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SmartBiz Loans
SmartBiz Loans
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(844) 846-1125
Overall Satisfaction Rating
4.81/5
  • 5 stars
    94
  • 4 stars
    10
  • 3 stars
    1
  • 2 stars
    1
  • 1 stars
    1
Based on 107 ratings submitted in the last year
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SmartBiz Loans

ConsumerAffairs Accredited Brand

Founded in 2009, SmartBiz Loans provides SBA Loans through a quick and easy three step process. The first step is to prequalify using the secure software. Once you are prequalified, you will work with a SmartBiz Relationship Manager to plan the use of your funds and provide financial information. After confirming your business’ financials, funds can be imported into your account in as little as 7 days after your completed application.

The SmartBiz platform was created to reduce high cost APRs for small businesses making it easier for those businesses to receive loans. The SmartBiz team is committed to providing quality customer service.

A+BBB Rating
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145 SmartBiz Loans Consumer Reviews and Complaints

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Oct. 10, 2018

I've had a terrible experience with the financial aspect in trying to get my business off the ground. I was sick and tired of going to anybody who said they could help us and they couldn’t. So, this time I went through the SBA and put in a request for them to connect me with somebody that could help us with SBA loans. They shoot out my information and SmartBiz Loans contacted me and I got a loan from them that's called 7(a). The enrollment process was horrible but it was all because of the SBA requirements which are too strict. They put quite a bit of burden on the small businesses as far as paperwork and they make it almost impossible to get a loan. But SmartBiz did a great job of helping us put our package together. Without them, we wouldn’t have gotten the loan.

The customer service was phenomenal. The process was very lengthy and they did everything from beginning to end. I had to provide every single piece of paperwork and letters and financials, but they did the cash flow analysis. We're a junk business that has no performance and we're asking for a million dollars deal. So, they ensure that the information in the package makes sense and that it's accurate. The loan that they helped us to get through the SBA, being that the payments are reasonable, has allowed us to keep a little bit more of our working capital every month and put that working capital towards proposals, work and hiring. It gave us room to breathe. There are other companies which tells you, “Oh, yeah, come borrow for payroll purposes,” but they want you to pay everything back in three months. And so, you got a $1,800 a month payments. So, if you're making $2,000 a month, there goes your working capital.

All of the financial options out there for small businesses are too expensive. The monthly payments are extremely burdensome on small businesses. And so, having people through the SBA to get one of these loans as difficult and as painful as it is, allows small businesses to continue to bid on work, to get some more momentum so that we can survive for a little longer while we're getting a word from the government. With that, I am recommending SmartBiz Loans to my friends. They were able to help me tremendously, and as difficult as the process was, the hand holding and helping us through that really made a big difference for us.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Oct. 9, 2018

A friend of mine got a loan through SmartBiz Loans and when I needed some extra capital for my business, I went with them. Everything went smoothly and it was a pleasure dealing with them. During application, I spoke to Teddy and he walked me through the whole thing. They helped with which documents I needed and how to write the documents to get the loan done. I had recently done an SBA loan, so I knew the process myself, but they worked through with it. It was very pleasant and it was done very professionally. Working with them cut my interest rate and I paid down some higher debt with that. I was paying 12% and now, I'm paying 8%. So, that’s saving me some money. If a friend asks about SmartBiz, I would tell them that they should try them.

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Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: Oct. 6, 2018

We were looking at changing up and consolidating and went with SmartBiz Loans. The application process was fairly smooth. They asked for financials and what we were looking for and we came to an agreement. We interacted mostly via emails with a few phone calls. They gave me the guidelines of what was needed.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Oct. 3, 2018

I was exploring the idea of doing an SBA loan but I wasn't ready last year. I always kept SmartBiz Loans in mind and when I was ready, I reached out to them for business expansion financing. Their SBA interest rates were much lower than any other, so I figured it would be smart to deal with them than another company that had much higher interest rates. There was a particular individual that I dealt with the whole time and he was as professional as he could be. Overall, the process was smooth and incredibly easy. It only took a couple of weeks. Working with SmartBiz has improved things quite a bit for me, so I couldn't be happier. I recommend them.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 28, 2018

I was looking up SBA loan processes and SmartBiz Loans popped up. I did a research about the company and found that it seemed legit and good, and we went that way. They made the process faster and worked with the broker for me. I didn’t even know that stuff existed and I thought you'd have to do it straight through the bank. So, it makes it easier. I had to give a lot of documents through the process, but in general, it was all fairly easy because I could do everything electronically. And for me, that’s great. I don’t have to mail stuff in. I could just scan or do whatever I needed to do which was great. And then, if they needed adjustment or something, they just tell me.

The people at SmartBiz were super friendly and responsive. I talked to them every day either via email or on the phone for almost the whole process. They were great. They were there for me. Working with SmartBiz made my business possible. We were offered a space to buy and that was kind of the perfect spot, but we had a very short window to come up with the money, and doing an SBA myself, there's no way I would have ever been able to do it in time. They know all the ins and outs. So, it made it easy.

They were able to haggle a few things with the bank because there was asking for a few things that were kind of technically not related, but they know how to verbalize to them and got them to back down on a few things that were kind of unnecessary which was great. They also have a direct line to the bank which was crazy to me, like if they needed something, they talk to the bank, and then it felt like same day, things got resolved. The whole thing was awesome. It requires a lot of work still, but they did all the hard work. I just gave them their stuff. And they even packaged for us. They made everything so much easier.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 26, 2018

I researched a little bit, looked at all the pros and cons on there for SmartBiz Loans, and it seemed pretty good. I got an SBA loan from them and the process was pretty easy especially if you have everything on QuickBooks. I keep very good track of all my paperwork, my LLC, and my taxes. I had them all right in QuickBooks, sent them to SmartBiz, and I was funded within a week and a half. The people at SmartBiz were very helpful, and they got right back with me immediately. Anytime I had a question, they could answer it right away. They walked me through the process and they were wonderful to work with. I enjoy going to work today because I know I can grow and I've got plenty there, and the payment back is not out of reach. I would highly recommend SmartBiz Loans.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 22, 2018

I was referred first to the VA and then to the Small Business Administration. SmartBiz Loans was one of the companies we were paired up with. We picked the first three that responded and began sending off paperwork. It was SmartBiz that responded first and seemed to be the most aggressive, so that's who we chose. We assumed that they wanted our business, but the number of documents needed during the process was insane. I can go to my bank and they would loan me any amount of money without any documents. Or I could buy at the Harley-Davidson a Smoke Crystal Matte and drive it up and down the freeway without any problem.

The SmartBiz people, however, even made me send them photographs of my front and back door. I also had to send them every single page of my lease contract for the apartment where I live although that had nothing to do with my business. I have a business that has been running and we have great lines of credit, yet SmartBiz made the process so difficult. There were numerous times when we asked ourselves if it was really worth the time and effort to provide them with the ridiculous documents they wanted. Some of the documents they asked for completely made no sense and by the time they were done, they knew what color of car I drove 20 years ago. If I was going to make something up, I'd make up something that's a little more interesting.

My partner and I really thought the process was a joke and that SmartBiz just wanted to see what they could make us do. The process should have been simple. They had my credit score and they knew what our business does because they had all the documents. It sounded to me that those would be pretty much all they needed, but they weren't. I think the process was actually designed to scare most people away. It was about five weeks of insane demands for paperwork. If I could think of any other option, I would probably go with loan sharks or crowd-source funding rather than go through SmartBiz's process again.

I would recommend SmartBiz because it was the one we had luck with. But I would warn people in advance that it's gonna become a full time job for someone for a while to secure the funding. Maybe the problem was I didn't ask for enough but I don't know what would have made that experience go any faster. We're coming up on eight years in business. We produce an extremely expensive product and we've been profitable. My vendors will supply me with metalwork or different things that I need to the tunes of tens and thousands of dollars at that time. We had zero debt and I could show a positive income stream. However, I feel bad because I can't imagine that a brand new business would be able to secure any funding from SmartBiz. 99% of new businesses shouldn't even bother.

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Rated with 3 starsResolution In Progress
Verified Reviewer Verified Buyer
Original review: Sept. 21, 2018

We were expanding and hiring some new employees. We worked with SmartBiz Loans and our agent was Hunter. He really worked hard to get the loan done, and that was really big for me. He was just very encouraging, and he was immensely helpful. Wherever he could help, he tried his best to help, and made the process as smooth as he could. The process was more difficult than I thought it should have been. They asked for way too much stuff in underwriting and didn't answer everything upfront. They kept asking for more and more and more. It was just a daunting undertaking to try to get them everything. They should have given me a list of the things they needed initially, and not five different times.

SmartBiz Loans response

Steve,

We’re happy that Hunter guided you through the process and congratulations on your SBA loan.

SmartBiz matches customers with a bank partner most likely to fund their particular business profile. Because of this, additional documentation not originally requested may be required as the application moves through bank underwriting. We understand this can be frustrating and work constantly to streamline the process for efficiency and speed. Your comments will help us improve our service. We know your time is valuable and thank you so much for writing a review.

We wish you and your business continued success!

The SmartBiz Loans Team

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 15, 2018

I received a postcard about SmartBiz Loans and when I looked online for reviews about them, they were mostly positive. The application process was easy and their rep was very attentive. Everything about him is good. Working with SmartBiz Loans has affected my life very positively and I now have more cash flow.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 14, 2018

I sent an inquiry to SmartBiz Loans and they got back to me right away. We started the process and it went very smoothly. An SBA loan is a little bit complicated but other than that, it was fairly straightforward. The guy who was in charge of my loan did a wonderful job. He was right on top of things. I answered back to him promptly and got him the stuff I needed. We ran into a couple of glitches but they were handled very well and very quickly, so no problems. I am very happy. I wanted to get into consolidation loans and get everything under one rope, and they were able to do that. Now, we're going along very smoothly. SmartBiz does a wonderful job and I'd recommend them anytime.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 9, 2018

The ease of the process and the amount of information when I called to inquire at SmartBiz were really good. Their application process was very self-explanatory as well. When there were questions, I was able to speak to a person who worked with us and it wasn’t like I had to talk to 50 different people. I was able to speak to one person and he was very approachable and very knowledgeable about the process and what we needed to do. I never had a time when I could not get a hold of him and it was even over a holiday weekend when we were working with them.

Working with them had made us so that we could go forward and increase our business. And also, we were worried about how we were gonna grow. Now, we’re not worried about it and we’re really happy that we were able to go to some conferences and do some things that we wanted to do without worrying how we could make that happen. I’d recommend them. It was the most seamless process that I’ve ever done for anything like that. This was just two weeks of me trying to have all the right paperwork, answering all the right questions and having the help of one person who was just there for me. So, it worked beautifully.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 8, 2018

SmartBiz has a lower monthly payment instead of us paying $4,000 on to Biz2Credit. It’s around $1,800 less so it’s a bigger leap and I’m getting a bigger loan. Also, the application process was very easy. The SmartBiz team is great. They’re easy to contact and work with and the rep is very professional and friendly. It’s good working with them because I've got some extra money for working capital to help me get out of debt.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 3, 2018

I wanted a business loan with a company but they said they could not give the amount I was looking for. They recommended SmartBiz Loans. SmartBiz was phenomenal. I worked with Chris. Chris was just very good and very responsive. He would call and respond immediately if I ask a question. He helped me out. It was a very positive experience and working with them has helped my business.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 2, 2018

I helped handle everything with Radhika at SmartBiz Loans and she was amazing. She was very responsive to everything and was very easy to get in contact with. If I had a question, she would get back with me immediately and she always kept us informed. She went above and beyond. The process took 30 to 40 days and a couple of weeks of that was getting information that they needed to get it started. It was time-consuming but it wasn't hard. Working with SmartBiz has been great because it helped me pay off some things that I needed to pay off and it gave us extra working money that we can start up new jobs with.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 1, 2018

It was interesting to see what SmartBiz had to offer. I get a ton of that stuff every day and SmartBiz was a little more interesting than the other garbage I get. I received a 10-year SBA loan from them. The rep I had, Zach, was excellent. He was very nice and very patient. Some of the stuff was irritating at times because he was so detailed to make sure that all the Ts were crossed and all the Is were dotted. We got through it and we got the loan. I'm grateful for it. It was a long drawn out process, but it wasn’t too long.

We had a four-year 11.89% loan with another company and it was costing us $1,642 payment. We took about $63,000 and we had paid it down to about $49,000. SmartBiz came in and I told them that we would like to pay that loan off. The rep put the calculation together and he said that he can get me additional. I said sure and he was able to do a $110,000 loan for cheaper than what I was paying for the $63,000 loan balance, which was only $49,000 at that time when we closed on it. I went from $642 to $1,000 and something a month, so I saved $300 plus and added another $59,000 of working capital and paid off my existing loan with the other company. It was a great deal because the rate was lower.

SmartBiz's rates are better than some of these shysters out here who figured we can't get traditional loans easily from the traditional banks. They make it very difficult, but SmartBiz makes it possible. I would like to get more money, but they're telling me that I got to come back six months later. I actually needed about $500,000, but I was grateful for what they did.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 31, 2018

The SmartBiz rep said I was pre-approved for a Small Business Association loan and the interest rate then was only 8.75%. That sounded like a good deal for me to pursue so I did. Their reps were friendly, professional and helpful especially Hunter, the guy that I ended up dealing with the whole time. He was fabulous. SmartBiz certainly made life better for us to be able to get through to the next thing.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 28, 2018

I was looking to resolve a debt and SmartBiz Loans offered SBA Loans. The process was easy. The team at SmartBiz Loans was outstanding and they got the job done up to the finish line. I had a perfect experience.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 27, 2018

I was looking for an SBA loan to expand my inventory. Since someone had a good experience with SmartBiz, I chose them as well. They went over my personal credit and they asked me for my business' financials. Once they reviewed everything, they said that there's a good possibility that they could get me approved by one of their banks. The officer-in-charge of my application, Hunter, was knowledgeable. And during the entire process, there was nothing that caught him off-guard. He had a plan for any obstacles we encountered, including convincing my landlord to sign the subordination agreement. While it took a while to convince him, everything else was smooth sailing. In the end, SmartBiz made the loan process extremely easy for me. Working with them improved the financial situation for my business. So, if others would need a loan, reach out to SmartBiz.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 26, 2018

I had gotten a brochure in the mail from a local bank, and they referred me to SmartBiz Loans. Initially, they asked how much I needed and what I planned on doing with the loan. Thereafter, we got down a little bit closer and got into the nitty-gritty about exactly what I needed and what I wanted to do. They wanted a lot of information, which I had to get for them. Still, everything lined up and went relatively smoothly and there weren't any hold-ups that amounted to anything. Plus, everybody was positive and reassuring. While the process was a little bit slow, the problem was more with the bank. Once the application went to the bank, it seemed like there was a couple of weeks that I just sat there and didn’t do a whole lot.

At SmartBiz, I worked primarily with a young lady named Chloe. She was very optimistic and seemed to know exactly where we were headed and what we needed. There were only a couple of things she asked a supervisor about. With the loan, we won't have a slow Christmas. We went for operating funds primarily and it's nice to be able to keep money in the bank too. We've already purchased some of the new equipment that we were going to and we're getting that all set up before tax season. We're looking forward to what may be the best tax season we've ever had. It could be great around here come next year. I've got nothing but good things to say about SmartBiz Loans.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 25, 2018

We're going through a really fast growth period in the company right now and so we needed some working and some marketing capital. SmartBiz Loans offered the loan type that I was looking for, which was an SBA loan and it was something that had a longer-term than anybody else could offer. The application was a long process. Because an SBA loan is backed by the government, they wanna have everything in place. But the thing that's great about SmartBiz that I really liked was that they're the intermediary between myself and the bank that ultimately takes the loan and gets it backed up by the government. 97% of people that are presented to a bank by SmartBiz end up getting funded. The reason for that is because SmartBiz knows what the auditors at the bank are looking for. So while the application process was tedious, they did a good job of getting us to where we needed to go.

My specific account manager was really good at saying, "Hey, listen. I know that this is a lot, but here's what we got, here's what we need to do." It was helpful. He was cordial, professional, knew what the process was and knew that some things were frustrating. He even advocated on my behalf through his internal audit team. He would say, "Look, I think this guy doesn't need to go get this." Then when I went to the bank it was simple. We got funded and we saw money in our account within two business days after getting the thumbs-up. To have that extra cash-flow has given us the ability to do what we need to do to grow the economy. We brought on three new staff members as a result and we're getting more and more clients coming in. It was a great experience with SmartBiz and I would do it again.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 24, 2018

I was seeking financing for a working capital and an expansion of our current business. My wife found SmartBiz online and they made our process sound a lot easier than a lot of the other ones. It was an extensive process that took six to eight weeks, but we expected that. The rep was very personable, which is what we like. Working with them has really helped us grow on what we needed. We had a great experience and I have recommended them to couple of friends already.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 22, 2018

I needed a working capital and SmartBiz Loans had a longer-term payback. I expected that there was going to be a lot of documents that had to be filled out, whether I went with a small business loan or not. If I went to the Small Business Administration, they would have made me fill out the same documents but they would have sent me home with the documents and wouldn't have given me much help. So I thought SmartBiz's process was fairly good with them being available to help me and to answer questions along the way.

They sent me two emails. One was about the process and the other about the person who handled my file, and I responded to them both. The guy who closed me out was good. The communication was clear but most of it was done via email and sometimes there was a waiting time and answering one email before the other one gets answered. There was kind of a logistics issue but nothing that's inherent to SmartBiz. I'm starting to reap the benefits of the loan. I'm not as stressed out about my month-to-month operating capital and I'm able to move around a bit to make decisions that would put me in a better position. The process wasn't perfect, but I would definitely recommend SmartBiz Loans to someone else.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 21, 2018

I was seeking financing for business expansion. I went to the Small Business Administration and filled out a form, and SmartBiz was the first company that called me. I loved the guy I talked to. He was kind and seemed considerate of what my situation was because I'm a small business owned by a single mom and I'm also an immigrant. They were really clear about the documents they wanted and it was easy to upload them on the system that they have. They kept me in the loop and everything was good. The process took six hours and I had a fantastic interaction with the reps. SmartBiz Loans affected my business positively. I needed to get this loan and without a loan, I don't know what I would have done. I have already referred SmartBiz Loans to people.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 20, 2018

I was looking for a working capital and I was looking to refinance another loan and SmartBiz offered me an SBA loan, which was something I really wanted to do because it meant working with a real bank and not some third-tier lender. I didn't get the working capital but I got the refinance of the other loan. I was a little confused at first because I thought I was dealing with the broker but then it turned out they were just somebody that was partnered with SmartBiz and it turned out that SmartBiz was doing all the work. I never heard from the original person again but the SmartBiz people were terrific. They were very friendly and knowledgeable and they worked really hard to get it done.

There were lots of requirements from the bank and the government for an SBA loan and we had to dig out all kinds of documents from 32 years ago and scan, so it was a difficult process but SmartBiz walked me through it. They were totally top-rated and they were really helpful and very smart. They got me my loan and I was happy with the timeframe. Working with them has allowed me to take care of a cash-flow issue by reducing my loan payments for a project that we did this year, where our receipts from that project, our benefits, our reaping of the fields from that project won't be coming in until next year. Things took longer than I thought and I had to refinance that loan and SmartBiz was right there and they did it for me.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 15, 2018

SmartBiz offered good rates and looking to be more liquid, I took out a business loan with them. I was pleased that I got a fair offer. Every other company I was dealing with was giving these massive high percentage of loans or just terrible loans. The process for the SBA loan was two-weeks of gathering details so it was a long one but Hunter, the guy I worked with, was incredible. He was easy to get along with and very willing to go the extra mile to help. SmartBiz is a blessing and I would recommend them. They were professional and they would give clients what they are looking for.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 12, 2018

SmartBiz knows what they're doing so you should get a loan from them. We were brought to SmartBiz by some other Diamond Capital group. We were seeking financing for business expenses like extra inventory and product expansion. I've heard of Smartbiz's name before so I knew I could trust it versus some new name company. The application was easy and they asked for bank statements as well as other things about the business. They'd hold me and asked about 20 items. If I didn't have it, they'd tell me how to get it. It was easy to upload the documents. It took about a month to collect all the information and after that, it took about a week for funding. So, it's really good.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 11, 2018

SmartBiz Loans was a recommendation from Fundera, and they reached out to me and I started working with them. There was an online application where it told you each step of every document that you needed to submit and the process to get an SBA loan was much simpler than I thought it was gonna be, which was great. The representative I worked with from SmartBiz Loans was very good at his job and working with him was wonderful. He guided me step by step through the whole process and made sure there were no hiccups along the way. If I had questions, he was always available to talk on the phone. He was very responsive and he would send multiple emails on the same day. He also did some external work for me in order to get the loan moving along the loan application process.

I used the loan for working capital and refinancing, which was able to reduce my overall interest burden. It also greatly increased cash flow, so I was paying less payment per month, which helps me purchase more inventory to grow my company. SmartBiz was a great company to work with and they definitely affected my overall business. I would recommend them to anyone searching for financing, whether that's a small business or anyone else.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 28, 2018

I had a Funding Circle loan and SmartBiz Loans contacted me. They said that their standards for an SBA loan were similar to Funding Circle so I could consolidate some stuff and make my life better. And that’s what I did. An SBA loan involved a lot of documentation and red tape that I gotta go through, and the guy at SmartBiz who I worked with was very helpful, informative, and patient. It was a long experience, but it was good. Without their help, I would have never gotten through the whole process. SmartBiz consolidated a lot of high-interest loans into a manageable payment and I got a light at the end of the tunnel. Hopefully, by the end of the SBA loan, I’d be debt-free and everything will be good.

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Rated with 1 star
Verified Reviewer
Original review: July 27, 2018

I began the lengthy application process with SmartBiz in mid-April 2018 and found out yesterday that 7/25/18 that my business financials would not meet the loan criteria for the SBA. I was not happy with that outcome, but understood as our business had a difficult 2017 financially. We made some bad hires that affected our profitability very negatively. I was prepared for this outcome and honestly as we went through the process our financial fortunes were improving. So the money was not really needed as much as wanted for expanding the company and accelerating our growth. However, in going through the process there were 2 things that bothered me greatly about the whole deal.

1. I dealt with 3 different account reps (?) during this very lengthy and time consuming process. None of the 3 reps Jon, Jefferson or Phillip were very good at communicating. It took as long as almost a week in one instance to respond to an email requesting status of the loan application. There were several other instances that took inordinately long periods of time for responses as well. Usually after a couple of these instances I was changed to a different representative. This proved to be frustrating especially when SmartBiz is going to get 2.5 to 3 percent of whatever amount you end up borrowing. I don't begrudge them getting paid for their efforts but I do not appreciate slow and even arrogant responses to legitimate questions.

2. The second problem which bothers me the most is the fact that the issue that according to SmartBiz prevented our eligibility for the loan existed and was disclosed very early in the loan application process. The issue was our profitability in 2017, which as I stated earlier was due to a couple of very bad hires that greatly affected my company. Prior to 2017 my company was growing for over 5 years with 30% to 50% sales increases annually.

Additionally, we maintained a six figure bank balance prior to the rough year and I anticipate reaching that level again in the 1st quarter of 2019. By any definition my company is a good and growing small business that hit a rough patch due to a couple of bad decisions. I think almost every small business goes through something similar at one time or another. The insult here was the waste of dozens of hours of my time and the time of my bookkeeping staff in working to secure a loan that the "3 stooges" knew from the beginning would not be approved.

When I asked Phillip why they decided to waste so much of my company's time, effort and money in having go through the entire process his response was "we were hoping the numbers would improve". Did Phillip and the other stooges think we would somehow find another couple of hundred thousand dollars under a rock? Perhaps they thought the tooth fairy would look kindly on me and give me the money I didn't get for a tooth when I was 5 years old with accumulated interest.

I was not informed when this information was disclosed that our 2017 numbers were such a deal breaking problem. It seems to me that their actions belie a very selfish and uncaring company that only seems to be truly concerned with collecting a fee rather than the amount of resources people have to put into seeking an SBA loan. They're marketing is very good in leading you to believe they’re here to help but like a lot of marketing out there it's as full of hot air and hypocrisy as just about anyone else.

I recommend you look to your own financial institution first when seeking an SBA loan and don't believe the hype. Make very sure they are upfront with you about your actual possibilities of getting the loan. The primary issue with us is our perceived ability to repay the loan with very little consideration of the circumstances and how they may have changed. If you had a bad year just prior to seeking the loan I suggest you find another source of funding.

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SmartBiz Loans response

Thank you for taking time to leave your comments. We take customer feedback very seriously. The SmartBiz team looked into your applications. One was submitted on 4/23 and withdrawn one month later on 5/29. Your second application was started on 7/17 and declined 10 days later on 7/27. We were initially unable to refer you to our SBA bank partners due to their credit requirements and later unable because of their financial requirements. We apologize that you did not receive a consistent and streamlined customer service. We’ve taken steps internally to make sure this doesn’t happen again. We wish you and your business the best of luck.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: July 24, 2018

I had an SBA loan before and I thought that I would try that again since I wanted to expand my business. I found SmartBiz Loans on Google as it popped up under SBA. Applying at SmartBiz wasn't easy and the process took three months, which was longer than I thought it would. My credits gotta be perfect and my bank accounts gotta be good. Also, I had to have all my ducks in a row before the SBA is gonna loan to me. Still, my experience with SmartBiz was great and working with them helped me get my business expansion up and running.

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SmartBiz Loans expert 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.

  • Best for: SmartBiz caters to business owners interested in securing an SBA guaranteed loan between $30,000 and $350,000.

Profile picture of Barbara Friedberg
Barbara Friedberg Personal 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 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
Phone:
(866) 283-8726
Website:
www.smartbizloans.com
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