- Access to SBA loans
- Potentially low APR
- Fast approval
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 Re-payment 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.