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SmartBiz Loans
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Overall Satisfaction Rating
4.82/5
  • 5 stars
    88
  • 4 stars
    8
  • 3 stars
    1
  • 2 stars
    1
  • 1 stars
    2
Based on 100 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.

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167 SmartBiz Loans Consumer Reviews and Complaints

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 26, 2019

Working with SmartBiz helped exponentially. Applying for and receiving my finance was moderately easy. It did it primarily online. SmartBiz had great communication and they expedited the process quickly.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 14, 2019

While I was Googling for SBA loans, I appreciated the simplicity and streamlining of SmartBiz Loans' process. They seemed to make it easy so I decided to give it a try. The web-based application was complex but it was still smoother than most other places I would’ve gone to so it was smooth enough for me. For what I was expecting, there was clear effort to make it smooth.

Once I started the application process, I was contacted by someone who focuses on people who were in the early stage in qualifying. He was very persistent, which ended up being helpful for me because I was not sure if I wanna do it or not. His job was clearly to stay on top of me until I either decide to not go through the process or complete it. There were few instances where I was having trouble with the interface and he helped me to keep things moving forward. Once I completed the qualification process, they got me over to the person who held my hands for the rest of the process. Working with SmartBiz has been really positive. I was able to complete the SBA process and got the funding that I needed.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 11, 2019

SmartBiz Loans is the best company I’ve ever worked with. I'm on an SBA program loan. They told me exactly how much I can qualify for, and from there I just submitted all my paperwork. It took a little bit longer once they go through all the details and have everything ready, but it was a smooth and timely process. As soon as I did the application, it was approved within the same day. The girl who handled my file was Merrina. She really knew her stuff. She told me exactly what I needed to get and what the bank would require, then I had to go ahead and get everything ready. All my numbers have bumped up a lot. I will recommend SmartBiz to any other businesses who have financial needs. I’ll recommend them all day long.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 9, 2019

SmartBiz Loans was a referral from another loan vendor. We were looking for a bridge loan to get us to the point where we could expand our software services business and support multiple customers. I was given a contact and the contact at SmartBiz first asked us to fill out information using a software system. Then they went through an evaluation process looking at that information and then helped design the application materials so that they were within the proper specifications with the SBA. After that, they went through an internal approval process and we got the loan. It was actually a really good system and I was very impressed. Even my interactions with the team at SmartBiz were very pleasant. With the help of SmartBiz, we were able to take the business from the level that it was stuck at to where we’re now able to do a bunch of things that we wanted to do. It’s life-transforming and really fantastic.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 3, 2019

I was seeking financing to extend our business and SmartBiz is the only company whose people are not crooks, so I went with them. All the other ones were weird and had 40% interest loan. SmartBiz, on the other hand, provides genuine SBA loans. They were very efficient and serious from the beginning, and the whole process was easy. They just required a lot of documentation which I had to provide but getting that documentation to them was relatively easy. The people at SmartBiz were very good, professional, punctual and on-the-ball. The financing was very much needed at the time it came through, so I felt very positive working with SmartBiz.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 2, 2019

I received a letter from SmartBiz. I started a business here in Florida and I needed some capital to start moving on so I accepted their invitation and made the call. I wasn’t so confident about it because when you’re new, everybody always kinda shuts you down, but the application was quite easy. They asked me for the paperwork. The application took long, but I understand perfectly because the bank needs to be sure that everything is according to the plan that they make. And after that, it was quite easy. Halfway they asked for additional items, and I gave it to them. Almost a month after that, I was ready.

Jimmy of SmartBiz was amazing. He was always on time and always calling me. If I send an email, the reply was almost immediate by email or by calling me. With SmartBiz I got everything as I need it and at the time that I need it. Jimmy also offered me more money because I could be subject for an additional amount, but I just took what I needed. Jimmy and everybody at SmartBiz made it so easy.

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

I needed some working capital and due to the experience with other franchisees, SmartBiz Loans looked like a better deal. The process of applying for and receiving my financing was a little lengthy but good. We were in contact with Horace at SmartBiz Loans daily and he was great. I liked his patience, courtesy, kindness, and professionalism. Working with SmartBiz Loans has affected me positively.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Dec. 23, 2018

When I was doing a Google search, SmartBiz Loans was one of those that came up and they had a quick app form. Michael from SmartBiz Loans called me and I told him that if this was one of those garbage loans, I'm not interested. Michael said that their loan is backed by SBA and gave me some more information. It sounded legit and I wanted him to tell me more, so we started talking. I realized that it wasn't one of the scam loans, and I was interested. We went and looked at it further, and he locked me through the whole process. He was amazing.

SmartBiz Loans put me in a lot better position to get things in the right direction for the restaurant. We've had a really slow mud season but SmartBiz Loans allowed me to get some people hired on, get them signed up, get the chefs in place, get some necessities that we needed, and combined some of the horrible loan interest that I had for the start-up cost of the business. Working with them saved the day.

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

I needed to get some money to keep my growing business well and to get things set up. I did some research online and I found out that there is an easy process that was all online based and it made it much more attractive to me. I got an SBA Backed Loan from SmartBiz Loans. They have a website that I went to. I signed up and provided information. They went through my credit and they got back to me with a pre-approval notice. And then, the process for submission of all documentations started. Uploading the required documents was very easy. Hunter, my point of contact was an amazing guy. He worked with me all the way through closing. I would tell others to go with SmartBiz Loans. They’re a great company.

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

I was online looking for a business cash advance. I was talking to a guy, told him what I wanted and he suggested to get up with SmartBiz Loans. When I spoke to them, they seemed confident that they could get a loan for me, so I applied for an SBA Loan. They sent me a form to fill out and the gentleman that I worked with was very courteous. He answered any questions that I had and made it simple. It took me a little while to come up with some documents but uploading them wasn’t hard at all. Working with this company relieved a lot of stress off of me and gave us the tools to hire a couple more people and get more equipment to work with. I’d absolutely recommend SmartBiz.

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

It was a lot easier to work with SmartBiz. I’m a one-man show, and I can’t spend all day on the phone with people and doing paperwork. Everything else was made pretty easy with the whole online uploading process. I filled out their online application, and then somebody contacted me. Then they went through all the paperwork that I needed to do and upload. Once that was done, they started doing stuff with the underwriters, and then once things were approved, they sent me back some e-documents. I signed them, and then I got my small business loan for my equipment. I've recommended SmartBiz to people.

The process took me awhile. It was a matter of getting my finances in order and all my stuff together because I couldn't spend a lot of time doing it all at once. But realistically, the process could be done in about two weeks or less. I dealt with Michael and he was Johnny-on-the-spot. Any time I had a question, he got back to me right away. He was usually providing me information before I even asked the question. So far, I’m still waiting for the machine to get here, but as soon as that gets here, there's gonna be a big change. I should be able to get more work done, which would be nice.

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

I needed a loan to buy equipment for the business. I started doing the SmartBiz Loans application, and then somebody called me within two minutes. Applying was a lot of work. There was a lot of information but SmartBiz was really good about telling me exactly what I needed. Uploading the documents was very easy, too. Also, if I called, they answered right away, or if I sent them an email, they would respond. The rep that helped me through everything went above and beyond to make sure everything went well and that it was done as soon as possible. I'd highly recommend SmartBiz.

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

We were trying to increase our business. The accountant suggested SmartBiz Loans. The application for the financing was really simple and fast. It was done online, mostly through email, and SmartBiz Loans was really fast and helpful. I've used the money I got to buy equipment and hire more people. SmartBiz Loans is really good.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Nov. 7, 2018

I liked SmartBiz's reviews online, but applying for the loan was a lengthy process. They asked for a lot of paperwork and they had a lot of verifying to do. Nevertheless, t I didn’t have any difficulty in uploading the documents. Kevin, the rep who helped me, kept me informed the whole time on where the process was at. He was also available for any questions that I had. They helped me achieve my goal and if I had to do it, I would use them again. They're the way to go. I tried to go through the traditional bank that I've been banking with since I had my company, but they turned me down. When I went to SmartBiz, I was able to get the loan. SmartBiz is an excellent company.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Nov. 6, 2018

We had some short-term higher interest loans that I wanted to get out of, so I was hoping to get an SBA loan. I have looked into it before and it seemed like a really long and complicated process. Then as I was googling SBA loans, SmartBiz came up. Their website said they could make everything quicker and easier. They have a website where I could fill out the application and they would run the numbers to see if I qualify or not. We're a very strong company and we've been in business for 20 years, so I knew that we would qualify and I didn't wanna spend months and months doing it.

I did that application at home on a Sunday night and then someone from SmartBiz called me on Monday afternoon. We talked about our company and the financials or the application that I did. We then started dealing via email. I needed to get them actual finance corporate documents and all of the paperwork that an SBA loan needs. It was a ton of paperwork, but these people were very organized and they knew exactly what they needed, so they could tell me exactly what the bank would need. Working with SmartBiz was a great experience and a great decision. We got the SBA loan, and though we knew we were well qualified given the excellent financials I keep for our business, it was nice having SmartBiz run us through it instead of having to go back and forth. It was good for our business and easy for us, much easier than it would've been to go directly to the bank.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Nov. 4, 2018

I looked at the letter I received in the mail and then I went online and came to check them out a little bit, and then I contacted SmartBiz. I had looked into some others, but, at LinkedIn where I am a member, SmartBiz was listed by a few other companies that have used them and had very good results. I then went for an SBA loan. They asked for some general information, sent it to them, and then they told me that I qualified for the loan and what the amount that I would qualify for was. It fitted into what I was looking for.

Then, after that, they needed a lot of paperwork, which I understood because of the SBA loan. If I had a question about why they needed some paperwork, they had the information on why they needed it and why it was required. I would send them the information that they asked for, and if they needed additional information, they would contact me. We would get it to them and just moved forward. They were very informative and they gave very instant responses to my questions.

I had some difficulty uploading the docs as I'm not a computer whiz, but I have a guy in the office that was able to do it with no issues in it. The team I dealt with was fantastic. They kept me well informed as to what was going on. smartBiz got me the financing I was looking for. It got me to where I wanted to be with my business by the end of the year. It has given me the capital that I was planning for some growth for next year. I've already recommended them to a couple of people. Also, my accountant has asked me about them, and he has recommended it to some of his other clients because of the process.

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Rated with 1 star
Verified Reviewer
Original review: Nov. 2, 2018

I went through an initial questionnaire to see if I was worthy for SmartBiz to consider me just based on my credit score. It was low. A rep called me right away to say no. That was that. A month later, I received another call saying, "Hey, your score has improved. We will now allow you to fill out our application." I did. A rep emailed me introducing me to the underwriter. They had me submit all these business and personal financials. My accountant had filed an extension on my personal 2017 taxes, so they just wanted proof of that.

The underwriter called me and said my business returns and financials looked good. In addition, my business had a $40,000 3D printer as well as I personally had equity in my home to act as collateral for the small loan I was asking for of $65,000. But then at the end of the "this looks great" conversation we had just had, the underwriter says, Can you just ask your accountant to go ahead and do your 2017 personal taxes since we're just a month out from them being due? It took a couple of weeks, but I got that in along with all the other miscellaneous paperwork they asked for, i.e., insurance, etc. I was pleased that my 2017 personal taxes showed that I had made more than in previous years.

I was about 75% done with the online application. I went back to finish the last bit when the online application said "under review" and would not let me finish.

Crickets... two weeks later and I have not heard anything back. I emailed, no response. I called the customer service number and the rep answering says, "Oh, you've been denied. Not enough cash flow." I was like, What? You-all just told me everything looked great. He was like, Let me reach out to your specialist because these notes may not be up to date. I'll have them get back to you.

A week later and not a word from them. No call. No email. I looked up my initial rep's number/extension and left him a voicemail. Still no response. So this company tells you everything looks great. If you meet our requirements, you are sure to get approval for this SBA loan and you do meet our requirements. They get all your financials, business and personal and then you never hear from them again. What legitimate company would do that? They could be gathering all this information to sell to the black market for folks looking to steal your identity for all I know.

My experience with getting loans in the past is that reps stay on top of things and keep you posted in real time how things are looking. I regret ever giving this company the time of day. They mislead you into thinking everything is great and then go rogue. It is extremely scary having all your personal and business information out there with folks that are this unprofessional. Please consider going elsewhere.

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SmartBiz Loans response

Thank you for taking time to bring this matter to our attention. It appears you didn’t receive the outstanding customer service you deserved. We know your time is valuable and we offer our sincere apologies. We’ve addressed your case internally and are taking steps to make sure communication does not fall short in the future.

We can assure you that your personal, business and financial information is safe and secure. For additional details, review the SmartBiz Loans privacy policy here: https://www.smartbizloans.com/privacy-policy

We wish you and your company the best of luck.

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

I was looking to refinance existing loans and get some extra working capital for the business. I reached out to Dealstruck and referred me to SmartBiz. Dealstruck said they're really good. So, I reached and spoke to my representative, Mike, and he was fantastic. He walked me through the whole process and it was really good. I looked into other providers and he was the one that was the most comprehensive and gave me the thorough run-through. He was the one I felt most comfortable with.

Right from the beginning, I told him that I had looked at other options, walked down certain things, and then hit roadblocks. So he told me to send my information and he would give me everything he knows as far as whether or not this is gonna be worth my time. He told me, after looking at my information and documentation, that it would be worth my time. He told me exactly how many steps I would have to go through, which was great to have some transparency in the very beginning. He told me everything I would need from the very beginning, so I knew it was gonna be expensive, but at least I knew, going into it. It gave me a good peace of mind knowing, at least I know that it's gonna be a lot of work in the beginning, getting this information, and so, that helped.

It was pretty easy uploading the required documents. Also, I was in regular touch with Mike through the process through email and through calls so, I was able to send to him directly some of the stuff. And if I had any questions, he was always available to help me with it. Working with SmartBiz got me exactly what I needed, which was some relief. I needed to refinance some debts and get some extra working capital to get us prepared for, hopefully, a busy season of business coming up, which is always at the end and beginning of the year. So, it came in exactly at the right time. Things are looking much more hopeful now, so that was a positive change for us.

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

I got work coming up and a potential increase in our market and our sales. And I wanted some business financing for growth and a small part of it for a piece of equipment. I was referred to SmartBiz and I was told what the process was gonna be, the timeframe, and the terms and it sounded okay so we applied for it and it went through. The process was pretty easy. It was all going online and we have our accounting in order so I got my fingers on pretty easy on that part. We were able to put the paperwork together and download it into the system. Also, SmartBiz had somebody that was helping us and helped made it a little easier via phone and email. Working with SmartBiz helped, getting the loan and just doing what we needed. We're happy with the end results from it. I feel very positive about the future and everything is good as could be expected.

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Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Oct. 30, 2018

I sent the request to SmartBiz through their email platform and they contacted me right away. They started working on immediately and helped from the get-go. As we were going through the process, I did my due diligence and I decided to follow through it. They had a quick response and they were always on top of the game. I got a small business loan and I provided all the information they required. The uploading of the documents usually went through fairly quickly, although sometimes it wouldn't upload them and then it would start loading again.

Everybody that I dealt with was very professional. If they didn't know something, or they didn't have an answer, they got back with an answer or with whatever needed. Sometimes I would call Mike and he wouldn't answer, I wouldn't even leave him a message but he would call me back, "Hey, what's happening, you called me?" So, that was pretty good. It was good and nice to work with professional people and people that know what they're doing. Also, I got the loan so, I'm happy.

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

SmartBiz seemed to be the most willing to respond. They made a good impression and right in the beginning, were upfront about stuff and what they needed. The guy who did the initial screening was very effective and the loan I got was a small business loan, 10 years, $205,000. All things considered, the process was good. The problems we had, with the side itself, were that they got something wrong and it would be locked-in. They had problems with the address, with the loan amount, with the description of the business, and these things would get locked-in and I couldn't change them. That was annoying.

The worst mishap was the insurance. We got it resolved with my insurance agent eventually. But then we kept getting all these messages saying "urgent." Like none of the other messages had that. For some reason, it was really annoying when I get urgent messages that are no more urgent than anything else. The second one was a real hassle. We don't have a lease and we never had one. We've been running on a handshake. And we had to go to all sorts of gyration like at one point, the guy that owns our buildings had to send them an email. I couldn't commit to renewing the lease because it doesn't exist and I couldn't subordinate my lien on the property because I don't have one. So that was big.

Also, they were asking for arrest records of 2002 in Atlanta where my son got into some crazy thing in the bar and he ended up doing some community service. Getting that taken care of was a problem. It was way, way over-the-top. Other than those, I consistently got timely callbacks with the guy I was working with. We got the loan, it went through with a reasonable amount of assistance. It took us about two weeks of back and forth but it was expected.

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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 stars
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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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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