Our broker Marcus set us up with SmartBiz Loans. We were seeking for a working capital and SmartBiz Loans was the first one to reach back so we went with them.
We were looking for a working capital for our business and SmartBiz Loans has a good rate so we went with them. We weren't thrilled even though the rate was adjustable and we had confidence with Small Business Association that their lending would be solid. We also did everything online and we talked to a rep in San Francisco a couple of times. It took several weeks and a couple of quick conversations but after that we were approved. We had a lot to upload and there were questions about the things we had going on so there was some delay, but it got funded eventually so it was fine. It definitely helped us out so we're pleased to have done it.
SmartBiz offered small business loan so I went with them and sought for a working capital loan. The entire process took a few days. It was quick and simple. I did something online and then an account person was assigned to me. He was responsive and answered all my questions. He was good and we completed the rest of the application. He told me what was missing so I could provide it, and then it was funded. Their rep was very helpful and articulate so it was clear what I needed and he made the whole process smooth. It was a good experience and I couldn't ask for anything more.
I decided I wanted some working capital and I didn't think I was financeable just because I've gone out and tried to raise money with investors that said no. I felt disappointed and my compliance officer told me to go online and see if Kabbage or somebody can take a look at our financial. I did Google search and I ended up going through one of those lenders that farm it out. If applications were placed, they try to find 30 matches and so. I did that and it wasn’t a great experience. The amount of money they came up with was $50000 and really high points.
Because I'm a minority, and its a female-owned business, I thought that there is no way that SBA is going to help me. My compliance officer told me to fill out the application and I did. My loan officer, Kevin, got a hold of me immediately and told me to keep the great job I’m doing. He was the reason I did the loan. He was proactive. He told me that I had a solid business and increased the amount to $250000. I did everything he asked. My paperwork is good, clean and organized so all my financials are ready to go. From beginning to end I was funded in three weeks, five times more than I wanted.
I've been a businesswoman for 20 years but usually you're going to meet with people with their own agenda. People who over promise, under deliver. That's kind of the norm. It's gut-wrenching to go through that over and over again. He was my biggest cheerleader. There were a couple of times where I just wanted to give up. I didn't feel like he was just doing it for a commission. I felt like he was encouraging me because it's the right thing to do versus just trying to look for his next buck which is how most people kind of treat you. The experience was a game changer for me. I do business and I was able to fund myself without feeling that I needed some outsider to believe in me. Now, I can just lean on myself and keep rocking and rolling.
I've added staff and with the idea of growing the business, I needed to bring in a high priced person. We'll see about adding more and we're spending money in different ways on different marketing things that we haven't done in the past. According to Clark, the broker I was working with, SmartBiz has a very streamlined process for obtaining an SBA loan. I wouldn't have gone after an SBA loan but he assured me that he'd put a couple of other clients in touch with them and the process was streamlined particularly for SBA.
I had the ability to upload the documents SmartBiz required online, and the rep that I worked with was very helpful, prompt and efficient. The entire process went fairly quickly because anytime something was missed, the rep was on it right away and got back to me in a timely manner. Having gone through other similar processes for financing or refinancing a house or financing a boat, SmartBiz had one of the better finance processes I've gone through in terms being able to do everything online and having it be so straightforward. They are covering the followup part well.
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I went to Sam's Club, saw SmartBiz and applied for financing to buy equipment for my business. I filled out a form, SmartBiz got back to me and the reps were very nice. I submitted all the paperwork they required and got the financing. I'm satisfied.
In order to grow my business, I needed to secure some operations capital so I could hire more staff while we grow. I researched small business loans on the internet and narrowed it down to find the best loan that was the most appropriate for my situation. SmartBiz had a lower interest rate range and I felt really good about working with a small business administration source of funding as well. This is my first time applying for funding and the whole process took a little bit longer than normal because I was learning how to gather all the documents they needed as I was going through the process. It took approximately seven to eight weeks, which was due largely to the fact that I was also travelling a little bit during my loan application process. I had to take some time to get the documents required back in a timely manner, but the process itself was smooth.
My point of contact at SmartBiz clearly walked me through every single step of the process, helped me review the documents and came back with recommendations for improving the documents to make it more appealing to the underwriter to help make sure that the loan would go through. I was also talked through some options about whether or not I would want to qualify for a little bit more funding at a higher amount or if I wanted to qualify for a little bit less. I always felt informed of all of my options and what I needed going forward. I successfully secured my funding and I was able to pay for more staff and more hours for my existing staff which has allowed us to expand our business.
We are looking at higher than regular revenue projections for the end of the year due to the fact that we have the operations capital which made it possible to expand our business and take on more customers and clients. It's been really helpful and enjoyable to work with SmartBiz Loans and to have that experience. I also took away a feeling of confidence and commitment to my business. As a business owner, I felt overwhelmed especially when it came to the numbers and money. But SmartBiz managed to make it a streamlined and stress-free process which was surprising and much appreciated.
When I call hold times not too long. They able answer my questions. They are friendly. I have no big issues with them. The application was not too complicated to fill out. Nothing confused me or caused me to stop filling it out. Their rates and terms were right in line with other companies. I did not pay anything more with them than I would have going through a bank or other organization.
There was minimal automated services. It was easy and fast to speak with a representative. They were really friendly and extremely helpful in resolving the issue. The application process was very thorough. It was not too difficult to fill out and the employees were more than willing to assist me if I had any questions completing it. The company went over the terms. They were very agreeable. There were no hidden or surprising things hiding in the text. The terms were an easy process to complete. The online tools were very handy. Anything that I needed to complete a task was readily available. They were easy to locate and utilize when needed.
It was pretty helpful. I talked to one guy and he helped me through everything with ease. The only problem was that I came in too early. The application process was relatively simple. It asked for a number of financials, which I was able to provide with little trouble. Overall very good. I was pleased with the good rates they offered. Terms and conditions were fine, although I think it was mostly standard. Overall pretty good. The online tools are very helpful. I can do everything I need to do online as opposed to calling someone. This is a key feature I enjoy using.
I was having a very difficult time and was getting worried so I called them and they sat on the phone with me until we got the problem resolved. It was great, Didn't take long. Straightforward questions they ask you and try to match you with the best possible experience, and they sit right there with you and are as helpful as can be to make sure that your experience was very happy. Rates and terms are pretty good because they try to get you matched up to how much you're making per year so that your rates don't increase and wind up backing too much out of pocket.
Most loan companies just want your business and don't care how they get it, but not this company. This company goes above and beyond to make sure that you are happy and satisfied with them and everything that they do. A lot of application processes can actually take you a couple of days to complete because they ask for all kinds of things that you wouldn't even think to bring with you or dig out of your files, but their process was very easy and simple to complete. Some, not all have hidden rates and terms that you are not aware of until they hit you with them. Not this company. Everything, including the fine print that most do not read, is explained in full to you before you sign anything. Some companies’ sites have online tools that seem to be "jumbled" and you are just not sure what to click on or where to go, but the company I used has very simple laid out online tools. You know exactly where to click.
Very professional and easy to work with. I developed a relationship with one of the customer service reps. Always helpful and gave me plenty of advice during my new business venture. Easy and easy to process. They made working with them a joy. Maybe a bit time consuming yet very professional at all times. Didn't understand some items and they fixed the problems with ease. I was lucky. The rates were very high and tried to rip me off but I was desperate and had no other options. What can you do. However it made me happy to get the loan for my new start up magazine and publishing and communication business in New York City. Very easy and they had not only online tools but a helpful iPhone application for smartphone.
Even though I didn't qualify they were nice about it. They tried to help me with other options. They told me other companies and processed loan application quickly. The application process was fast. I had to fill out a five-page packet including all information. They were quick to process and make decision. The rates and terms were easy to understand if approved. Their payments would be affordable yet quick to pay back. They also would work with you. The online tools didn't help explain anything. It was more helpful to talk to them on phone or in person. When you searched the online tools it didn't give you the necessary information.
The customer support representative was kind, courteous and extremely helpful. I was assisted in a kind professional manner. Any problem I experienced was handled with quick and efficient resolution. The application was easy, yet thorough. All of the questions were straightforward and the information needed was easy to provide. There wasn't any part that was difficult to interpret. The rates were as promised and expected. The terms were as discussed. I recommend talking to Bob if at all possible. He was a tremendous help with providing me the rates and terms that I wanted. The online tools were quite easy to use. Everything was conveniently accessible and simple to find. Navigating the online tools was also very easy.
The customer support was great. The person helped me out and got me where and what I needed. Thank you SmartBiz, you're the greatest. You should use it too. The application process was the easiest I have ever done. Don't get me wrong now. It was hard at first until the customer service came to the rescue. The rested were fair. For the price of the rate, the service was awesome and you would really like to get SmartBiz. The online tools were really helpful.
They were not always the fastest at replying, but always gave an answer in a reasonable amount of time. So, when I would try and contact them, they would generally take up to 2 weeks to respond which was quite annoying, but other times they could get back to me the same day which was fantastic! Considering how it could've been, I am very happy and would certainly do it again. To be honest I did not know that much going in and so their background knowledge of the process really helped me.
While I would say that today I could go back and probably get a slightly better price, or at least a lower interest rate, I am very happy in the quality of my loan and the way they treated me and helped me not only to understand my loan but in times where I was not sure I would be able to pay on time. If you need any help, just go online and they will help get you all the answers you need by having an array of tools and personnel to help you if you are lost or just misguided.
Their customer support is very helpful as they are attentive to my needs when I need a loan. They are always focused and they are always courteous. The application process isn't tedious whatsoever making me very satisfied. I am happy to be using their service because they met my needs and expectations. The rates and terms experience is reasonable and practical. I am satisfied with them as the rates are not too high and the terms are reasonable as well. Online tools are very useful and I had no problem navigating through the website. The tools were helpful and they are easy to use that almost everyone can understand it as it isn't that complex.
I feel like this company was like other ones, just doing their job. Have met some representatives that were outstanding and very helpful while I needed the help. The application was self explanatory. It even had links to areas that had answers or examples I should say that you needed help on. The results and rates and terms just helped me understand the reason why or why not basically. It was too self explanatory. The tools were so great. I appreciated them as I was applying online. The tools were there for great use to me and I enjoyed that very much so.
They were extremely helpful and knowledgeable. They were able to answer every question I had with confidence. The application process was very simple and straightforward. Yes it was long, but that is expected when you're applying for a loan. All in all, it was a fine experience. The rates and fees given by this lender were fair. They weren't so low as to make you wonder if they were on the up and up, but not too high to make you not want to work with them. It was very easy to get online and research anything you needed to - current balance, making payments, etc.
Barbara FriedbergPersonal Finance Contributing Editor
Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.
SmartBiz is headquartered in San Francisco. The company was founded in 2008 to help businesses secure small business loans.
- SBA loans: SmartBiz structures their website and application process to simplify the process of applying for an SBA 7(a) guaranteed loan. The company works with SBA lenders to help small business owners find the best choice for their business. If a business does not qualify for an SBA 7(a) loan guarantee, SmartBiz can help the owner find another financing option.
- Quick pre-approval: Interested customers can fill out an online application to be pre-approved for a loan. This process takes less than five minutes and will not impact their credit score. They should note that the pre-approval and application processes are different.
- Time to funding: Business owners can receive funds as soon as one week after their application is approved. For many customers, the entire process, from applying to receiving funds, takes about two weeks.
- Success stories: SmartBiz’s website features the stories of their successful clients, so interested consumers can see how other business owners benefited from a loan.
- Blog: Regular posts on SmartBiz’s blog are useful and informative for all business owners. Topics include understanding a credit score, office decoration and insurance. They also post tips about small business loans, legal matters and hiring practices.
- Best for SmartBiz caters to business owners interested in securing an SBA guaranteed loan between $30,000 and $350,000.
SmartBiz Loans Company Profile
- Company Name:
- SmartBiz Loans
- Year Founded:
- 417 Montgomery Street
- San Francisco
- Postal Code:
- United States
- (844) 846-1125