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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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.
We pursued an SBA loan for an existing business and Kapitus, the broker, referred us to SmartBiz, their preferred lender. The process wasn't easy because it was for the SBA loan so there was very complex and comprehensive information that had been requested. But with their platform, everything was all online. The only thing that mattered was me trying to find that information in our business and uploading. The actual uploading part and answering the questions on the platform was very easy.
After the initial application, a loan officer was assigned, and there was also an underwriter behind him. I mostly spoke with the loan officer and he was very professional. There were a series of exchanges between him and me because of the process and went into very details. Every time I responded to his questions, he would come back to me very fast, sometimes in the same day, and go in deeper until his question is crystal clearly clarified.
SmartBiz provided the SBA loan for us and it definitely changed our business. With additional funding, I was able to consolidate the short-term loans, so the business is much healthier. They're one of the best lenders I have ever dealt with. From the date that I applied until the day we actually got the funding, it was within 30 days.
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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 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.
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.
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.
SmartBiz is terrible! This company has been holding my PPP application hostage since 2/19/21. I've called and emailed to no end with no response and no loan. In fact, my loan application status has regressed. Per the SBA, I'm unable to apply with another lender unless SmartBiz withdraws my application. This company is going to sit on my application until the PPP funds RUN OUT!
People have been commenting under SmartBiz's social media posts on Facebook and Instagram for weeks just to receive some form of communication from this company. SmartBiz appears to be deleting commenter's posts! They should use that same energy to process loan applications!!! SmartBiz is not equipped to handle PPP loan applications and really should just stop accepting any new ones. Yes, they are posting on social media inviting people to apply for PPP loans! Please do not trust the positive reviews of SmartBiz on this site as it relates to PPP loans.
I have been under review since January 21, 2021. As of today (April 2, 2021), the website states that my application is still "Under Review." On 3/27/21, after numerous unanswered emails, Bernard ** replied to tell me that it looked like my application would be denied because of "Improper Guarantor Identity Authentication." I asked him what that meant and he said, "Improper guarantor identity means the processing team was not able to verify that person." I replied, "How is that possible? I have uploaded all the personal required documents you've requested. From my Tax returns, Social Security card, Driver's License, to my Articles of Incorporation, I've uploaded everything you've asked for and then some. What else do you need from me? How can this issue be rectified?" Neither that email or any of my emails after, have been returned.
I have reached out to Bernard ** at **, Nathan ** at **, firstname.lastname@example.org, email@example.com, firstname.lastname@example.org, email@example.com, and no one has returned my emails. I have been waiting for an answer since January 2021. There has been no respect for my time or my business. As a courtesy, I should have received a concrete answer to my loan application by now. It has been almost 3 months. If they are having a problem verifying my identity, they should at the very least, let me know what I can do to fix the issue. But again, my emails remain unanswered.
I've heard good things about this company in the past, but now, after reading the hundreds of other negative reviews about their lack of communication and consideration for small business owners, I wish I'd done more research before applying with them. Would be happy to write a positive updated review stating that the issue was resolved, I was approved, and funded. PLEASE RESPOND. APPLICATION #**.
Weeks have gone by with them pretending to be evaluating my PPP loan application. This company only wants high dollar loans, so if you're an actual small biz, these guys aren't interested. Terrible customer service, and now my company is at greater risk of failure because of the time wasted with Womply and Smallbizloans.
There is no communication. You can send emails and get a "canned" response. We will never use them again. The phone number is useless. When they want you to do business with them there is no limit to them contacting you.
No way to check status of application #**. Has been stuck in Smartbiz review for more than two weeks. What is going on? No way to cancel. Don't know if I should try another lender because if you have too many applications out there you might be denied because of more than one application. Latest email was to verify application. Smartbiz what is the next step. The time it it taking I may not be able to get this one or a second draw because I don't know what's happening with this one.
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