• ORIGINATION FEE: Estimated 3%
  • FUNDING TIME: 7 Days
  • BORROWING: $30,000-$5 Million
  • ANNUAL REVENUE: At Least $100,000 Per Year

SmartBiz Reviews in 2022: Offers, Fees, FAQs & More

  • ORIGINATION FEE: Estimated 3%
  • FUNDING TIME: 7 Days
  • BORROWING: $30,000-$5 Million
  • ANNUAL REVENUE: At Least $100,000 Per Year

Best For

Established Businesses With No Bankruptcy


  • Transparent pricing
  • Large funding amounts
  • Excellent SmartBiz reviews
  • Low interest rates and APR fees
  • Long-term repayment schedules


  • Funding process can take longer than 7 days
  • No 24/7 online chat/contact available

SmartBiz is an innovative small business loaning company, based in San Francisco, that has facilitated over $4 billion in loans since it was founded in 2009. Its aim is to guide small businesses through the process of receiving short-term business loans.

SmartBiz saves its clients the hassle of going from bank to bank, using an advanced online technology platform, praised by SmartBiz reviews, to match applicants to banks in the SmartBiz network. With a 90% success rate from all applications, applying for bank term loans and SBA loans has never been easier.

So, is SmartBiz really worth using? To answer this question, we’ve looked through numerous SmartBiz online reviews to create the ultimate review.

In this review we will focus on the following factors:

* Features of the loan provider
* Loan application procedure and terms
* Plans, pricing, and repayment
* Pros and cons

SmartBiz Borrower Requirements & Terms

Here is a complete list of requirements and terms that all borrowers should be aware of:

Feature Data
Minimum time in business 2 years minimum
Credit score required A personal credit score of 640
Annual revenue required At least $100,000 per year
Loan term 10-25 years for SBA loans
2-5 for a bank term loan
Borrowing amounts range $30,000-$5 million
Borrowing fee None
Origination fee Estimated 3%
Interest rates 7.99%-24.99%
Funding time 7 days or more for SBA loans
7 days or less for bank term loans
Location requirements United States
Bankruptcies None for the past 3 years
Eligible industries Most Industries
Personal loan guarantee required Yes
Collateral required Yes
APR 5.04%-10.29% for SBA loans
11.67%-31.66% for bank term loans

Plan Options

SmartBiz has two main loan products to choose from:

✓SBA loans

✓Bank term loans

Considering hundreds of reviews of SmartBiz loans, it is evident that small business owners who want to expand can greatly benefit from any one of these options.

SmartBiz SBA Loans

An SBA (Small Business Administration) loan is a government-guaranteed short-term business loan. This loan has very low-interest rates and can be paid off over a long term (10+ years). If you are approved for this kind of loan, the SBA reimburses the bank for a certain percentage of the loan when you default on it. This includes a 6-months payment of principal, associated fees, and interest fees.

Funding amounts from banks within the SmartBiz network range between $30,000-$350,000. Loans can be used to refinance existing business debt, operational expenses, hiring of equipment, marketing, etc.

Requirements for an SBA loan include:

  • The business owner must be a U.S. citizen
  • 2+ years in business
  • Have a personal FICO score of 650
  • No bankruptcies or foreclosures in the past 3 years
  • Have no delinquencies
  • Sufficient cash flow

Commercial real estate that is 51% owner-occupied can be approved for loans from $500,000 to $5 million to use for refinancing or purchasing.

Requirements for a commercial real estate loan are:

  • Ownership of at least 51% of the property
  • 2+ years in business
  • The business owner must be a U.S. citizen
  • Have a personal FICO score of 675
  • Sufficient business cash flow
  • No delinquencies
  • A loan payment that’s not more than the monthly lease

Because the process has to go through the bank system and the loan usually involves big amounts, approval and funding can take 7+ days.

SmartBiz Bank Term Loans

Bank term loans are perfect for small business owners looking for low-interest rates and short repayment terms.

Funding amounts range between $30,000 and $500,000 and can be paid over 2-5 year terms.

There are no restrictions on what you can use the funds for, as long as you stick to the fixed monthly installment.

Requirements for a bank term loan are:

  • 2+ years in business
  • The business owner must be 21+ years of age
  • The business owner must be a U.S. citizen or legal permanent resident
  • A personal FICO score of 640
  • Sufficient cash flow
  • No bankruptcies or foreclosures in the last 3 years
  • No outstanding tax liens

Approval and funding can take 1-7 days.

Alternatively, SmartBiz can assist clients with:

  • Business line of credit
  • Invoice financing
  • Business credit cards
  • Paycheck Protection Programs (PPP) as a solution for the COVID-19 pandemic

You can either phone them on (888) 555-1234 or email support@smartbizloans.com, to discuss options.

The variety of different options available and the long-term loans have proven to be popular amongst current and previous owners according to SmartBiz funding reviews.

Pricing & Repayment

A quick 5-minute online application can give you an indication of whether you are pre-qualified or not. SmartBiz is completely transparent about all their fees and rates. SmartBiz reviews confirm that they truly try to find you the lowest interest rates over long repayment terms.

For commercial real estate fundings between $500,000 and $5 million, you’ll pay a 4.75%-6.00% interest rate with variable prime rates adding 1.5%-2.75%. Interest rates of 6%-7% with variable prime rates adding 2.75%-3.75% are offered for working capital funding amounts of $30,000-$350,000.

There is a one-off application fee of $3,000 for SBA loans of less than $350,000 and an application fee of $5,000 for commercial real estate loans. An additional payment of $5,000 can be added to commercial real estate which includes appraisal, title fees, and standard bank fees. There is also a $450 closing cost.

All loans have estimated APR fees of 5.04%-10.29% and can be paid off over 10-25 years. For example, an SBA loan amount of $100,000 over a 10-year term will have an estimated interest rate of 6%, APR fee of 7.18%, and a $1,110 monthly repayment.

How to Apply for a Loan With Smartbiz?

The online application process takes only a few minutes and is completely free.

Here is a step-by-step guide to the process:

Step 1: Go to the following address to do a quick 5-minute pre-qualify application.

Step 2: Select whether you want to build your business, refinance existing debt, or purchase commercial real estate.

Step 3: Select how much you want to borrow.

Step 4: Add basic information:

  • First Name
  • Last Name
  • Email
  • Phone Number
  • Business Name

Click ‘Continue to pre-qualify’.

Step 5: Add information about your:

  • Financial needs
  • Business
  • The business owners

Step 6: Provide additional supporting documents, such as:

  • Bank statements
  • Business and personal taxes for the last 2+ years
  • Current year financial statements
  • Any outstanding debt

Step 7: Upon approval, review, and e-sign closing documents.

Step 8: Receive funds within 3-7 days.

Pros Cons
Transparent pricing Funding process can take longer than 7 days
Easy-to-use website No 24/7 online chat/contact available
Large funding amounts
Excellent SmartBiz reviews
Long-term repayment schedules
Low interest rates and APR fees
Different financing options available
Excellent customer support and guidance throughout the financing process

SmartBiz Reviews

SmartBiz has excellent reviews from current and previous clients. SmartBiz lending services reviews are mainly positive. ConsumerAffairs.com rates SmartBiz at 4.6/5 and Trustpilot at 4.7/5 based on 1,089 reviews. Erica Seppala from Merchant Maverick gives SmartBiz a faultless 5-star rating.

Furthermore, SmartBiz achieves 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.


The small business loaning company proves that applying for a loan through a bank can be a simple process with the right help. With their super-low interest rates, transparent payment options, and excellent customer services, SmartBiz is a great option for any small business owner who would like to expand their business.



What industries are ineligible to get a business loan?

SmartBiz provides loans to most industries ranging from accounting firms to beauty salons. Businesses that are excluded include organizations having to do with lending, religion, lobbying activities, mining, mortgage servicing, real estate development, gambling, life insurance, bail bond, private clubs, pawnbrokers, and wildcat drilling for oil.

What is the level of customer service availability?

You can phone a SmartBiz loan consultant on (866) 283-8726 during their office hours, Monday-Friday 7 a.m.-5 p.m. (PST) and Saturday 8 a.m.-5 p.m. (PST). Alternatively, you can email support@smartbizloans.com 24/7 or visit their website to do a quick pre-approval.

Will an eligibility check impact my credit score?

SmartBiz conducts a soft credit pull that won’t affect your credit score. Once your application is in the funding process, the lender will request a hard credit pull.

What is SmartBiz’s BBB rating? Is it accredited?

It is accredited since 2017 and its BBB rating is A+.

Who is SmartBiz business loan best for?

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.