SmartBiz was founded in 2013 with the goal of streamlining the Small Business Administration (SBA) loan application process to make the process faster and more efficient for businesses and more cost effective for banks. The company currently works with Golden Pacific Bank to provide businesses with an online application that lets them pre-qualify for SBA loans in as short five minutes. Businesses can obtain SBA loans from $5,000 to $5 million with ten year terms and interest rates of 6.5+ percent. Consumers that choose SmartBiz should remember that they must have a credit score of 550 or higher.

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The Good

  • Access to SBA Loans
  • Potentially Low APR
  • Automated Application Process with Fast Approval
  • Long Repayment Terms
  • Transparent Fee Structure
  • Venture Capital Support and Partnerships with Industry Leaders

Access to SBA Loans

SmartBiz provides access to SBA loans in varying amounts that businesses can use for working capital, debt refinancing, real estate purchases, and business acquisition. With ten year terms, these loans offer small companies an affordable option to maintain or grow their businesses. Although only in operation a short time, SmartBiz has had success and claims it is the "#1 marketplace for online SBA loan originations."

Potentially Low APR

SBA loans obtained through SmartBiz have a 6.5+ percent APR compared to loans from cash advance lenders whose APRs can range from 20-90 percent, making a SmartBiz SBA loan substantially more cost effective than loans from many other lenders.

Automated Application Process with Fast Approval

SmartBiz's online application reduces the amount of paperwork companies have to provide and decreases the amount of time it takes to apply for a loan backed by the SBA. With SmartBiz's application, you can pre-qualify online in as little as five minutes. SmartBiz states most loan applications take a couple of weeks, although loans for over $150,000 may take longer. The company claims the streamlined process it has created, which can often be completed solely online, has also increased its customers' approval rate for SBA loans, and SmartBiz assigns customers a personal loan consultant to assist them with the process. Once approved, SmartBiz claims companies can receive their funds in as little as seven days.

Long Repayment Terms

With ten year repayment terms, businesses can get lower monthly rates on the cash they borrow.

Transparent Fee Structure

SmartBiz charges a one-time referral fee of 2 percent of the loan amount and a one-time packaging fee of 2 percent. For loans $151,000 and higher, there is also a 2.25 percent guarantee fee paid to the SBA. SmartBiz said most bank closing costs for the loans typically cost $317 although the closing fees may vary depending on third party report charges.

Venture Capital Support and Partnerships with Industry Leaders

SmartBiz is a brand of Better Finance, Inc., which has received funding from venture capital firms including Investor Growth Capital, Venrock, First Round Capital, Baseline Ventures, and Bronze Investments. SmartBiz has aligned itself with distribution partners to increase its outreach to businesses in need of SBA loans. Distribution partners for SmartBiz's services include Yahoo!, ePay, Xero, California Business Bank, and Sam's Club.

The Bad

  • Restrictions
  • Limited Track Record
  • Heavy Focus on SBA Loans


Not all businesses will qualify for the low-interest SBA loans that are the primary market for SmartBiz. Business owners must be U.S. citizens or legal permanent residents of the U.S. who are at least 21 years old and have a good personal credit score and no criminal record other than minor motor vehicle violations. Business owners must have no bankruptcies or foreclosures in the past three years. Businesses must have been in operation for over two years, have no outstanding tax liens, no recent charge-offs or settlements, and be current on all government-related loans. In addition, companies in the following industries are not eligible for SBA loans through SmartBiz:

  • Gambling
  • Lending
  • Life Insurance
  • Religious Teaching
  • Political and Lobbying Activities
  • Oil Wildcatting
  • Mining
  • Mortgage Services
  • Real Estate Development
  • Bail Bond
  • Pawn Shops
  • Private Clubs

Limited Track Record

The company has only been offering support for loans since 2013, so it does not have a lengthy track record of securing loans. SmartBiz also does not reveal on its website the number of clients it has assisted in obtaining loans, the total dollar value of these loans, or the number of clients it has been unable to help. Sharing data about how many businesses received loans through SmartBiz, the types of loans they received, and the percentage of clients it was unable to help would assist businesses in determining if SmartBiz was a good choice for their loan applications.

Heavy Focus on SBA Loans

Although SmartBiz states on its website that it can assist clients with obtaining other types of loans if they are turned down for an SBA loan, it does not provide any information on the other types of loans available or what non-SBA lenders it works with. The company's strong focus on SBA loans may limit its usefulness for larger companies or companies that otherwise do not qualify for that type of loan.

The Bottom Line

SmartBiz is a good choice for small businesses that want to obtain an SBA-backed loan in a short amount of time. By streamlining the application process and providing its clients with a personal loan consultant, SmartBiz can help businesses navigate the SBA loan application process and may improve their chances of receiving that type of loan. There are fees associated with SmartBiz's services, so businesses will want to review these costs carefully before deciding whether they want to apply for their loans through SmartBiz's online application. Although not all businesses will qualify for SBA loans through SmartBiz, the company provides a less complex application process and a quicker turnaround time than the traditional SBA loan application process for those who do qualify and are willing to pay the fees to obtain their loans.

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Kemo Kemo

March 6th, 2017 Farmington, MI

dont walk away from If you were not an American. You will not get the loan and will be working on wasting your time every day and ask you to send more documents .Note that I do, and I have a business account with another bank and did not ask me the same documents required by the smatbiz . CEO Evan Singer says, will get a loan after seven days, and I waited for seventy days and the only response that I got it five minutes after my request cancellation of the loan and agreed to the cancellation. Thank you, CEO Evan Singer and thanks Smartbiz


Rashmin Sompura

July 15th, 2016 Citrus Heights, CA

Horrible experience. After submitting application and waiting for 1 and half month I was told that Smartbiz do not do business acquisition loan. I would not recommend Smartbiz to anybody.



March 29th, 2016 Pittsburgh, PA

Loan process took over 2 months loan processor kept asking for verification that had allready been sent would not return phone calls changed insurance per his request and at last minute declined loan should have been upfront beware!!!!!

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