About SmartBiz Loans
SmartBiz Loans is the #1 online marketplace for SBA loans, providing the right loan at the right time for your small business. SBA loans from SmartBiz marketplace banks can be used for debt refinance, working capital, and commercial real estate purchases or refinance. About 90% of the applications referred to SmartBiz marketplace banks are approved. With low-rates, long terms, and very low monthly payments, SBA loans are known as the “gold standard” and help businesses across America expand and save money.
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The application process was wonderful and the processing time was fast. I've dealt with a lot of agencies that do work like this in my past line of work and sometimes, it can be difficult. But SmartBiz has been very easy and user-friendly. I’ve never heard of them before and I don’t know how the consumer can reach out to them without getting into that bank. If SmartBiz goes out to the consumers and the consumers give them a try, they’ll have a lot of happy customers if they get the same service that I received.
I went in my bank and they referred me to SmartBiz. I was trying to get a P2P loan and they never received the first one. But I called and asked questions. I'm hoping they could straighten it out. I enjoyed working with SmartBiz. They were good, quick and on time.
The reps at SmartBiz were A-plus and they were unbelievably great to work with. I got responses right away. The application process was so easy and I was very happy.
I went through SmartBiz and they went to TAB bank. They were able to secure the loan so they did a good job. It was all online. I had to give them documents and I had to go back a few times but I was able to get them everything they needed.
This is my update for the horrible customer service received. LISTEN now! If you can go elsewhere please save yourself the time and stress. 1. You can't reach anyone by telephone. 2. They rarely respond to emails. 3. I'm convinced 99% of the positive reviews are fake and company written. I applied for my PPP Loan on January 21st. I couldn't reach anyone regarding my loan. About a month later I received a response by email from La'Toyia Johnson stating they have sent my loan over to the bank for review and I should be hearing back from the bank soon. Ok, So I waited about a week before reaching back out and still no reply from them or the bank. A week later, I login to my Smart Biz account and it states this:
"Thank you for applying for an SBA loan with SmartBiz. Unfortunately, we were unable to refer the loan application you started on January 21st, 2021 to one of our lenders due to: Improper guarantor identity authentication. If your business circumstances change regarding the above criteria, we hope you come back to start a new application with us! For any questions, contact us one of our Loan Specialists at 1-866-283-8726."
SO why was I told my application was sent to a bank? I called the number again, couldn't get through to anyone. Then they tell me if I want to update my information to reapply. Lol. This is a joke. It would make sense to me if there was an error or issue with my application for the company to reach out to me before cancelling my application and making me go through another month of waiting. Horrible customer service. As of today I'm working with a new lender. What a waste of time, and still haven't spoke to live rep!!!
Basically, this is a similar experience I had with K Lending. Your application goes into a black hole. I chose SmartBiz Loans since Nav has recommended them and I applied for the second PPP on January 11th. It's been six weeks and nothing seems to change in the portal. "Your application is under review by our team. We will reach out with any questions we may have. There is no action needed at this time." Clearly no action from them as well. I can appreciate it's a small loan and not exactly very profitable but It would seem that if they don't want to complete the loan in let's say 30 days maybe they should not be taking on new clients. This is the type of experience that does not bode well for referrals and future repeat business which would be more profitable.
We apologize for the lack of communication during your Paycheck Protection Program (PPP)process. It does take time for the stakeholders to review documentation for the program.
We have a flood of applications and are working very hard to address customer questions. To remedy this, we have hired a number of additional staff members. We thank you for your patience during this busy time and wish you and your business well.
This company was highly communicative for a week or two after I applied for a PPP loan, sending me an email once or twice a week to let me know they were working on the app and whether or not I needed to do anything. Since then the communication has dropped off. I applied nearly a month ago and have heard nothing in weeks. I can't guess why this is so. Surely, it's not difficult to send an automated email. Has my application stalled? Been rejected? Still in process of approval? Should I apply elsewhere? I have no idea.
We apologize for any lack of communication regarding your Paycheck Protection Program (PP) loan application and appreciate your reaching out. With the enormous PPP loan volumes, the document review and verification process can take longer than usual. Please note, you can always log back into your application to check on the status. Our records indicate your application is still moving through the review process and you’ll be receiving an update shortly. We appreciate your patience and understanding.
SmartBiz seemed to be quicker than other companies as far as getting everything submitted, so we decided to do one of the PPP loans with them. The application process was easy and they did really well.
I received a call from the lender and the SmartBiz contact. They were able to withdraw my SBA application and cancel the loan number, so I can apply elsewhere.
Because of the rigid nature of the documentation in the SmartBiz portal, my qualifying healthcare contributions were not included in the application, and the 2020 payroll costs were required instead of 2019 - yielding an application for $120,000. My correct documentation yields a PPP of $150,000. I requested in my application comments that qualified healthcare expenses be added to my documentation, I emailed with SmartBiz about it, and these efforts were ignored. As a result, my application for $120,000 PPP was submitted to SBA against my specific instructions.
Impossible to reach on the phone. Email response to my instruction to withdraw my application if it could not be amended was to tell me I could apply several places at once. I again asked them to amend my application and if unable, to withdraw it immediately. This was ignored. This was misleading, as they got to SBA first and sent me docs for a $120,000 PPP. As a result, my regular bank’s application for the correct amount - $150,000 - was denied. Neither I nor anyone in my sphere of influence will ever do business with or recommend SmartBiz again.
Dear Bradley,Thank you for your comments. They help us to improve our customer service processes and systems. We’re sorry you did not receive immediate responses. We’ve hired additional staff due to the volume of applications and our wait times are improving.
Our records show that your application was withdrawn on 2/17/21 and your PLP number removed. You should be able to apply for a PPP elsewhere.Best,
The SmartBiz team
Applied for a PPP loan through Smart Biz and they were the first ones to move forward with my application. My initial PPP loan last year was a little over 15k - I was only open two months of 2019. I noted this on my application - but when my loan amount was being calculated they were dividing my whole 2019 by 12 instead of by 2 like they were supposed to.
When they sent me loan docs with this incorrect amount, I have waited to sign them - trying desperately to get ahold of customer service through every avenue possible. The 'rep' who keeps emailing me to tell me to 'sign my docs' appears to be a bot because no matter how many emails I send, no one responds, they also don't take phone calls or answer their customer service email. They got my loan approved at 3.5k - which is a whole lot less than I should be getting - and of course the SBA approved it and has a PLP for it so NOW no one else is moving forward with my apps and I'm just here waiting because THEY WILL NOT RESPOND. Apply with another company. This has been a nightmare.
We’re so sorry for misunderstanding your inquiry. Your business is important to us and we want to be of assistance.
The manager working on your application sent you an email update today (2/22/21). They will be able to answer your specific question about the loan calculation.
We appreciate your patience and understanding.
We currently applied for PPP for our current Janitorial Company on 2/1. I am disgusted and upset I have received one email only no feedback. I feel lost, with no communication. We provided all documents upon application submission. We have told others about your services but now I do regret that. We have also reached out to the VP of SBA.
We’re very sorry you have not heard from our team. We have hired additional staff and are addressing issues swiftly.
We ask for your patience at this time as the demand and need for Paycheck Protection Program (PPP) loans has been enormous.
Thank you for reaching out. Your comments help us improve our internal systems.
Updated on 03/02/2021: I Received a email from Smartbiz and I was told that my my application is being withdrawn cause I am not interested which is not true. I never told anyone that I was no longer interested. I have all of my conversations with them.
Original Review: I received a call from a banker telling me I was approve for the loan. He told me I needed to complete my application. I completed my application as I was told. I have emailed and called for almost a week. No return calls or emails. I am so confuse thinking I got hack.
We apologize as we posted the incorrect response to your question. Our records indicate that your application was withdrawn as requested. There was no PLP number requested from the SBA, so you should be free to secure funding wherever you prefer. We wish your business the best.
I’m happy with my service except that I cannot reach anyone. I applied Feb. 3rd and received my documents Feb. 10th however the account number is wrong in the documents so I cannot sign. Can’t call them. Emailed a couple times. No reply. I was not assigned a relationship manager so can’t contact them either. I understand they are swapped but I might have to try to apply with another company which is frustrating as their service seems to be the quickest.
Thank you for reaching out. We understand your PPP (Paycheck Protection Program) loan was funded. Congratulations! We hope the funds are helpful.
It appears that there delays caused by an incorrect bank account number. We’re very happy that this issue was resolved and appreciate your comments.
One of my friends who is an accountant told me about SmartBiz, then I went with them because I have a couple of businesses and one of them was applicable to this loan that I applied for. The process was excellent, hassle-free and easy. It took me three minutes to do it. The customer support was really helpful and I had no problem uploading the requirements. Their reps were awesome, too. I had an issue where my bank account was not verifying and one of them helped me a lot in that, which was great. The loan that I got gave me a boost to get going and all in all, their service was perfect to me.
Smartbiz was fast and efficient. They've become very innovative. Their online platform is awesome and the link they're connecting me to is better than any of the big banks that my other colleagues had used. I bank with Wells Fargo and I would drop them in a heartbeat. Smartbiz connects with a couple of smaller banks and connects me to those small banks. Their platform was really smooth and it blew away almost everyone I had. I applied for my PPP through them and I was the first out of all my friends and colleagues that got forgiveness for the PPP. They were all impressed. My accountant said: "None of my clients have gotten forgiveness yet. Your bank's on it."
I applied for a 1st draw PPP Loan with this company. The application was pretty straightforward. The communication is awful. You can't call them & they don't respond to emails. I want to withdrawal and go with my bank but I can't get a response outside of a generic email to tell me they are behind. This company isn't equipped to deal with the high demand of these loans. Consider other avenues 1st.
We apologize our response isn’t up to expectations. Our support team is working hard to respond to the huge volume of PPP inquiries received and we appreciate your understanding and patience.
According to our records, you completed uploading required documentation on 1/27 and your application is currently in the review process. Our team will reach out shortly to advise on next steps to proceed or to withdraw your application if you still wish to do so.
We used SmartBiz five years ago. My experience was very positive. The representative was very helpful, and the response time was also very good. This time, they were also very responsive, knowledgeable and helpful. The loan process wasn't super easy, but it also was not difficult. It was as smooth as I would have hoped. The support individual was also very skilled at giving guidance. I tried to upload one particular document three times and ultimately, my office manager was able to get it done, so for the most part, it was easy and straightforward. Working with SmartBiz, I was able to stay in business.
I'm Half way thru my 5 Years of Repayment Plan on a Chapter 13 Bankruptcy, however, the new Round of PPP Loans specifically States that Lenders cannot use the Bankruptcy against the Applicant in this Round. In the First Round all SBA PPP with previous Bankruptcy was declined and lots of Lawsuits so Congress and Senate made sure they Address the Bankruptcy this time around. Smartbiz states that they updated their Application for this Round, Well I believe they conveniently Forgot to Let the Robots Accept an Application with Bankruptcy on the Credit report. I have been Rebuilding my Credit since the Bankruptcy and am almost back up to 700 Credit Score. So I know an Applicant with Credit scores in the Range of mine (672 Equifax and 669 Trans union) would have zoomed thru the Approval. I Just applied for PPP SBA Loan and got Declined!
It's the Bankruptcy, So if you have a Bankruptcy on your Credit Report, Do Not apply with SmartBiz Loans or you will get a Ding Inquiry on your Credit Report for Nothing. What a Waste of time. I believe there will be Lawsuits this time around since the Bill Specifically stated Bankruptcy was not to be considered a Factor. I believe SmartBiz Loans just does not want to deal with people that have had BK and that is why they did not update their Software to accept applications with BK. I thought this company was supposed to Help SmartBiz Loans. What's the Deal! BEWARE, Use someone else for PPP SBA LOAN.
We're sorry for the confusion regarding your PPP loan application. Someone on the SmartBiz Loans team will be reaching out to you shortly to discuss.
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.
We've got a few bigger projects going and we needed to expand a little more. We applied for an SBA loan and the process was hell. It was a lot of information and difficult to get. But it was a good experience with the SmartBiz team. The loan helps with cash flow and getting all the things done that need to be done.
I got an email from a company and they were pretty much talking about SBA loans having some interest forgiveness. So, I wrote back to that company and they referred me to SmartBiz. As soon as I was referred to them, it took a while for them to get back to me. It took about a month for them to get back to me. So, I lost the opportunity of being able to go through the interest forgiveness. As soon as we started the process, I dealt with a lady by the name of Pamela. She was very thorough and really prompt at requesting for information and was quite on top of things with everything. So, the process went pretty well. We needed the funding, so, indeed, SmartBiz came in at the right time. It's had a positive impact on the business.
The process through SmartBiz was all done in 30 days. It was quick. It was very easy and very simple, too. That was the easiest loan I’ve ever gotten in my life. It was amazing. It's helped a lot.
I went with SmartBiz Loans for the ease of service and ease of use. Since it was an SBA loan, they took care of most of the legwork for me. We had great interactions and it was a very simple process to upload everything to their online application. They then compiled that and took it to a bank for the actual funding.
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.
Initially, my contact with Nick was very professional. He got back to me on a regular basis and was very open and honest with me about what was available. We provided information about the business. Nick took us to a certain point, and then he handed us off to Tucker. Tucker did all the closing and was very communicative with us and explained everything. When he said two days, it was two days. When he said he'd call me back tomorrow, he did that. Then I got an email saying that the money should be wired in to my bank account the next day. Sure enough, there it was. Very easy. SmartBiz got us a great loan, working capital, SBA. This allowed us to retire some higher interest debt so we can pay it off quicker. It has also given us some liquidity as we kinda go through these next six months. We're down, but we're still working. Just having a little bit extra was kinda comforting to get us through this coronavirus.
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 went through CenterState Bank. We had to do the paperwork and then our bank filed all the paperwork for us. And it was on the SmartBiz's site. The best part of the process was I didn't have to talk to anybody and it was easy. Everything was done online. There were a couple little snags as far as uploading stuff. But we figured it out. It was the operator error more than any. Then within 10 days since we started, we had the money. With the loan, we can continue to work and I can pay my employees and they can feed their families. Everybody is happy.
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.
I went to them for a PPP Loan and spent a lot of time obtaining all of the necessary documentation. I got a vague statement that they couldn't get SBA to go forward, and that I should reapply with someone else.. I Do not Believe that they put due effort into my application.
SmartBiz Loans Company Information
- Social media:
- Company Name:
- SmartBiz Loans
- Year Founded:
- 417 Montgomery Street
- San Francisco
- Postal Code:
- United States