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$30,000
Min. Amount
$5,000,000
Max. Amount
| Product Name | SmartBiz SBA Loans |
|---|---|
| Min. Amount | $30,000 |
| Max. Amount | $5,000,000 |
| Loan Term | 10 to 25 years |
| Requirements | 650+ 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 |
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.
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.
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.
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.
SmartBiz offers loans of up to $5,000,000 with long repayment terms.
While SmartBiz can help you find funding your small business, you’ll want to consider a few factors before applying:
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:
For commercial real estate:
SmartBiz fees are usually deducted from loan proceeds so you get the net amount when your loan is funded.
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.
It depends on what type of loan you’re applying for and how much your business needs to borrow.
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.
Can your small business qualify for an SBA loan?
Eligibility is slightly more flexible for a non-SBA loan. Generally, you must have:
To apply for an SBA loan with SmartBiz, you’ll need to provide:
Tip: Want to speed up your application? Have your documents ready before you apply.
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.
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.
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.
