SmartBiz Loans is the #1 online marketplace for SBA loans, providing the right loan at the right time for your small business. SBA loans from SmartBiz marketplace banks can be used for debt refinance, working capital, and commercial real estate purchases or refinance. About 90% of the applications referred to SmartBiz marketplace banks are approved. With low-rates, long terms, and very low monthly payments, SBA loans are known as the “gold standard” and help businesses across America expand and save money.
If you’re not quite ready for an SBA loan, the SmartBiz marketplace facilitates bank term loans and other funding options like invoice factoring as well. SmartBiz has one easy-to-navigate online application giving busy business owners a swift and streamlined process. Funds can be available in as little as 7 days after the application is completed.
To assess the health of your business before you apply, sign up for SmartBiz Advisor. This online tool generates your unique “Loan Ready Score” letting you know where you stand in key financial areas banks consider. The SmartBiz Loans’ team knows you’re more than just a credit score and we’re here to help you reach your small business dreams!
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We applied for an SBA loan and it was extremely easy to upload the documents. The entire process took 3 to 4 weeks. There were some ownership changes and some characteristics with our business that were a little unique. Things were happening as we were going through the process, so the delays were outside factors. The rep was instrumental in getting us approved for the loan and the support we were provided had a positive impact on us. It was a rather large cash injection and it helped us sleep a little bit easier at night. We were working with others, and SmartBiz moved us through the process a little quicker and easier. We're very satisfied.
Thank you so much for taking time to comment on your SmartBiz experience. We're thrilled you found the process smooth and streamlined. Best of luck to you and your business in the future!
The SmartBiz Team
My primary bank screwed me over and I had applied for PPP loan with a couple of other banks and got nowhere. And a friend suggested that I look into SmartBiz Loans. They have a fairly reasonable application process and they replied with a receipt within about three days. And then after that, there was a request for some additional documentation that I supplied. And went back and forth on email three different times ‘till I got exactly the right package of stuff that they wanted. And it was tentatively approved shortly thereafter and then once the package was completely in order my account was transferred to Bank of Utah, who was the funding bank.
I was pleasantly surprised how the flow went, after being disappointed by my own bank. And then having applications that went nowhere with big lenders like Kabbage, I was really happy that they asked for something, I sent it, they confirmed that they had it. There was very good communication and accountability for the process. It saved my business. I am thankful I found them and that it was just easy to work with them in the world where things for business owners got pretty stressful. SmartBiz Loans exceeded expectations.
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I filled out an application with many financial providers - PayPal, Kabbage, Intuit. The process was a little bit longer. They didn't get back to me soon enough, SmartBiz did. I was like, let me try it for my second business as well. I got both loans through SmartBiz Loans. I received a PPP loan. Initially, because SmartBiz was the first one that I filled out the application with because I got the email from CenterState Bank, I really didn't know a lot. Because like many other people, we had no idea how this all works. This was pretty new to all the business owners.
To collect the reports that SmartBiz needed, we had to get in touch with ADP, and ADP had to download it into our system, it took us a while to get those printed or get that downloaded. It was a little bit of a work, but something we learned ourselves. Because there were a lot of documents that were required to be uploaded, but we got it. Once I was able to do it for one, then it was easier to do it for the second one because I already knew the process. So, that delayed the process a little bit.
SmartBiz's requirements were similar to everybody else's because that's what the FDA required, but once we got the system down, we were able to download whatever is it that SmartBiz asked for. Once SmartBiz had everything in their system, it took another three days. I was even able to speak with somebody at CenterState after that, once SmartBiz finished their part of the end and went to CenterState again and they were able to get the clarification, how soon the funds will be in the bank.
I called SmartBiz a couple of times to find out as far as they needed some information regarding the franchise agreement that we had with 7-Eleven, that's my business and that was something I signed 10 years ago. I had to request a copy of that from the corporate, which they finally emailed, but it took a while. I have those now. But I have not submitted because they said they just wanted to make sure that I have it because they were writing these loans based on all this information that I provided.
Because of the loans, I'm able to keep all my employees working. We were essential so we have to stay open. We are open 24 hours. We couldn't close it. We weren't making any money at the time, but we have to stay open. And I couldn't let any of my employees go because they have their family to take care of. The PPP helped.
I received a phone call from SmartBiz Loans and Miguel was pretty knowledgeable and persistent. If I was busy, I asked him to call back another day. I did that about four times. I also looked up their profile and it seemed legit. I took a loan for a small business. I do a combination of a fish market/soul food with fried fish. Everything is strictly to go, but I'm in Brooklyn and things are getting really expensive. I need to rephase and do a lot.
The application process was cool. Everybody was knowledgeable and straightforward. I didn't mind the questions, but the rep didn't mind me blowing him off and saying, "I gotta speak to my accountant. I don't know what you're saying. My accountant has to send it to you." With the other company, I felt that if I couldn't get to it, it becomes real pushy. With SmartBiz Loans, I didn't feel like I was being pushed around in any way.
The process took less than two months. The rep told me that the longest process was me giving my information in. He said that once it was in, it went out to the underwriter and then the rest was history. The bank would call me and everything was there. In the beginning, I was concerned about a fee. When I spoke to my accountant and he said that I gotta pay for the service and that I never sit down at a bank and avoid a fee. So I felt comfortable with the fee, even though some friends that run businesses said that I couldn't keep paying a fee. It was well worth it.
The small loan company that I was going through for my high-interest rate loan told me about SmartBiz. They then did debt consolidation and the equipment upgrade for me. The process was very simple and the lady rep I dealt with was excellent. Uploading the required documents was nothing very difficult. The rep sent me samples of balance sheets and tutorial paperwork, and then a blank paperwork to get filled out to do the work. I, however, wasn't very educated on it and at the end, where I continued to use credit card to pay bills, it dropped my credit score. So, the first round was not too good, but after she taught me everything I needed to do, the second round went straight through.
I have been trying to get this loan forever. I did all this stuff in 2002 on my own, so I did not know anything about building business credit. So, this company was very educational and they helped in what I needed to do. My life changed in the second they paid off all those high-risk loans and put the change in the bank. Someone is literally on the phone with SmartBiz right now that I recommended, and he and I are going to end up being business partners.
I was looking for consolidation and went with SmartBiz for lower monthly payment and lower rate. The business loan was relatively easy to apply for. It was a month-long process which I understand, but a lot of the information that they asked for was redundant. They asked us to have a workman's comp policy for insurance which was not really necessary, and we did not do that.
It was good dealing with the SmartBiz team, but I constantly had to come up with a different document. I own a very busy bed and breakfast, so time is of the essence. When I'm constantly having to run around trying to come up with documents or get in touch with my accountant to get more documents, it would have been a lot easier if everything was listed for me to get at one time. I could have gotten it, given it and then done. But uploading the documents is very easy. Overall, it was a very good experience. Working with SmartBiz has given me a little bit less stress as far as having to worry about high-interest rates on the previous loans and having to come up with funds that I've had a hard time coming up with for the higher payment each month.
Thank you for your review of SmartBiz Loans. We know how busy business owners are and appreciate your time!
We are so glad that you found uploading documents easy and that you had a very good experience overall.
Best of luck to you and your business,
The SmartBiz Team
I reached out to SmartBiz for my business. I got to the people that when I had questions, I reached out, and they were answered. To file for it, I reached out to my local branch and then they got the application sent over to me, filled that out, and then I reached out to them. I ran into an upload issue. But it was heaven-sent when the young lady gave me her direct email to get the information to her. I was trying for a few days and they said they still were not getting the documents. SmartBiz kept my doors open. I would have shut down if I wasn’t granted that loan. I called back today to see if there was anything on a part two because they were saying on the internet that you could get another if you were still struggling. When I called, they said I couldn’t apply again. Overall, it’s been awesome, helpful, and a blessing. I’m very grateful that they are out there to help people like me or small businesses.
I went through CenterState Bank. We had to do the paperwork and then our bank filed all the paperwork for us. And it was on the SmartBiz's site. The best part of the process was I didn't have to talk to anybody and it was easy. Everything was done online. There were a couple little snags as far as uploading stuff. But we figured it out. It was the operator error more than any. Then within 10 days since we started, we had the money. With the loan, we can continue to work and I can pay my employees and they can feed their families. Everybody is happy.
I went to them for a PPP Loan and spent a lot of time obtaining all of the necessary documentation. I got a vague statement that they couldn't get SBA to go forward, and that I should reapply with someone else.. I Do not Believe that they put due effort into my application.
SmartBiz was the first that responded to my inquiry. The streamlined approach of uploading everything worked out well. Once they got everything they needed, it didn’t take long. Then funding was pretty shortly thereafter. I got an SBA loan. Our interaction with the reps was mainly over email. But when we needed to discuss something, a phone call works. And they were professional and courteous. SmartBiz gave us the working capital we needed to get through a rough time.
If you’re looking for a loan, give them a shot.
I applied at CenterState and SmartBiz handled the PPP loan. The application was fine and it seemed straightforward. Also, getting the loan was helpful so, I was glad that we’re able to process it so quickly.
SmartBiz Loans author review by Barbara Friedberg
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.
SmartBiz Loans Company Information
- Social media:
- Company Name:
- SmartBiz Loans
- Year Founded:
- 417 Montgomery Street
- San Francisco
- Postal Code:
- United States
- (866) 283-8726