- Speeds up the SBA loan process
- Offers competitive rates
- Strict financial requirements
Has learning resources, access to rates, mobile app
Customer services and support
Multiple ways of reaching lender, wide range of hours
Variety of loan types
Offers most loan types
Loan amount range
Up to $350K
Doesn't cover bad credit, low revenue, new businesses
SmartBiz was named the Top Small Business Lending Platform by LendIt Fintech® in 2022 for excellence in keeping the economy running through successful loan performance, volume, growth, product diversity, and innovation. Founded in 2009 and headquartered in San Francisco and Austin, SmartBiz is backed by Venrock, Investor Growth Capital, First Round Capital, Baseline Ventures, and Uncork Capital.
Why SmartBiz Is Good For Your Business
If your business has been around for at least two years and has a strong financial record, SmartBiz is one of the most attractive SBA lending marketplaces available. The lenders that SmartBiz works with offer SBA loan interest rates as low as 6.25%*. In addition, SmartBiz is free to use when applying for SBA loans and you can get money in as little as 7 days after being approved by a partner lender.
SmartBiz offers several different types of loans for small businesses. The main type of loan offered by this platform is an SBA 7(a) loan, which is available in amounts from $30,000 to $350,000 for business growth. SmartBiz’s partner lenders also offer traditional bank term loans, which come with fewer restrictions but higher interest rates and monthly payments.
- SBA 7(a) business expansion loans
- Bank term loans
SmartBiz speeds up the SBA loan application process by enabling you to prequalify. The prequalification process requires information about your business’s financial history and revenue, as well as helps you fill out the paperwork required for an SBA loan. Prequalification involves a soft credit pull that won’t harm your credit.
If you prequalify, SmartBiz will then match you with a partner lender. The partner lender will help you finalize your loan application, which requires a hard credit pull. Typically, you can complete the SBA loan process within a few weeks and receive money within 7 days of being approved.
How Much Can You Borrow?
The amount you can borrow through SmartBiz’s partner lenders varies depending on the type of loan your business needs:
- SBA 7(a) business expansion loans: $30,000 to $350,000
- Bank term loans: $30,000 to $350,000
SBA 7(a) loans have a longer repayment term from 10-25 years. In addition, they receive reduced interest rates since they are backed by the government. Traditional bank term loans have a shorter repayment term (2, 3 or 5 year repayment) and higher interest rates:
- SBA 7(a) business expansion loans: starting at 6.73% APR, 10-25 years
- Bank term loans: starting at 9.67%, 2-5 years
How Safe Is It?
Help & Support
SmartBiz offers customer support by phone, email, and live chat from 7:00 am to 5:00 pm PT, Monday to Friday.
SmartBiz streamlines the process of getting an SBA or bank term loan for your small business. The platform has strict financial requirements but offers low-interest rates through its network of partner lenders. SmartBiz helps your business prequalify for a loan with a soft credit check and offers customer support 5 days a week.
SmartBiz, 433 California Street, San Francisco, CA 94104
*SBA loans from banks in the SmartBiz network have a fixed rate of Prime Rate plus 2.75% to 3.75% or a variable rate of Prime Rate plus 2.75% to 3.75%.