SmartBiz Review

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SmartBiz

Funding amount

$30,000 to $500,000

Term

2 to 5 years for term loans; up to 10 years for SBA loans

Min. credit score

650 for SBA loans; 660 for term loans

Time to funding

As soon as 3 to 7 days after approval

SmartBiz is a specialized online bank network that aims to simplify the process of securing small business financing by connecting borrowers with banks and SBA lenders. Notably, SmartBiz’s term loan offering is designed for business owners in search of quick, straightforward financing without the lengthy and complex application process typically associated with traditional bank loans. SmartBiz’s approach aims to match businesses with the best financing option based on their needs, financial health, and ability to repay, ensuring a better fit and potentially more favorable terms for the borrower.

Pros

  • Moderate loan amounts
  • Competitive minimum credit score requirements
  • Excellent customer service ratings

Cons

  • Moderate funding time
  • Strict qualification requirements

SmartBiz

Apply through Lendio How it works

Funding amount

$30,000 to $500,000

Term

2 to 5 years for term loans; up to 10 years for SBA loans

Min. credit score

650 for SBA loans; 660 for term loans

Time to funding

As soon as 3 to 7 days after approval

SmartBiz is a specialized online bank network that aims to simplify the process of securing small business financing by connecting borrowers with banks and SBA lenders. Notably, SmartBiz’s term loan offering is designed for business owners in search of quick, straightforward financing without the lengthy and complex application process typically associated with traditional bank loans. SmartBiz’s approach aims to match businesses with the best financing option based on their needs, financial health, and ability to repay, ensuring a better fit and potentially more favorable terms for the borrower.

Pros

  • Moderate loan amounts
  • Competitive minimum credit score requirements
  • Excellent customer service ratings

Cons

  • Moderate funding time
  • Strict qualification requirements

Loan offerings through SmartBiz.

SmartBiz streamlines the lending process by providing access to multiple loan options to accommodate different business needs. The platform focuses primarily on SBA loans, which are known for their relatively low-interest rates and long repayment terms. However, SmartBiz also offers term loans and business lines of credit for those who may not qualify for or need an SBA loan. This review will focus on SmartBiz’s term loan offering.

SmartBiz term loan quick facts
Loan amount rangeUp to $500,000
Time in business2 years
Minimum credit score660
Minimum annual revenueNot disclosed
Repayment scheduleMonthly
FeesPrepayment penalty fee of 0% or 5%
Funding speedAs quickly as 3-7 days after approval

See if your business is eligible for financing.

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Things to consider.

Average funding times.

When evaluating SmartBiz, one significant consideration is the average funding time. While certain borrowers might receive funds as quickly as 3-7 days after approval, this timeline can vary significantly based on the specific loan type and borrower qualifications.

SBA loans, known for their attractive terms, often have a longer processing time due to the extensive documentation and approval process required. On the other hand, term loans and lines of credit might be processed more rapidly but are subject to the borrower’s creditworthiness and financial stability.

Stricter requirements to get a loan.

SmartBiz maintains a higher threshold for borrower eligibility compared to some alternative lenders, which is primarily due to its focus on securing SBA-backed loans and other forms of low-risk financing. For SBA loans, a minimum credit score of 650 is required, alongside a comprehensive review of the business’s financial health, including income verification, business profitability, and debt-to-income ratio. For term loans, the criteria are slightly stricter, with a requirement of a 660 credit score.

Additionally, businesses must have been operational for at least two years to qualify for most loan products from SmartBiz. This emphasis on creditworthiness and business viability ensures that loans are offered to businesses with a strong likelihood of repayment, but it can limit access for newer businesses or those with less-than-ideal credit histories.

Flexible repayment options.

SmartBiz’s range of loan products comes with flexible repayment options designed to accommodate the varying financial situations of different businesses. For term loans, borrowers can expect repayment periods ranging from 2 to 5 years, offering a balance between manageable monthly payments and the total cost of borrowing. SBA loans, on the other hand, provide even more flexibility with repayment terms extending up to 10 years. This extended repayment period can significantly reduce monthly payments, making it easier for businesses to manage cash flow while paying off the loan.

Excellent customer reviews.

SmartBiz reviews stand out when it comes to satisfied customers, earning an average 4.6 out of 5 stars on TrustPilot. Out of more than 16,000 reviews, 86% of them are deemed excellent.

Reviews cite the specific names of helpful loan officers, indicating that customer service is above average and that applicants have a devoted expert to guide them through the process. Borrowers also mention an easy application process and fast responses.

Evaluation

SmartBiz is best for:

Where SmartBiz might fall short:

How to apply for financing from SmartBiz through Lendio.

Applying for financing through SmartBiz via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

  1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
  2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
  3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If SmartBiz is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
  4. Finalize the deal: If you decide to proceed with Expansion Capital Group, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

SmartBiz stands as a compelling option for small to mid-sized businesses seeking efficient, reliable financing solutions. Its emphasis on SBA loans, term loans, and business lines of credit targets a specific borrower demographic—established businesses with strong credit backgrounds and a proven track record of success.

Ready to compare SmartBiz with other financing options? Check your eligibility and get multiple financing offers for your small business in one place.

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (October 24, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

Fueling the
American Dream

$12,000,000,000+

DOLLARS FUNDED THROUGH LENDIO

74+

LENDERS IN Lendio’s NETWORK

300,000+

LOANS FUNDED

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Applying is free and won’t impact your credit.

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Mon–Fri | 7:30am–5pm MST

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