SmartBiz Business Loans Review
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Pros and cons of SmartBiz
Pros
- Short repayment terms available
- Custom financing available outside standard products
- Compare quotes from multiple lenders at once with marketplace model
Cons
- Higher starting interest rate compared to some competitors
- Potentially high fees, including referral fees for term loans
- Not a direct lender
SmartBiz small business loans review
primarily focuses on business term loans, SBA loans and business lines of credit. They can offer relatively competitive interest rates, though other direct lenders may offer lower interest rates outright — and you won’t know the rates you qualify for until you’re matched with a lender.
It may be a good option for business owners who want to consider multiple loan options. However, it’s important to keep an eye on referral, origination and package fees from this marketplace, as they may be higher than closing costs from direct lenders.
- Businesses looking for short repayment periods. months and a -month repayment period for lines of credit.
- Businesses that want quotes from multiple lenders at once. is a marketplace, allowing borrowers to review quotes from multiple lenders after the prequalification process.
SmartBiz small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated rate range | Fees |
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| Term loans | months | Starting at |
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| SBA 7(a) loans | months | for SBA loans
Based on the current prime rate of .
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| Line of credit |
| SOFR +
You can find today’s Secured Overnight Financing Rate (SOFR) on the website of the Federal Reserve Bank of New York.
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Term loans
package fees.
Line of credit
calculates its lending rates for lines of credit on the Secured Overnight Financing Rate (SOFR). The SOFR changes regularly — you can see today’s rate and learn more about how it works on the website of the Federal Reserve Bank of New York.
SBA 7(a) loans
SBA 7(a) loans are government backed and provide financial assistance to small businesses, but are managed through lenders like banks and credit unions. This means that interest rates and lending terms are restricted based on the program’s requirements, which can help borrowers get more competitive terms.
’s SBA loans range from with two- to five-year repayment terms. There may be a packaging fee and closing costs, so it’s important to review the terms of your loan before accepting.
Customized financing options
While focuses primarily on term loans, lines of credit and SBA loans, they do partner with non-bank lenders to offer customized financing tailored to individual business needs. These options can include:
- Business credit cards
- Invoice factoring
- Merchant cash advances
- Equipment loans
Obtaining custom funding may be faster than the other standard financing options they offer, but because they work with non-bank lenders on custom deals, there’s no disclosed information regarding loan limits, interest rates or fees.
SmartBiz borrower requirements
| Minimum annual revenue | Not disclosed |
| Minimum time in business |
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| Minimum credit score |
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Eligibility requirements may vary depending on the type of funding you’re interested in. has few published eligibility requirements and doesn’t disclose required annual revenue or minimum credit scores for some products. Proving that your business’s cash flow can consistently handle monthly payments will be an important part of the consideration process.
They do note that if you don’t qualify for their standard financing options, custom financing may be available through non-bank private lenders.
Required documents
The following documents are required to apply for an SBA loan through and are helpful to have on hand for all funding applications:
- Three years of personal and business tax returns
- Personal financial statements of all individuals owning 20% or more of the company
- Profit & loss (P&L) statement
- Balance sheet
- Proof of collateral, if required for the funding you’re applying for
- Essential documentation like business licenses, commercial leases or franchise agreements
These documents can help lenders ensure that you’re meeting their business loan requirements and qualification standards.
Alternatives to SmartBiz
| Minimum credit score |
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| Loan products offered |
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| Required time in business |
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| Starting rate |
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| Maximum loan size |
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| Direct lender or marketplace | Marketplace | Marketplace | Direct lender |
vs.
and are both lending marketplaces, playing a role in helping you review loan options before connecting you to a direct lender.
offers more types of loan products outright, including equipment financing and merchant cash advances. However, some of these additional loan products are listed under ’s “custom financing” solution.
has several loan products that are available to borrowers with credit scores at — or even — who may not be eligible for funding at other lenders. doesn’t have minimum credit scores published.
Finally, may have slightly higher maximum loan sizes, providing more flexibility in funding for businesses who are interested in borrowing more.
Read more in our review.
vs.
Unlike , is a direct lender. Borrowers can apply for financing and receive funds from . This can help reduce fees like closing costs and origination fees and likely eliminates potential referral fees. For example, charges in origination fees for unsecured term loans, which is much less than potential fees charged by .
may also offer better interest rates for loan products, but this also comes alongside potentially more stringent eligibility requirements, such as credit scores and at least $100,000 in annual revenue for term loans and unsecured lines of credit. Their secured line of credit is more flexible, requiring only six months in business and $50,000 in annual revenue, but requires a $1,000 refundable security deposit at minimum.
Borrowers who prefer to work with established direct lenders may benefit from working with instead of a marketplace. However, borrowers who don’t meet these eligibility requirements or who want to consider multiple loan products may benefit from a marketplace like .
Read more in our review.
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