Do you own a business that needs quick and easy funding?
SmartBiz might be just what you’re looking for. So let’s not wait and see all about what this company offers.
In this SmartBiz Review I am going to provide information about:
Let’s start with the basic information you need to know about SmartBiz:
Who are they? What do they do?
SmartBiz is chosen by small business owners so they can find the right lender and apply for the right financing for their businesses.
This San Francisco-based company was founded in 2009 by a team of experienced financial services entrepreneurs with backing from leading venture capital firms.
SmartBiz offers two types of business loans:
1) working capital and debt refinancing loans
2) commercial real estate loans.
Since it was founded, SmartBiz has lent over $4 billion.
To qualify for a SmartBiz loan, you:
1) Should have been in business for 2 years at least
2) Should have a personal credit score of at least 675.
SmartBiz’s SBA financing has different APRs for different loans:
1) For regular term loans – APR of 6.73% to 10.29%
2) For commercial real estate loans – APR of 5.04% to 5.09%
The company can fund you in as short as a week.
So is SmartBiz really worth it?
Let’s continue reading the SmartBiz reviews and find out.
According to SmartBiz loans reviews, SmartBiz offers 2 types of loans: working capital and debt refinancing loans, and commercial real estate loans.
In the SmartBiz lending services reviews I have found the following information about borrower requirements, terms, and fees:
|Minimum time in business||2 years|
|Credit score required||A personal credit score of 675|
|Annual revenue required||At least $100.000|
|Loan term||10-25 years for SBA loans
2-5 years for bank loans
|Borrowing amounts range||$30.000-$5.000.000|
|Origination fee||Estimated 3%|
|Funding time||1 week or more for SBA loans
1 week or less for bank term loans
|Bankruptcies||No bankruptcies for the past 3 years|
|Eligible industries||Most industries|
|Personal loan guarantee required||Yes|
|APR||6.73% to 10.29% for regular term loans and 5.04% to 5.09% for commercial real estate loans|
Requirements for an SBA loan:
Requirements for a commercial real estate loan:
There are 2 types of one-time fees that SmartBiz charges:
1) Packaging fee (maximum 0.5% of the loan amount)
2) Referral fee (maximum 0.5% of the loan amount)
According to 2020 SmartBiz reviews, there are prepayment penalties for real estate loans. This is in the first 3 years.
Let’s see what they add up to:
We’ve learned from SmartBiz funding reviews that after the third year, there are no prepayment penalties.
The online application is very quick and easy. Additionally, it is completely free. According to SmartBiz business loans reviews, this is the step-by-step application process:
The time from application to funding can take anywhere between one week and three months, depending on the loan product, the speed at which you provide the necessary documents, and other factors.
We have learned from SmartBiz small business loan reviews that SmartBiz has great FAQs, with which all your questions regarding your loan can be answered.
If you need answers to more specific questions, customer service is also available via:
After you’ve begun the loan application process, you will be assigned a dedicated “relationship manager” who will help you through the application process, answer any questions you might have, and generally be available if you need anything.
According to SmartBiz BBB reviews, SmartBiz has an A+ BBB rating and has been accredited with the Better Business Bureau since 2017. There have only been 6 customer complaints and they have all been resolved.
What is important is that SmartBiz is very active in resolving its complaints. Despite the frustration that the SBA loans can cause, SmartBiz does everything to keep the process running and their customers happy.
SmartBiz has excellent reviews from clients. SmartBiz lending services reviews are mainly positive. On ConsumerAffairs the company has a rating of 4.6/5 and on Trustpilot – 4.7/5. This is based on 1.089 reviews.
SmartBiz has a 5-star rating on Merchant Maverick.
According to SmartBiz online reviews, most customers like:
Overall, SmartBiz loan services reviews are mostly positive.
One of the top competitors of SmartBiz is OnDeck.
Let’s see why:
SmartBiz vs. OnDeck
OnDeck offers loans up to $500.000 and lines of credit up to $100,000. OnDeck requires one year in business before getting the loan, annual revenue of $100.000, and a credit score of 500. SmartBiz is stricter regarding its requirements. Additionally, the requirements for a line of credit are the same.
Let’s check out the general pros and cons of SmartBiz.
The small business loaning company proves that applying for a loan through a bank can be a simple process with the right help.
SmartBiz has low interest rates, great payment options and the customer service is wonderful. In a way, this company offers a chance to business owners to expand their businesses.
In the SmartBiz reviews I have learned that despite the long process, SmartBiz is a great resource for an SBA loan. If you are looking for a business loan that is not going to cost you a lot, then this might be the right service for you.
Some businesses that are ineligible to get a business loan are the organizations that have to do with:
2. What is the level of customer service availability?
You can phone a SmartBiz representative on (866) 283-8726 during their office hours, which are Monday-Friday 7 a.m.-5 p.m. (PST) and Saturday 8 a.m.-5 p.m. (PST). Additionally, you can email them at [email protected], or visit their website.
3. Will an eligibility check impact my credit score?
SmartBiz does a soft credit pull. That does not affect your credit score. After the application is in the funding process, a hard credit pull will be requested from you.
4. What is SmartBiz’s BBB rating? Is it accredited?
It has been accredited since 2017 and its BBB rating is A+.
5. Who is SmartBiz business loan best for?
SmartBiz is best for owners of established businesses with no bankruptcy or foreclosure records, credit scores over 650, and consistent income that are looking for funding to expand their businesses.