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SmartBiz Review


  • Great terms and fees
  • Transparent pricing
  • Non-expensive rates


  • Some additional fees are charged
  • Funding process can take more than a week

Average Rating: 5

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Do you own a business that needs quick and easy funding?

SmartBiz might be just what you’re looking for. So let’s not wait and see all about what this company offers.

In this SmartBiz Review I am going to provide information about:

  • Their loans (Terms, Fees, and Repayments)
  • Requirements
  • SmartBiz reviews
  • Application process
  • Customer Service and Technical Support
  • Competitors
  • Pros and Cons
  • Conclusion
  • FAQs

Let’s start with the basic information you need to know about SmartBiz:

SmartBiz Bio and History

Who are they? What do they do?

SmartBiz is chosen by small business owners so they can find the right lender and apply for the right financing for their businesses.

This San Francisco-based company was founded in 2009 by a team of experienced financial services entrepreneurs with backing from leading venture capital firms.

SmartBiz offers two types of business loans:
1) working capital and debt refinancing loans
2) commercial real estate loans.

Since it was founded, SmartBiz has lent over $4 billion.

To qualify for a SmartBiz loan, you:
1) Should have been in business for 2 years at least
2) Should have a personal credit score of at least 675.

SmartBiz’s SBA financing has different APRs for different loans:
1) For regular term loans – APR of 6.73% to 10.29%
2) For commercial real estate loans – APR of 5.04% to 5.09%

The company can fund you in as short as a week.

So is SmartBiz really worth it?

Let’s continue reading the SmartBiz reviews and find out.

SmartBiz Borrower Requirements, Terms, Fees, and Repayments

According to SmartBiz loans reviews, SmartBiz offers 2 types of loans: working capital and debt refinancing loans, and commercial real estate loans.

In the SmartBiz lending services reviews I have found the following information about borrower requirements, terms, and fees:

Feature Data
Minimum time in business 2 years
Credit score required A personal credit score of 675
Annual revenue required At least $100.000
Loan term 10-25 years for SBA loans

2-5 years for bank loans

Borrowing amounts range $30.000-$5.000.000
Borrowing fee None
Origination fee Estimated 3%
Funding time 1 week or more for SBA loans

1 week or less for bank term loans

Location requirements USA
Bankruptcies No bankruptcies for the past 3 years
Eligible industries Most industries
Personal loan guarantee required Yes
Collateral required Yes
APR 6.73% to 10.29% for regular term loans and 5.04% to 5.09% for commercial real estate loans

Requirements for an SBA loan:

  • The business owner must be a US citizen
  • 2+ years in business
  • Have a personal FICO score of 650
  • No bankruptcies in the past 3 years
  • Sufficient cash flow

Requirements for a commercial real estate loan:

  • Ownership of at least 51% of the property
  • 2+ years in business
  • The business owner must be a US citizen
  • Have a personal FICO score of 675
  • A loan payment that is not more than the monthly lease

What about the repayment process and additional fees?

  • From SmartBiz loan reviews, I have found that an SBA (Small Business Administration) loan is a short-term business loan that is government-guaranteed and does not have high interest rates. Additionally, it can be paid over 10 or more years.

There are 2 types of one-time fees that SmartBiz charges:
1) Packaging fee (maximum 0.5% of the loan amount)
2) Referral fee (maximum 0.5% of the loan amount)

  • If you have a loan of $5.000.000, you need to pay a guarantee fee to the SBA. That can vary from 2.25%-3.75%, and it all depends on the amount you’re borrowing.
  • Bank closing costs typically add up to about $5.000 and include standard bank fees appraisal and title fees. Additional third-party report charges may also apply.

According to 2020 SmartBiz reviews, there are prepayment penalties for real estate loans. This is in the first 3 years.

Let’s see what they add up to:

  • If you repay in the first year, there is a 5% prepayment penalty
  • If you repay in the second year, the fee is 3%
  • If you repay in the third year, the fee is 1%

We’ve learned from SmartBiz funding reviews that after the third year, there are no prepayment penalties.

Application process

The online application is very quick and easy. Additionally, it is completely free. According to SmartBiz business loans reviews, this is the step-by-step application process:

  • Go to https://www.smartbizloans.com/apply?partner_id=smartbiz for a pre-qualify application.
  • Select whether you want to build your business, refinance existing debt, or purchase commercial real estate.
  • Select how much you want to borrow.
  • Add basic information (Name, Last Name, Email, Phone number, Business name) and click on “Continue to pre-qualify”.
  • Add information about your financial needs, business, and business owners.
  • Provide additional supporting documents (Bank Statements, Business, and personal taxes for the past 2+ years, current year financial statements, any outstanding debt).
  • Upon approval, review, and e-sign closing documents.

The time from application to funding can take anywhere between one week and three months, depending on the loan product, the speed at which you provide the necessary documents, and other factors.

Customer Service and Technical Support

We have learned from SmartBiz small business loan reviews that SmartBiz has great FAQs, with which all your questions regarding your loan can be answered.

If you need answers to more specific questions, customer service is also available via:

  • Phone
  • Email
  • Live chat
  • Social media support

After you’ve begun the loan application process, you will be assigned a dedicated “relationship manager” who will help you through the application process, answer any questions you might have, and generally be available if you need anything.

SmartBiz User Reviews

According to SmartBiz BBB reviews, SmartBiz has an A+ BBB rating and has been accredited with the Better Business Bureau since 2017. There have only been 6 customer complaints and they have all been resolved.

Negative Reviews and Complaints

  • Endless Paperwork
    SmartBiz has a lot of paperwork requirements, and you will have to provide a lot of documentation about your business.
  • Additional Fees
    People have said that there had been some extra fees or the predicted fees were too high.
  • Rejections
    Some people felt that even if they were deemed eligible at the beginning, but during the process of application they had been rejected due to some additional information found along the way.

What is important is that SmartBiz is very active in resolving its complaints. Despite the frustration that the SBA loans can cause, SmartBiz does everything to keep the process running and their customers happy.

Positive Reviews and Testimonials

SmartBiz has excellent reviews from clients. SmartBiz lending services reviews are mainly positive. On ConsumerAffairs the company has a rating of 4.6/5 and on Trustpilot – 4.7/5. This is based on 1.089 reviews.
SmartBiz has a 5-star rating on Merchant Maverick.

According to SmartBiz online reviews, most customers like:

  • Personal relationship managers
  • Speed of funding
  • Transparent advertising and customer service
  • Great loan terms

Overall, SmartBiz loan services reviews are mostly positive.


One of the top competitors of SmartBiz is OnDeck.

Let’s see why:

SmartBiz vs. OnDeck
OnDeck offers loans up to $500.000 and lines of credit up to $100,000. OnDeck requires one year in business before getting the loan, annual revenue of $100.000, and a credit score of 500. SmartBiz is stricter regarding its requirements. Additionally, the requirements for a line of credit are the same.

Pros and Cons

Let’s check out the general pros and cons of SmartBiz.


  • Non-expensive rates
  • Great terms and fees
  • Transparent pricing
  • The website is easy to use
  • Various avenues of customer support
  • Different financing options are available


  • Some additional fees are charged
  • The application process is slow and involved
  • The funding process can take more than a week


The small business loaning company proves that applying for a loan through a bank can be a simple process with the right help.

SmartBiz has low interest rates, great payment options and the customer service is wonderful. In a way, this company offers a chance to business owners to expand their businesses.

In the SmartBiz reviews I have learned that despite the long process, SmartBiz is a great resource for an SBA loan. If you are looking for a business loan that is not going to cost you a lot, then this might be the right service for you.


  1. What industries are ineligible to get a business loan?

Some businesses that are ineligible to get a business loan are the organizations that have to do with:

  • Lending
  • Religion
  • Mining
  • Mortgage services
  • Real estate development
  • Gambling
  • Life insurance
  • Private clubs

2. What is the level of customer service availability?

You can phone a SmartBiz representative on (866) 283-8726 during their office hours, which are Monday-Friday 7 a.m.-5 p.m. (PST) and Saturday 8 a.m.-5 p.m. (PST). Additionally, you can email them at [email protected], or visit their website.

3. Will an eligibility check impact my credit score?

SmartBiz does a soft credit pull. That does not affect your credit score. After the application is in the funding process, a hard credit pull will be requested from you.

4. What is SmartBiz’s BBB rating? Is it accredited?

It has been accredited since 2017 and its BBB rating is A+.

5. Who is SmartBiz business loan best for?

SmartBiz is best for owners of established businesses with no bankruptcy or foreclosure records, credit scores over 650, and consistent income that are looking for funding to expand their businesses.