SmartBiz SBA Business Loan Review

SmartBiz SBA is an online lending marketplace that aims to help small business owners receive the loans they need without any of the extra hurdles. The owners of the company believe that small businesses are integral to the economy and have structured their loan application process in a way that encourages business growth. Borrowers will submit an online application that provides some basic personal and business information and SmartBiz SBA will analyze that information and match borrowers with a lender that is ideally suited to their needs.

At a Glance:

  • Loans up to $350,000
  • Online marketplace connecting borrowers will SBA loan lenders
  • Commercial real estate loans also available
  • Lower APR required for many loan types
  • Works with a variety of lenders which can help borrowers find a lender that fits their situation specifically

SmartBiz SBA Pros and Cons


  • Faster than working with traditional lenders like banks
  • Connects borrowers with lenders offering competitive rates
  • Specializes in loans for women-owned, minority-owned, and veteran-owned businesses


  • Personal guarantee and business lien required
  • Strong business financial history must be proven

SmartBiz SBA Business Loan Rates and Fees


Varies depending on borrower

Loan term:

3 months to 20 years depending on loan type

Loan amounts:

Up to $350,000

Hidden fees:

Varies but may include application fees, processing fees, closing fees, and more

Minimum credit score required


Extra perks:


Fund availability

Within one week or longer (varies depending on borrower)

What type of business loans does SmartBiz SBA offer?

SBA Loans

SBA Loans are business loans that are partially guaranteed by the U.S. Small Business Administration which allows you to borrow money for almost any business-related purpose. These loans are generally desirable thanks to their low interest rates and long repayment terms but can be a less sought after option because the application process can be lengthy and funding will likely not be quick.

Commercial Real Estate Loans

Commercial Real Estate loans are another type of loan that is partially guaranteed by the U.S. Small Business Administration and are specifically designed for businesses who are looking to purchase property. The main requirement is that at least 51% of the square footage of the property must be used for business-related purposes.

What are some of the benefits of using SmartBiz SBA’s Services?

It is faster than working with traditional lenders like banks.

The application and approval process for SBA loans is notoriously long and complicated but SmartBiz SBA’s process can get you approved for a suitable loan within one week in some cases. While ultimately you still are beholden to the rules of the SBA, the ability to experience a streamlined application process can save you valuable time.

Connects borrowers with lenders offering competitive rates

SmartBiz SBA is an online marketplace that connects borrowers with lenders that often offer better rates that you would receive otherwise. Their service allows you to see multiple rates all in one place and compare and contrast them.

SmartBiz SBA specializes in loans for women-owned, minority-owned, and veteran-owned businesses.

While SmartBiz SBA offers loans to all kinds of companies and business owners, they specialize in working with women-owned, minority-owned, and veteran-owned businesses. If your business falls into one of those categories, SmartBiz SBA’s expertise and experience can help you apply efficiently and boost your business overall.


Borrow up to $350k

Get funded within one week (may vary)

3 months to 20 years

Varies - application fees and closing fees

Minimum credit score: 650

Need help finding the right loan?

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What are some of the downsides to using SmartBiz SBA Business Loans?

You will need a personal guarantee and business lien.

SmartBiz SBA, like other lenders, requires a personal guarantee for all business lines of credit, which means you (the borrower) will be personally liable for repayment if your company defaults on a loan. To secure the line of credit, borrowers must consent to a general lien on their business assets which means that your business or aspects of it may serve as collateral should you default on the loan.

Strong business financial history must be proven.

While you will have to share financial records with most lenders, you will need to do far more when applying for a business loan with SmartBiz SBA. You will have to show months if not years of bank statements in some cases and demonstrate your ability to repay a loan by sharing net income and more.

Their customer service does not have the best reviews.

While many of the customer complaints reported to the Better Business Bureau have been marked as resolved which means the customer has received some kind of response, there are definitely a higher number of complaints when compared to similar lending agencies. Many customers also note it is difficult to get specific questions answered.

Do I need a credit check to take out a business loan with SmartBiz SBA?

The prequalification process does not require a hard credit check - that comes later when you select a loan and complete your application process.

Are there any hidden costs and fees associated with SmartBiz SBA business loans?

While SmartBiz SBA offers business loans that come with low APRs, there are other ways that taking out a business loan with this service can be quite expensive. Depending on the loan type and lender in question, SmartBiz SBA may take out 4% to 6% to cover processing fees. You may also be charged a closing fee of anywhere from $100 to $500 depending on the loan type.

How is SmartBiz SBA’s customer service and support?

SmartBiz SBA lists their customer service contact information on the footer of their website but the available hours are not as easy to find. Additionally, a large amount of the customer complaints for SmartBiz SBA mention difficulties communicating with customer service and receiving helpful information. They do list certain hours where they are available so if you would like to call SmartBiz SBA dial 866-283-8726 during the following times:

  • Monday through Friday: 10:00 AM - 8:00 PM EST
  • Saturday: 11:00 AM - 8:00 PM EST

For an alternate method of communication try reaching out to their email support at

How to qualify for a Business Loan through SmartBiz SBA

SmartBiz SBA outlines their basic requirements for business loans on their website. They offer SBA loans and commercial real estate loans and each loan type has a different set of requirements.

Working Capital or Debt Consolidation Loans

  • Two years in business
  • S.-based business or owned by U.S. citizen or Lawful Permanent Resident
  • Personal credit score of at least 640
  • No outstanding tax liens
  • No bankruptcies or foreclosures in the past 3 years
  • No recent charge-offs or settlements
  • Current on government-related loans

Commercial Real Estate Loans

  • At least 51% of the square footage of the property you are seeking to buy must be used for business reasons
  • Two years in business
  • Must be able to prove your ability to make regular payments by sharing business financial information
  • Personal credit score of at least 675
  • No bankruptcies

Ultimately, while SmartBiz SBA will speed up the process of applying for an SBA Loan, they cannot overrule the requirements laid out by the Small Business Administration for these loans and these can be intimidating and specific. Certain types of business may not qualify and individuals with criminal backgrounds may not be able to pass the application process.

How to Apply for a Business Loan with SmartBiz SBA

When you start your application for a business loan through SmartBiz SBA, you will start off by filling out an online application where you will divulge pertinent financial information and business and personal data. Bank balances, net income, other loan information, and tax ID numbers are just some examples of the documentation they may require.

Once you are approved for an SBA Loan you can receive your funds in as little as seven business days but it may take longer in certain situations like if the loan amount is on the higher side.

Is SmartBiz SBA Legit and Trustworthy?

Yes, SmartBiz SBA is a legitimate company that delivers what they say they will deliver. They use high levels of encryption and online security to protect any of the personal information you provide to them throughout the application process and your loan term. They guarantee they will never sell your private information and they clearly outline the situations in which they will share your information. For example, as SBA loans are government managed, your financial information will be shared with the Small Business Association.

SmartBiz SBA has been a Better Business Bureau Accredited business since 2013 and currently holds an B rating.


If you are seeking SBA loans and are hoping to have a quick application and funding process, SmartBiz SBA loans are a great option. Many of the lenders they work with offer competitively low APRs but there may be several fees required such as processing and application fees. While the fast funding is a big draw to many, the fees may prove to make working with SmartBiz SBA not worth it in the end.

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