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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.



About lender

SmartBiz Loans provides versatile financing alternatives and a straightforward application process. Small business owners seeking Small Business Administration (SBA) loans on the larger side might consider SmartBiz a viable option. As an online marketplace for loans, SmartBiz depends on technology to streamline and simplify the borrowing process, which may be time-consuming and complicated at times.

The privately held company SmartBiz Loans is located in San Francisco's Mission Bay. A group of business people with backgrounds in the financial services industry established the company in 2009. They received funding from prominent venture capital firms such as Investor Growth Capital, Venrock, First Round Capital, Baseline Ventures, and SoftTech VC, among others.

The 7(a) Business Lending Program is the SBA's most popular loan program, and SmartBiz and its partner banks are both participants in this program. There is a possibility of obtaining term loans of up to $500,000 and SBA loans of up to $5 million. When you apply for a loan with SmartBiz Loans, they may present you with many loan offers from various lenders that are part of its network.

Pros and cons


  • Low-cost financing options

  • Easy financing for growth and other needs

  • Marketplace matches borrowers with lenders.


  • Not for businesses with unstable finances

  • High fees

  • Relatively high starting amounts

  • Stringent qualification process.

The benefits of acquiring a loan through SmartBiz are that it still offers competitive SBA loan rates while expediting the application process. On the other hand, it is not for enterprises with a low credit score or a poor financial basis. To qualify for an SBA loan and a bank term loan, you must have a strong credit score and stable backup. It means that this lender will turn down many small firms. Evaluate the benefits and downsides before applying for credit.

Terms and conditions

SmartBiz generally works with lenders providing SBA 7(a) and regular term loans. Although SBA loans often have lower interest rates than standard term loans, the conditions can be more demanding. Loans are more flexible, with shorter terms, payback schedules, and faster funding process timeframes, but are typically more expensive. SBA 7(a) loans come with a loan amount of $30,000–$5,000,000, and SBA loan rates vary and are subject to SBA maximums. There is a guarantee fee, plus typical closing costs of $450 and an application fee of $3,000, with loan terms ranging from 120 to 300 months.

SmartBiz offers loan amounts of $30,000–$500,000 with 6.99%–23.99% APR. It has a 3% referral and 3% packaging fee, plus closing costs between $200 and $300, with a loan period ranging from 24 to 60 months. In addition to SBA fees, SmartBiz lenders charge a $3,000 application fee and $450 closing charges for working capital loans. Lenders charge $5,000 for commercial real estate loan application fees and closing costs. When your loan is funded, you'll get a net amount after fees.

Funding a loan

Smartbiz's primary role is as an SBA(7)(a) facilitator. It implies that you submit an SBA 7(a) application, and the network links you to the appropriate lender. After entering your basic information, they will connect you to the right financial institution. The extensive communication list is then sent to SmartBiz, which forwards it to the bank for underwriting. Banks utilize your financial papers and tax information to study your ability to repay thoroughly.

The process is a significantly more time-consuming process than a standard online loan. The time it takes to get permission can vary substantially. You should expect your loan to be processed within 14 days. You will repay these loans monthly after they are funded. The process for term loans is similar, though the rates are higher and the approval times are shorter. To determine eligibility, SmartBiz performs a gentle pull on your credit score.


Is SmartBiz an honest company?

Small Business Administration (SBA) loans are available online through SmartBiz. It is an honest company that does not lend money directly to customers. Instead, it works with a network of partner banks to assist small businesses in obtaining loans.

Is SmartBiz still accepting PPP loans?

The Paycheck Protection Program (PPP) was over on May 31, 2021. Under the PPP program, some current borrowers may be able to get their loans canceled. This year, they can get a second loan.

Is SmartBiz PPP forgivable?

Yes. SmartBiz Loans clients with PPP loans of $150,000 or less, which represents 95% of all loans issued in 2021, could use the new SBA forgiveness platform if the lender that sponsored the loan opted in to direct forgiveness.

Is SmartBiz a SBA lender?

SmartBiz is the most popular online banking network for SBA loans. Through its bank network, they have processed almost $4 billion in funded SBA 7(a), PPP, and bank term loans, assisting over 20,000 firms and supporting 300,000 employees.

Company documents

Privacy Policy
Terms of service

Small business owners choose SmartBiz to help them identify the right lender and apply for the right financing for their business.

© SmartBiz

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What to focus on before applying for a loan with SmartBiz

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between SmartBiz and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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