SmartBiz
SmartBiz lenders offer 7(a) SBA term loans with monthly repayments, structured exactly like a bank loan product.
Excellent 9.4/10
209 reviews 

SmartBiz starts by using their proprietary software to read your loan application and match you with the bank whose criteria you fit best.

From there, how long the underwriting process takes will partly depend on how quickly you submit any required documentation.

Once the bank starts underwriting, they’re looking to see how likely you’ll pay back the loan. They use all the tax returns and financial statements you gave them to learn more about your business’s financial health.

NO AFFECT TO YOUR CREDIT SCORE

What DOES smartbiz

OFFER?

SmartBiz lenders offer 7(a) SBA term loans with monthly repayments, structured exactly like a bank loan product.

minimum requirements Needed to Qualify?

  • Annual Revenue: $100,000

  • Credit Score: 600

  • Business Age: 24 months

  • Profitability: Yes

 

HOW DO I APPLY?

SmartBiz will match your business with the top SBA Lenders. After filling out an application SmartBiz and their lenders will pull your credit, but only as soon as you’re ready to submit to the lender. They will pull your FICO score from Experian. 

Apply Here with SmartBiz

SmartBiz Financing at a Glance

SmartBiz uses their proprietary software to read your loan application and match you with the bank whose criteria you fit best. As SmartBiz is a marketplace and not a direct lender, this makes their underwriting process quite unique. It’s not just about satisfying their basic requirements—it’s about satisfying the underwriting requirements of their lenders, too.

loan amount

$30,000 to $350,000

Loan Term

10 Years is Standard 

LOAN rates

6.25% to 7.25%

speed

SmartBiz funds applications in 5 to 90 days.

Unlike Many Longer-Term Lenders, SmartBiz Lenders Can Work With Businesses:

  • In any state

  • Of any entity type

  • That operate out of a home address

  • That do not have a business bank account

Other Important Eligibility Factors for SmartBiz

  • SmartBiz lenders can only work with businesses whose tax lien has been released. A payment plan is okay, as long as it has been released.

  • SmartBiz lenders require any owner of a business that owns more than 20% to sign onto the loan.

  • SmartBiz lenders will check your business credit score and requires a minimum score of 150 for FICO SBSS.

  • SmartBiz lenders require 3 years to have passed since discharge if you’ve ever filed for personal bankruptcy.

  • SmartBiz lenders have a minimum debt service coverage ratio of 1.15. Learn more about debt service coverage ratio here.

You’ve Reviewed SmartBiz.

Are You Ready to Apply?

Getting Started With SmartBiz 

As SmartBiz is a marketplace and not a direct lender, this makes their underwriting process quite unique. It’s not just about satisfying their basic requirements—it’s about satisfying the underwriting requirements of their lenders, too.

In fact, SmartBiz lenders actual use technology developed by SmartBiz to help them underwrite, making their own processes more automated. It’s the one-two hit of a marketplace and a software that makes SmartBiz efficient for both borrowers and banks.

SmartBiz starts by using their proprietary software to read your loan application and match you with the bank whose criteria you fit best.

From there, how long the underwriting process takes will partly depend on how quickly you submit any required documentation.

Once the bank starts underwriting, they’re looking to see how likely you’ll pay back the loan. They use all the tax returns and financial statements you gave them to learn more about your business’s financial health.

Most Customers who qualified had 

Annual Revenue
$100,000+
Time in Business
Over 2 Years
Credit Score
600+ 

What your business will need to apply? 

  • 3 most recent personal tax returns

  • 3 most recent business tax returns

  • Your balance sheet for the past year

  • Your profit & loss statement for the past year

  • Articles of Organization

  • Operating Agreement/By-laws

  • Business license

  • Insurance - General Liability

  • Insurance - Business Personal Property

  • Lease Agreement (if applicable)

  • Landlord Subordination Agreement (if applicable)

  • Certificate of Good Standing

  • Voided business check

  • Copy of your driver’s license

Find out how much funding you qualify for with SmartBiz

What you should know about SmartBiz

  • SmartBiz charges an origination fee of 4%. If your loan amount is over $150,000, you will also have an SBA guaranty fee of 2.5%. Other possible additional fees include a Title Search or Phase I Environmental Report.

  • SmartBiz offers SBA loans that are paid back with monthly repayments.

  • SmartBiz lenders do not report to the personal credit bureaus or the business credit bureaus.

  • Lenders will file a blanket UCC lien on your business if (and only if) you receive funding from them. If you own your business property, there will also be a lien in last position on that property.

  • SmartBiz funds applications in 5 to 90 days.

  • SmartBiz and their lenders will pull your credit, but only as soon as you’re ready to submit to the lender. They will pull your FICO score from Experian. Learn more about credit pulls here.

  • SmartBiz lenders will require a personal guarantee signed by all owners who own over 20% of the business.

  • SmartBiz lenders can take 2nd position to another lender.

Want to know if you Qualify for a loan

through SmartBiz?

SmartBiz Reviews: The Underwriting Process

As SmartBiz is a marketplace and not a direct lender, this makes their underwriting process quite unique. It’s not just about satisfying their basic requirements—it’s about satisfying the underwriting requirements of their lenders, too.

In fact, SmartBiz lenders actual use technology developed by SmartBiz to help them underwrite, making their own processes more automated. It’s the one-two hit of a marketplace and a software that makes SmartBiz efficient for both borrowers and banks.

SmartBiz starts by using their proprietary software to read your loan application and match you with the bank whose criteria you fit best.

From there, how long the underwriting process takes will partly depend on how quickly you submit any required documentation.

Once the bank starts underwriting, they’re looking to see how likely you’ll pay back the loan. They use all the tax returns and financial statements you gave them to learn more about your business’s financial health.

Keep in mind that with a more extensive underwriting processes, like you’ll find with an SBA loan, the experience can be unique to each borrower. Every lender will have different requests and a lot will be based specifically on your business.

With SmartBiz, you can prequalify for a loan with just a soft credit pull. Since SBA loans can be so tough to qualify for, this is good news for borrowers who are unsure if they meet the SBA requirements and don’t want to hurt their credit score. That means if you apply and don’t prequalify, it won’t hit your credit report. Only after your application moves forward to funding will SmartBiz and the lender do a hard pull on your credit. Hard pulls are the ones that will show on your credit reports.

Underwriting is the most important step of any loan process, so remember to be extra careful as you’re completing your application and ensure all information is correct. When you submit your financials, you will want to also make sure they are accurately prepared. As an SBA loan is a great product, it can also take some time to process. You don’t want waste your time to only be turned down because on incorrect information.

Generally speaking, profitable, cash flow positive businesses that show they can afford their loan payments will have the greatest chance of qualifying.

SmartBiz Reviews: Post-Funding

Once you’re funded through one of SmartBiz’s lenders, you’ll be provided statements online to keep up with the progress of your business loan. Luckily, as SBA loans truly amortize, if you’d like to pay the loan off early, you can do so easily and with no cost.

You’ll make monthly payments (debited based on when you were funded). Your first payment will be due one month after funding.

Unlike other online lenders, there are no loan renewal options with this product. You can, however, always apply for another SBA 7(a) loan.

SmartBiz Reviews: Why Work With Them?

 

SmartBiz has done something quite incredible by bringing SBA loans online. We like to call SBA loans the “golden goose” of small business loans. Everyone wants one, but they can be quite difficult to qualify for.

On top of tough eligibility requirements, the application for an SBA loan can be extensive. However, with SmartBiz, and the merging of technology with the SBA process, it is now easier than ever.

Outside of a bank loan, an SBA loan is the cheapest form of capital small businesses can find. If you can afford to wait a bit longer for your capital, then SmartBiz is a great fit.

SmartBiz Reviews: When Are They Not a Fit?

As we said above, qualifying for an SBA loan is no easy feat. I you have struggling credit or aren’t profitable, you might be better off starting your search elsewhere.

Similarly, if you have excellent credit and are extremely profitable, you might be better off going directly to the bank for a traditional loan. As always, it’s the lowest-cost financing out there.

The only other downside to SmartBiz and the SBA process is that it can take a significant amount of time.. SBA loans will have longer applications and require more documentation than any other product you can apply to online. They can also take longer to process and underwrite. If you need cash fast, SmartBiz might not be the best fit.

The information contained on this page was sourced from fundera.com. We are not in anyway affiliated with fundera.com.This page is for informational purposes only.

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