SmartBiz Small Business Loans Review

Smartbiz is an online marketplace that offers a quicker way to get an SBA loan than going through a traditional bank. The company's vast network of preferred banks increases their customer's chances of getting a yes decision. Loans range from $30,000 to $5 million, and repayment terms can be anywhere between 10 and 25 years.

SmartBiz advertises rates of 5.75% - 8.00%, however once the APR is calculated this is more in the neighborhood of 8.5% to 9.21%. This is still low for alternative small business lenders and only slightly higher than a traditional bank loan. Smartbiz's fees are also comparatively on the high side. The company takes 4% of the approved loan amount for referral and packaging fees. They will also pass on any of the chosen lender's closing costs to the borrower.

SmartBiz's approval and funding time is a little on the long side. Also, qualifications are somewhat strict. Although the company says the minimum credit score can be as low as 600, most SmartBiz borrowers have a score around 700, and an annual business revenue of close to $1 million. Businesses must also have zero outstanding tax liens, bankruptcies or foreclosures in the last 3 years, no recent charge-offs or settlements, and be current on any government-related loans.

SmartBiz has an excellent Trustpilot score of 9.5 with 96% of reviews being either excellent or great. Although the company is not BBB accredited, online reviews across other platforms, such as Google, are overwhelmingly positive.