SmartBiz Review

ByCaroline BantonSep. 09, 2020

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In a Nutshell

SmartBiz is an online marketplace for Small Business Administration (SBA) loans. Since its founding in the wake of the 2008 financial crisis, SmartBiz has helped American small businesses secure more than $4 billion in SBA 7(a), PPP (Paycheck Protection Program), and bank term loans. The platform’s technology matches your business with a lender most likely to fund your loan, increasing your likelihood of approval on the first attempt.

pros

  • Specialization in SBA loans
  • Prequalification with multiple lenders with one form
  • Over $4 billion funded to small businesses since inception

cons

  • Few non-SBA loan options
  • Not a direct underwriter

SmartBiz SmartBiz Visit Site

SmartBiz at a Glance

Direct lender or marketplace? Marketplace
Loan types SBA loans, business term loans
Loan amount $30,000 - $5 million
Repayment terms 10-25 years
APR 4.75% - 7%
Best for Qualifying for loans offers from America’s top SBA lenders

Overview

SmartBiz helps you to compare small business loan options and qualify for SBA loan funding. SBA loans are guaranteed by the federal government and facilitated by more than 800 authorized lenders. SmartBiz works with many of these authorized lenders. The provider’s technology matches you with the lenders most suited to your business’s funding needs, streamlining the application process and increasing your likelihood of approval.

Why SmartBiz Is Good for Your Business

Running the day-to-day operations of a small business is hard enough without having to worry about financing. With more than 800 authorized SBA lenders, finding the right one can be a daunting task. SmartBiz eases the challenge by matching you with a suitable lender in minutes, freeing up your time and energy for other business matters. Even if you don’t qualify for an SBA loan, SmartBiz will match you with a regular business loan from one of its partners.

Loan Features

All authorized SBA lenders operate according to the SBA’s guidelines, which include the following requirements:

  • A maximum loan amount of $5 million
  • A minimum credit score of 650 to 675
  • The banks require a lien on business assets 
  • Businesses involved in certain industries such as gambling, medical research, and marijuana are ineligible—even if their activities are legal in the state where they are located.

Application Process

Applying for an SBA loan is typically a lengthier endeavor than it is for a regular business loan. Fortunately, SmartBiz’s technology automates the prequalification process.

Before applying, keep in mind that SmartBiz’s partnering SBA lenders look closely at the following factors:

  • Personal background, including criminal record. Anyone owning more than 20% or more of the business must fill out a form with their personal information and sign a personal guarantee.
  • Business background. Members of the company management team should be prepared to provide a resume outlining their business and work experience.
  • Business plan. This should include a value proposition, financial statements and projections, details of any existing debts, and a clear outline of how the SBA loan funds will be used.
  • Personal and business financial statements, tax returns, and bank statements.
  • Business credit report. As with a personal credit report, the lender will need you to provide details so it can access this report.

How Much Can You Borrow?

An SBA loan from SmartBiz can be for a minimum $30,000 up to a maximum of $5 million. The range for SBA loans is much wider than for regular business loans or lines of credit.

Repayment Terms

The repayment terms on an SBA loan ranges from 10 to 25 years. All loans come with fixed rates and must be paid back in monthly installments.

How Safe Is It?

SmartBiz is headquartered in San Francisco, the center of fintech innovation, and backed by leading venture capital firms. The company takes technology and security seriously and is transparent in the way that it operates. The website explains how SmartBiz shares borrower information.

Help & Support

For a marketplace, SmartBiz has excellent customer service ratings. Customer support staff are available via telephone during regular hours Monday to Saturday on (866) 283-8726.

SmartBiz SmartBiz Visit Site

Summary

SBA loans offer higher loan amounts and lower interest rates than regular business loans, but the approval process is more complex. SmartBiz makes it easier for small businesses to get approved with technology that matches applicants with the most suitable lender. SmartBiz is an excellent platform for any small business owner seeking to compare financing options and ultimately secure an SBA loan.

Physical Address

SmartBiz

433 California Street

San Francisco, CA 94104

SmartBiz customer testimonials

ExcellentReviews 1,099
TrustPilot is the world’s most powerful review platform, free and open to all.
Excellent
90%
Great
5%
Average
1%
Poor
1%
Bad
3%
  • author
    customer
    3 days ago
    Great experience

    Great experience. Went to a local bank and was turned down. SmartBiz had me funded faster than the other bank told me they couldn't move forward!

    ...

  • author
    Funded Loan Customer
    Sep 22, 2020
    Application process was handled very…

    Application process was handled very well and professionally. SmartBiz team was very responsive to communications from us. Appreciated the assistance and diligence on their part to help ensure our loan request was funded.

    ...

  • author
    customer
    Sep 20, 2020
    ANALYST JULIAN WAS KNOWLEDGEABLE AND ON…

    ANALYST JULIAN WAS KNOWLEDGEABLE AND ON TOP OF MY FILE AND WAS ACCURATE WITH UPDATES GREAT GREAT! WILL USE AGAIN

    ...

  • author
    Skallywag Tactical LLC
    Sep 20, 2020
    George and Matt were outstanding.

    George and Matt were outstanding.. I appreciate them very much. They stuck in when others could have just given up.. Thanks Craig Skallywag.

    ...

  • author
    Mike Walsh
    Sep 10, 2020
    Huge Waste of Time - Look Elsewhere

    Our LLC based out of Wyoming was supposedly pre-approved for an SBA or Bank loan of $100k so we submitted all requested documents. Both partners are US citizens. Then SmartBiz requested we speak on the phone which we did, then they had another analyst who needed to talk, we did. Both analysts understood I was out of the country near our main supplier (also Covid issues). The last analyst requested 6 months of bank statements. I sent. Then they wanted me to talk to a third analyst who I clearly explained to via email that due to time difference a call needed to be made during certain periods so he of course called twice at wrong times (poor reading comprehension or just didn't care). When I told him, as I did his colleagues that I was temporarily out of the country he emails me and says we can't process the loan because your company is out of the country and there's too much risk. I wrote back that we are based out of Wyoming which is in the US. He never gave the courtesy of a reply and instead the next day SmartBiz notifies me that "Your business is in an ineligible industry." If Team SmartBiz were either competent or honest you would have thought they could have determined this four months earlier on my initial application where I clearly explained that we were an eCommerce business based in the US. In my opinion they are quite dishonest and I doubt we were actually pre-qualified or the rates they were showing were in fact true. Big waste of time. Beware! NOTE TO THEIR REPLY BELOW: More dishonesty in their reply to my review. The only additional information I gave them was solid bank statements. They had all info four months before this claim. Then they give two different reasons for declining and don’t have the courtesy to reply to my email. Super LameBiz

    ...

SmartBiz