SmartBiz Loans Review

SmartBiz Loans Review [2021]

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SmartBiz Loans Review

SmartBiz is a matchmaking service that operates solely in the SBA 7(a) business loan niche, which means SmartBiz doesn’t issue loans directly, instead, it matches eligible applicants with SBA-approved lenders.

SmartBiz applicants can find out within a few minutes whether they are eligible for an SBA loan or not, saving precious time. 

Onto our SmartBiz loans review!

What Can You Use The Loan For?

The SBA 7(a) loans obtained through SmartBiz can only be used for the following purposes:

  • Working capital
  • Debt refinancing
  • Commercial real estate

Services Offered

  • Matchmaking for SBA 7(a) business loans
  • Bank term loans

Looking for a flexible business card? Check out Divvy.

SmartBiz Loans Requirements & Eligibility

The eligibility criteria are different for each type of SBA loan. 

SmartBiz Loans

Working Capital & Debt Refinancing Loans

Time In Business: 2 years

Personal Credit Score: 650

Business Credit Score: 150

Business Type: Non-profit

Location: United States

Revenue: “Cashflow to support loan payments”

In addition to the above-mentioned information, the applicants must not have any past criminal record, defaults on government loans, and no tax liens or bankruptcies in the preceding three years. There is no specific revenue requirement mentioned on the website – it seems that revenue is decided on a case-to-case basis by analyzing the business and ascertaining whether the applicant can make the payments or not. 

SmartBiz has a very accessible and easy-to-use loan calculator that applicants can use before applying in order to get an idea of the type of rates and terms that they may receive. 

Commercial Real Estate Loans

Time In Business: 3 years

Personal Credit Score: 675

Business Revenue: “Cashflow to support loan payments”

The real estate against which the loan is being applied should be at the very minimum 51% occupied. In addition to this, there are general requirements such as the applicant must not have a criminal record, open tax liens, bankruptcies in the preceding 3 years, or bankruptcies on government loans. 

Bank Term Loans

Time In Business: At least 2 years

Personal Credit Score: 640

Business Revenue: “Cashflow to support loan payments”

In addition to this, applicants must be U.S citizens in order to qualify for a bank term loan.

SmartBiz Loans Rates & Terms

The terms and rates are different for each type of SBA loan. SmartBiz is open when it comes to transparency with all of the rates, charges, and different fees that applicants may be charged clearly stated on the website, so there shouldn’t be any nasty surprises down the track.  

Working Capital & Debt Refinancing Loans

The applicable interest rate is a variable rate of interest based on the prime rate. This means that if the prime rate changes, the interest rate will also change. The typical repayment is going to be around $1110 per month, however, this may change based on the terms and conditions for each business. 

Borrowing Limit:

  • $30,000 – $350,000

Term Length:

  • 10 years.

Interest Rate:

  • Loans up to $49,000: Prime rate + 3.75%
  • Loans of $50,000 and above: Prime rate + 2.75

Additional Fees:

  • Referral fee: 2% of the loan amount
  • Packaging fee: 2% of the loan amount
  • Guarantee fee: 1.7%-2.25%

APR Range:

  • 5.04% – 10.29%


  • Personal guarantee
  • Lien on business assets

Early Payment Penalty:

  • No

Commercial Real Estate Loans

These are the rates and fees for SmartBiz commercial real estate loans:

Borrowing Amount:

  • $500,000-$5 million

Term Length:

  • 25 years

Interest Rate:

  • Prime rate + 1.5% – 2.75%

Additional Fees:

  • Referral Fee: 0.5% of the loan amount
  • Packaging Fee: 0.5% of the loan amount
  • Guarantee Fee: 2.25%-3.75%

APR Range:

6.62% – 6.66%


  • Personal guarantee
  • Lien on business assets

Early Payment Penalty:

  • First-Year: 5% penalty
  • Second-Year: 3% penalty
  • Third-Year: 1% penalty
  • After The Third Year: No penalty

Bank Term Loan

  • Borrowing Amount: $30,000 – $350,000
  • Term Length: 2 – 5 years
  • Interest Rate: 6.99% to 23.99%
  • Repayments: Monthly
  • Early Payment Penalty: No

Bank term loans are short-term loans with a fixed rate of interest which means that the interest rate doesn’t change with the market rate. Borrowers have the incentive to save on interest costs by making early payments as there is no penalty.  The SmartBiz website has a very helpful loan calculator that applicants can use before applying to get an idea of the rates they may end up paying. 

SmartBiz Application Process

The SmartBiz application process is fast. Within a few minutes (5 minutes according to the site) applicants can ascertain whether they will qualify for the SBA loan they are after by filling out the questionnaire.

Applicants are asked about the details of their business: 

  • Personal and business tax returns
  • Personal financial statements
  • Profit and loss statement
  • Balance sheet
  • Collateral
  • Other documents

This data helps SmartBiz determine eligibility. A soft credit check will be carried out against the applicant at this stage. Soft credit checks do not affect credit scores.

If the applicant is approved, a personal relationship manager will be assigned by SmartBiz who will then help the applicant complete the application and provide all the necessary documents. The representative will also make sure the applicant understands the process and the terms and conditions that are applicable. 

From this point, the process will depend on the type of loan the applicant is looking for. If it’s for a working capital loan or debt financing applicants will be matched with the applicable lenders and a hard credit check will be performed. Hard credit checks do affect your credit score. Once cleared, the process will go ahead and the applicant will receive the funds. 

If the applicant is applying for a commercial real estate loan, they will receive a letter of intent from the lender that will allow the applicant to go ahead and engage with the property seller and other relevant parties. The property will then need to be valued to measure its fair value. Once all of this is done, the lender will transfer the funds over to the applicant to purchase the property.  

This whole process can take up to three months. 

Customer Service 

SmartBiz can be contacted via:

  • Email
  • Phone

The FAQ section on the website is very transparent and informative. In addition to this, the personal relationship manager assigned to the applicant will be able to help with any question or query applicants may have. The SmartBiz customer support team understands their role is to inform and educate the applicants and borrowers.

SmartBiz Reviews

The user reviews for SmartBiz are mostly positive. Most of the complaints are about the hefty amount of paperwork required. SmartBiz matches applicants for SBA loans and is required to comply with SBA loan requirements set down by the government. This unfortunately involves a lot of paperwork. Some complained about the rates being high, but apart from this, there aren’t any serious complaints about SmartBiz that may result in a loss of goodwill. 

SmartBiz Pros and Cons

Here are some of the SmartBiz pros and cons you should consider.


  • Makes getting SBA loans convenient
  • Makes the process relatively faster and easier
  • Dedicated customer representative 


  • Only available for SBA 7(a) loans
  • SmartBiz charges a fee for their services that can be avoided by directly applying for the loan

Frequently Asked Questions (Faq)

We answer some of the most commonly asked questions in our SmartBiz loans review.

Is SmartBiz legit?

SmartBiz is a legitimate matchmaking service that specializes in SBA 7(a) business loans.

What Does SmartBiz Do?

SmartBiz matches businesses with SBA loan providers.

Is SmartBiz a lender?

No, SmartBiz itself is not a lender. SmartBiz provides a loan matchmaking service through its providers and banking partners.

Who owns SmartBiz loans?

SmartBiz is a subsidiary of the parent company, Better Finance, Inc.

SmartBiz Loans Review: Final Verdict

SmartBiz is an SBA 7(a) loan matchmaker in a niche that not many online lenders venture into. If your business requires an SBA 7(a) loan then definitely give SmartBiz a try because it will certainly make the process of getting an SBA loan much easier. SmartBiz has simplified the process for you as much as possible, however, loans have to be processed by government-backed lenders which does take some time.

Small Business Lending With SmartBiz

Get great rates, long repayment terms, and low monthly payments with SBA loans


Thanks for reading our SmartBiz loans review.

You may also be interested in Lendio Small Business Loans.

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