SmartBiz

SmartBiz Reviews

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About SmartBiz

SmartBiz specializes in Small Business Administration (SBA) loans. It isn’t a direct lender; rather, it operates as a marketplace that connects small businesses with partner banks that actually provide the loans. Through SmartBiz, you can get SBA loans for up to $5 million, term loans for up to $500,000 and business lines of credit for up to $150,000.

    Pros & Cons

    Pros
    • Simplified application process
    • Multiple lender options
    • Expert guidance
    • Available in all 50 states
    Cons
    • Potential for additional fees
    • Limited non-SBA options
    • Not for new or struggling businesses

    Featured Reviews

    Verified
    Killeen, TX

    I was so impressed with SmartBiz because the process was smooth. They only took two and a half weeks to get it done, even during the holiday season. Also, their rep was courteous ...

    Read full review
    Verified
    Morino Valley, CA

    Their process was relatively simple. I just applied and was getting emails consistently at every stage. I was thankful that I got the final follow-up as far as my loan forgiveness...

    Read full review

    Our editor’s take on SmartBiz

    If you're an established business owner with a strong credit background and you're in the market for an SBA loan, SmartBiz could be an excellent fit. Its streamlined process, access to multiple lenders and specialized support make it an attractive option for navigating the SBA loan landscape.

    But if your business is newer or has credit challenges, or if you're seeking a broader range of non-SBA financing options, you might need to consider other lending platforms.

    SmartBiz products

    SmartBiz specializes in SBA loans, but it also offers term loans and lines of credit.

    SBA loans

    SBA 7(a) loans are the most common type of SBA loan, used for a variety of purposes like working capital, debt refinancing and equipment purchases. Loan amounts typically range from $30,000 to $350,000, with repayment terms up to 10 years.

    SmartBiz also helps businesses get SBA 7(a) commercial real estate loans. These loans are used for purchasing new real estate or refinancing existing commercial real estate debt up to $5 million.

    You’re not eligible for an SBA loan if you’re in any of these industries:

    • Gambling
    • Life insurance
    • Religious teaching
    • Primarily political and lobbying activities
    • Oil wildcatting
    • Mining
    • Mortgage servicing
    • Real estate development
    • Bail bond
    • Pawn or private clubs
    Term loans

    For businesses that might not qualify for SBA loans or need funds more quickly, SmartBiz also offers non-SBA bank term loans. These loans usually have shorter terms and higher interest rates compared to SBA loans, and the amounts can vary based on the lender and the borrower's qualifications, but generally range from $30,000 to $500,000.

    Lines of credit

    With a SmartBiz line of credit, your business gets approved for a maximum borrowing amount, but you can draw funds up to that limit as needed. You don't have to use the entire amount at once. Lines of credit can be helpful for managing cash flow gaps, purchasing inventory or covering unexpected expenses.

    Overview of SmartBiz products

    SmartBiz rates

    SmartBiz’s marketplace is made up of several lenders, so the exact annual percentage rate (APR) will depend on which company you get matched with, along with your borrower profile.

    Each of Smartbiz’s products has its own rate structure:

    • SBA loans: 11.25% to 12.25% APR as of publishing. This is calculated as the Prime rate (currently 8.50%) plus an additional 2.75% to 3.75%.
    • Term loans: 9.99% starting APR as of publishing. The exact rate can vary based on the loan amount, term length, creditworthiness and other factors.
    • Lines of credit: 15.31% to 35.31% APR as of publishing. This rate is based on the Secured Overnight Financing Rate (SOFR), currently at 5.32%, plus an additional 9.99% to 29.99%.

    SmartBiz fees

    There are no SmartBiz fees, but you will most likely pay closing costs or origination fees, depending on which loan and lender you go with. For instance, SBA loans have closing costs of around $450 and a processing fee of up to $2,500. Lines of credit have a 6% origination fee and closing costs of $750.

    You may also pay prepayment penalties or wire transfer fees, depending on the lender.

    How to apply for a SmartBiz loan

    With SmartBiz, you fill out one application to access multiple lenders. Here’s how it works:

    1. Visit the SmartBiz website and start the application process online to get pre-qualified. You'll provide basic information about your business.
    2. If you meet the criteria, SmartBiz will connect you with its network of lenders for loan offers.
    3. Compare the terms of each loan offer and choose the one that best fits your needs.
    4. Go through the final approval process with your chosen lender. This will involve submitting additional paperwork, such as bank balances, income statements, balance sheets and past net income. For SBA loans, you might need Articles of Incorporation, proof of insurance, a business plan and possibly lease agreements.
    5. Once everything is approved and finalized, the loan funds will be disbursed to your account.

    For SBA loans, a minimum credit score of 650 is generally required. For non-SBA loans, like term loans or lines of credit, the minimum credit score might be around 680.

    Your business should be U.S.-based and operational for at least a few years. New businesses might find it challenging to qualify. You should have a clear record, free of recent bankruptcies or outstanding tax liens.

    How does SmartBiz compare?

    SmartBiz isn’t the only marketplace where you can find funding for your company’s needs. Two more competitors in the space are Fundera and Lendio, and while all three platforms have a network of lenders, the composition of these networks can differ.

    SmartBiz’s network is heavily skewed toward lenders that specialize in SBA loans. Fundera and Lendio have more diverse lender networks, ideal for businesses seeking a broader range of non-SBA loan options.

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    SmartBiz FAQ

    How does SmartBiz make money?

    SmartBiz generates revenue primarily through referral fees and servicing fees. When a borrower is successfully matched with a lender through its platform and secures a loan, SmartBiz receives a referral fee from the lender. Also, it charges servicing fees for some of its loans, which are usually a percentage of the loan amount.

    What is the minimum credit score for SmartBiz?

    The minimum credit score is typically 650 for SBA loans. This threshold is in line with the standards for SBA loans everywhere, not just through SmartBiz. For non-SBA loans, the minimum requirements might be lower.

    What does SmartBiz Loans do?

    SmartBiz Loans is a financial services company that specializes in helping small businesses get loans, particularly SBA loans. It operates as a marketplace that connects businesses with a network of lenders.

    Is SmartBiz legit?

    SmartBiz was founded after the 2008 financial crisis with the mission to streamline the often complex and time-consuming process of applying for SBA loans. Since then, the company says its technology-driven platform has made it easier for over 230,000 entrepreneurs to access more than $9 billion in funding.

    Unlike many other loan marketplaces that offer a wide range of financial products, SmartBiz specializes primarily in SBA loans. This focus allows it to offer support specifically tailored to the SBA loan application process.

    SmartBiz Reviews

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    Popular Mentions

      How do I know I can trust these reviews about SmartBiz?
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      How do I know I can trust these reviews about SmartBiz?
      • 4,458,907 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 10
      Verified purchase
      Staff

      Reviewed March 17, 2022

      I got an SBA loan from SmartBiz. The rep was great and very helpful. He always answered my questions. So, it was good. I’m happy with the result.

      Verified purchase
      PriceStaff

      Reviewed Dec. 31, 2021

      Matt was very good. He was really helpful. He made everything really, really easy. The interest rate was pretty good. I got a 6% for 10 years and 150,000.

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        Verified purchase
        Punctuality & SpeedStaffProcess

        Reviewed Dec. 9, 2021

        I was so impressed with SmartBiz because the process was smooth. They only took two and a half weeks to get it done, even during the holiday season. Also, their rep was courteous and knew what he was talking about. He always asked me for whatever I needed ahead of time.

        Verified purchase
        StaffProcess

        Reviewed Nov. 10, 2021

        Their process was easy and very self-explanatory. I had a good experience working with them.

        Verified purchase
        Punctuality & Speed

        Reviewed Oct. 21, 2021

        The loan process was pretty quick. We did everything online.

        Verified purchase
        Customer ServiceSales & MarketingProcess

        Reviewed Oct. 7, 2021

        SmartBiz was more prevalent than the others, and I saw them in more than one place. Their process was relatively simple. I just applied and was getting emails consistently at every stage. I was thankful that I got the final follow-up as far as my loan forgiveness. I'm glad everything that was advertised went through.

        Verified purchase
        Installation & SetupStaffProcess

        Reviewed Sept. 3, 2021

        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.

        Verified purchase
        Punctuality & SpeedOnline & AppStaff

        Reviewed Sept. 1, 2021

        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.

        Verified purchase
        Staff

        Reviewed Aug. 18, 2021

        SmartBiz did a great job. Working with them was excellent.

        Process

        Reviewed July 16, 2021

        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.

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          SmartBiz Company Information

          Company Name:
          SmartBiz
          Year Founded:
          2009
          Address:
          433 California Street
          City:
          San Francisco
          State/Province:
          CA
          Postal Code:
          94105
          Country:
          United States
          Website:
          www.smartbizloans.com