About SmartBiz Loans
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.
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SmartBiz Loans Reviews
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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.
Everything was via email and it changed. There were two to three different individuals that I've been in communication with in the time period. At one point, it became a little frustrating because they asked me to send some documents and I did that. Then they said that I didn't send all and I told them I sent the exact thing that they requested. They reviewed it and then they never came back and say anything other than, "You've improved," and moved on to the final stages. This was all within the past month.
Then they told me earlier in June that my application was incomplete and I sent the wrong set of payroll documents. I told them that I sent everything. They said that I sent the first and second quarter for 2002, and then something that's for 2019. They told me to send the full year for both years. But they only wanted the first quarter and I sent them more than the information. I sent those to show comparison of the first two quarters of 2020 and 2019. Then, they came back and said, "Approved," and moved on. They never acknowledged the error so I thought that was a little odd. Nonetheless, the loan funding helped us maintain staff because it's been a trying year. We were in the hole and were looking to have to furlough an employee or two. It came in right in time when we were having to make the tough budgetary decision.
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I applied near the end of May for a 2nd round PPP loan. I would have used my bank, Prosperity, but the SBA was already declining loans by them. It seemed SmartBiz Loans was one of the few places left that was still taking applications and still had the ability to get 2nd round PPP loans approved by the SBA. As a result of this, I think, they were swamped way beyond their expectations and had trouble even coming close to keeping up with email, much less phone calls, etc.
It only took 3 days for my loan to get approved and receive an SBA #, but then the real waiting started. My loan was "in funding" for about 4 weeks. That's unusual for a loan these days, but it makes sense given SmartBiz Loans being swamped. They answered my emails each time I emailed, but it took a few days for them to respond most times. There was a problem with my loan funding name information, and it took and extra 10 days to fix it. The funds did, finally, arrive in my bank account. SmartBiz Loans, although slow, was courteous each time I contacted them despite being swamped. From what they must have learned from this massive PPP loan process, I suspect they will be one of the fastest loan sources around once the PPP madness is over. And it remains to be seen how helpful they will be during the loan forgiveness process.
I was Googling trusted companies to apply for a PPP loan through. SmartBiz was at the top of everyone else. They have great reviews. They have real people reviews. It really mattered because you put personal information out there, and it's hard to ask for help. I feel like I could trust a company to have my personal information and that they would understand.
I was a gig worker for so long and really fell on hard times due to the pandemic. I'm trying my best to get back to what some sort of normal would be. Being a gig worker, you keep everything because of taxes and all that, which is so fun at the end of the year. SmartBiz has an easy and fast process. I received a response pretty quickly that I was approved for that PPP loan. The funds were in my bank within a week from the time I applied. So, it was great.
The only thing is I applied for a second draw. I applied on April 22nd but I haven't gotten any response. I get the same automated email saying that they're still reviewing my application. I'm sure everything's really busy so no one is available to answer a call. When I call, no one gets back to me. That's the only downside. I would like to know the status of my second application.
I went online and I subscribed to SmartBiz, and I get emails, news and updates from them. Their signup process is much easier. It was faster, too. In the beginning, I kept getting declined and I didn't know what to do with all that government site but when I reached out to SmartBiz, they sent me an email and showed me exactly how to do it. It was really easy. I got a little grant of 1,000 and then I did a PPP because I have a quilting-sewing business and a craft. I started out three years ago and then in ‘19, I was starting to take off. I had to push it hard because I got closed in. I couldn't leave my home. I had to travel 1,000 miles to sell my quilts. So, I lost a lot of money in 2019.
Since working with SmartBiz, I can now buy more supplies to replenish my inventory. I'm starting out again to start making more product to sell, to replenish my product and then buy my Quilture that I was trying to do last year. A Quilture is thousands of dollars. SmartBiz really helped me a lot, and now I got a little pay check with the 3000 from the PPP loan.
You should subscribe to SmartBiz, read up on their site and contact them if you’re having any trouble. They will surely help you. It's a fantastic group of people. It's a good company for small businesses, and it will make you feel more comfortable even during the worst times. Through the pandemic, it’s helping small businesses build and to be successful, and helps guide them properly. They have been so awesome.
A broker in the LendingTree network got ahold of our file and then he began to work with us and gave us really good advice. He recommended that we reach out to SmartBiz and they did a heroic job trying to get an SBA 7(a) loan, which the window had just opened up in the midst of a pandemic as we were trying to expand our company with our own deadlines. They handled it incredibly well. I love them.
SmartBiz didn't make it clear to me during the application process that the landlord would need to sign a waiver. They also downplayed the importance of it a little bit. Then, sure enough, my landlord didn't wanna sign the waiver and all hell broke loose. But in the end, the landlord did sign the waiver and everything went through. But it was a touch-and-go week because had they made it more clear, I could have negotiated that before we had signed our new building lease. But then, I lost the leverage because we signed the lease thinking that if they said no, it was not gonna be the end of the world. Then it turned out to be the end of the world. So, we skirted through.
Working with SmartBiz was fantastic. At a time when traditional lenders are not offering any options, I'm really pleased with the way that they've performed. When dealing with somebody virtually and not having a direct banking relationship, you never know if they are gonna respond. But they were always in touch and they definitely took the stress out of it. Their platform is very simple to use. It's nice to see a company do what they claim to do. I've recommended them to a colleague who's now working with them on getting his own 7(a) loan.
I needed to make an application for the PPP loan and it was getting very difficult through my bank. I decided to Google to see if there are any other establishment handling that. So, it was the PPP loan application that got me into SmartBiz Loans. Their process was streamlined and everything was online, which I really liked. I had a great experience with them. I filled out my form and followed the instructions. They seemed very straightforward and I was very impressed. SmartBiz did a marvelous job. I couldn't do that through my bank, which is Wells Fargo. I thought their system was very simple. It made life very easy. Everything from filling out the application, uploading the form and the follow-up was straightforward. I love the experience I had with your place.
I like their explanation and the way that they explained in detail the way that their loan process worked and the application process. The application process went smoothly. I also like the promptness. The loan went through fairly quickly. They were very easy to work with. My experience with SmartBiz Loans was excellent.
SmartBiz did a great job. Working with them was excellent.
I applied with SmartBiz for my second PPP loan as the company used for the first, and which was amazing, Customers Bank, was not processing the second round. The process for submitting all of my information was easy and then.. nothing. My application got to their Smartbiz review step and stayed there. I did get one message saying my application was missing my FEIN and logged in to fix it, but the FEID was right there on the application so someone at their company was obviously confused or incompetent. You cannot reach them by any means and they tell you not to try. As far as I can tell their only purpose is to gather all of your financial and personal information. Avoid them at at all costs.
I almost kind of wish I had not gone with SmartBiz. When we first did the first loan, we put one information in there and it came back saying that we put something else. They had funded me, and we tried to email the correct banking information. They approved the loan and sent it to the wrong bank account. We sent them emails trying to get somebody to call us to get it corrected. They ended up sending the money back because the information didn’t match. The last of my social was wrong, and a number on my account number was wrong. So, we sent multiple emails. Nobody ever responded. They reached back out and said, "Just reapply." We reapplied. They said it was gonna be funded. I'm supposed to be getting funded some time this week. It was like $20,600 and something. Then, on Friday, I got another email saying that I wasn't eligible, and I'm trying to figure out why. There's no reason why I didn't get it.
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.
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 Loans Company Information
- Social media:
- Company Name:
- SmartBiz Loans
- Year Founded:
- 2009
- Address:
- 417 Montgomery Street
- City:
- San Francisco
- State/Province:
- CA
- Postal Code:
- 94104
- Country:
- United States
- Website:
- www.smartbizloans.com