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

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
* FAQ

SmartBiz Borrower Requirements & Terms

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

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.

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.

Wrap-Up

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.