $30,000 and $200,000 with repayment terms of two to five years. Fixed interest rates run from 6.99% to 26.99%, depending on your loan term, credit rating and personal finances. They come with monthly repayments and there’s no penalty for paying it off early.

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

    Compare SmartBiz to other online business lenders

    Updated January 22nd, 2020
    Name Product Filter Values Min. Amount Max. Amount Requirements
    LoanBuilder, A PayPal Service Business Loans
    Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
    Customizable loans with no origination fee for business owners in a hurry.
    National Business Capital Business Loans
    Your company must have been in business for at least 6 months and have an annual revenue of at least $100,000.
    Get a large business loan to cover your financing needs, no matter what the purpose is.
    OnDeck Small Business Loans
    600+ personal credit score, 1+ years in business, $100,000+ annual revenue
    A leading online business lender offering flexible financing at competitive fixed rates.
    First Union Lending Unsecured Long-Term Business Loan
    450+ credit score, 3+ months in business, $15,000+ monthly revenue, no open bankruptcies
    Unsecured funding and more for all credit types.
    Sheer Funding Business Loans
    6+ months in business, 550+ credit score, $150,000+ annual revenue, eligible industry
    Multiple financing options available for business owners with less-than-perfect credit scores.
    Efundex long-term business loans
    2+ years in business, 620+ credit score, not a sole proprietorship or nonprofit, strong financial history
    Financing for high-risk industries with transparent rates and terms.
    Kabbage Small Business Line of Credit
    1+ years in business, $50,000+ annual revenue or $4,200+ monthly revenue over last 3 months
    A simple, convenient online application could securely get the funds you need to grow your business.
    LendingTree Business Loans
    Varies by lender and type of financing
    Varies by lender and type of financing
    Varies by lender, but many require good personal credit, minimum annual revenue and minimum time in business
    Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
    Lendio Business Loan Marketplace
    Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
    Submit one simple application to potentially get offers from a network of over 75 legit business lenders.

    Compare up to 4 providers

    What are the benefits of a SmartBiz loan?

    SmartBiz offers loans of up to $5,000,000 with long repayment terms.

    • Pre-qualify in minutes. Quickly learn whether you qualify without affecting your credit score.
    • Quick turnaround for smaller loans. SmartBiz can deposit funds of up to $350,000 in your business’s bank account in as little as a week.
    • Long repayment terms. Loan amounts determine repayment terms of either 10 years or 25 years, which is longer than most commercial bank loans.
    • Connects you with options. SmartBiz work with you to find loan option for your specific small business need.

    What to watch out for

    While SmartBiz can help you find funding your small business, you’ll want to consider a few factors before applying:

    • Longer turnaround for large loans. For loans of $350,000 or more, you may have to wait up to 30 days after your credit is approved.
    • Good credit required. SmartBiz’s typical borrower has an excellent credit score, is a seasoned business owner and can prove annual revenue of $50,000 or more. If you have a new business, consider applying for a startup loan.
    • Limited use. Commercial real estate loans aren’t available to developers or landlords that aren’t occupying the space, funding for constructions or for investment property.
    • Prepayment fees. If you’re able to repay your loan within three years of approval, you might want to wait or you’ll pay fees of up to 5% of your original loan amount.
    • Documentation required. SmartBiz requires many supporting documents, from photo ID to tax returns and mortgage statements. Make sure you understand the required documents before you begin your application.

    Watch out for SBA loan fees

    SBA loans might have low APRs, but they tend to come with several fees. How much you pay vary depending on the type of loan you’re applying for, but tend to be lower than most bank closing costs that could amount to hundreds or thousands of dollars.

    For working capital 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.

    For commercial real estate:

    • 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.

    How SBA guarantee fees work

    What do customers say about SmartBiz?

    SmartBiz is well-liked among its borrowers. The Trustpilot reviews are hard to beat: It gets five out of five stars and a rating of 9.5 of 10 based on nearly 450 reviews. It does similarly well with the Better Business Bureau (BBB), getting an A+ rating, which the BBB bases on several factors like how it handles customer complaints and transparency.

    Customers were pleased with how seamless the process was. Many had been frustrated with the hassle of applying to borrowing directly from a bank or other lender, and found SmartBiz to be a breath of fresh air.

    Am I eligible for a SmartBiz SBA loan?

    It depends on what type of loan you’re applying for and how much your business needs to borrow.

    SBA loan eligibility

    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.
    • 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 b e at least 51% owner-occupied.
    • Enough business and personal cash flow to cover all debt payments with by three years of tax returns and interim financial data.
    • 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.

    Can your small business qualify for an SBA loan?

    SmartBiz non-SBA loan eligibility

    Eligibility is slightly more flexible for a non-SBA loan. Generally, you must have:

    • At least two years in business
    • Enough demonstrable cash flow to cover loan repayments
    • Credit score of 640 or higher
    • No bankruptcies or foreclosures in the past three years
    • No outstanding tax liens
    • US citizenship or permanent residency

    What do I need to apply?

    To apply for an SBA loan with SmartBiz, you’ll need to provide:

    • Income tax returns. Personal and business income returns will need to go back three years.
    • Personal financial statements. Statements are required for those who own 20% or more of the company.
    • Profit and loss statement. You’ll also need to provide your company’s balance sheet.
    • Business debt schedule. SmartBiz needs a list of your business’s debt obligations to evaluate your application.
    • Proof of collateral. Depending on your loan amount, collateral is the lien on either your business or real estate.

    Tip: Want to speed up your application? Have your documents ready before you apply.

    How do I apply?

    1. If you’re approved, continue to complete application by providing information about you and your business’s finances, and upload any required documents. You have 10 days to complete this step.
    2. If you’re applying for a commercial real estate loan, accept a letter of intent so that you can start negotiate the terms of your real estate deal with your property seller or current lender.
    3. For commercial real estate loans, coordinate with your SmartBiz Relationship Manager to set up a valuation of the property.
    4. Carefully read your loan’s terms carefully before singing the promissory note.
    5. Wait for your funds to be disbursed.
    6. It can take as little as seven days to get your funds after you’ve been approved for a debt refinance or working capital loan, and as little as 30 days for a commercial real estate loan.
    Go to SmartBiz's site

    Sam’s Club members get a 20% discount

    Sam's Club logo
    Is your business a Sam’s Club member? You could stand to save even more on these already competitively-priced loans: Sam’s Club and SmartBiz have a deal that allows members to save up to $2,800 on referral and packaging fees. SmartBiz applies the discount when you close your loan. How much you save depends on your loan amount.

    I got the SmartBiz loan. Now what?

    With the funding you need for your business, it’s important to stay on top of your payments to avoid late penalties or excessive interest. You’ll receive information on how to make your loan payments each month after you’re approved.

    Have any questions? Reach out to your lender as soon as possible by contacting customer service.

    Bottom line

    SmartBiz offers a range of SBA and non-SBA loans for most of your small business financial needs, including low interest rates and long repayment terms, so you can spend less of your business finances on debt.

    But before you sign your loan agreement, make sure to compare your business loan options and see what similar lenders have to offer.

    Frequently asked questions about SmartBiz

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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)

      • Avatarfinder Customer Care
        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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