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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.

Apply for a SmartBiz's loan


How to Apply


If you need a company loan, especially an SBA loan, SmartBiz can make the process easier to manage by providing a single, streamlined application. Even if you use a provider like SmartBiz, you won't be able to avoid the rigorous documentation requirements of some of these loans. You must also meet specific loan standards, which include the following:

  • No outstanding tax liens

  • At least two years in business

  • A personal credit score of at least 0

  • U.S. citizenship or permanent resident status

  • Cash flow that can uphold your monthly payments

  • No bankruptcies in the past three years.

Application details

For a complete application, it's best if you have the following documents on hand:

  • Business profit & loss statement

  • Business balance sheet

  • Personal financial statements

  • Collateral, if necessary.

  • Credit report

  • Personal tax returns

  • Business tax returns.

To get an SBA loan, you'll also need to:

  • Business plan

  • Business license

  • Commercial leases

  • Third-party contracts

  • Monthly cash flow statements

  • Personal background information

  • Articles or franchise agreements, if applicable .

After going through these few easy steps, you will be well on determining whether you prequalify. Because of this, there will be no impact on your credit score. If you would instead submit your application over the phone, you can contact SmartBiz at (844) 256-6541 between 7:00 a.m. and 5:00 p.m. Pacific Standard Time (PST) Monday through Friday, and between 8:00 a.m. and 5:00 p.m. PST on Saturday.

There is only one application to fill out, whether you are looking for an SBA loan or a term loan. In three simple procedures, you can start the application process of being matched with a lender most likely to accept you. The SmartBiz platform can determine whether you are prequalified for up to $350,000 in five minutes.

  1. Prequalify. SmartBiz lets you determine if you are prequalified for a loan of up to $350,000 without affecting your credit score. First, decide how you will use the money. Second, determine what loan you want. Third, put in the amount of money you wish to borrow. And finally, type in your information.

  2. Review offers. After you get prequalified, which only takes about five minutes, SmartBiz's network of lenders should send you several offers and matches. Before you send in your formal application, look at each request and compare them.

  3. Send in your application form. Once you've chosen the best offer, you'll have to complete an official application. You must show proof of your personal and business tax returns from the last three years. When you appeal for an SBA loan, you'll also need to provide personal financial statements, profit-and-loss statements, balance sheets, collateral, and other documents.

  4. Sign your loan documents. After your application is accepted, you'll need to sign your loan papers and wait for the money to be sent to you.


How long does it take SmartBiz to approve the PPP?

The entire process usually takes around two weeks from start to end. You should see your money in no time if you stay involved in the process, keep in touch with SmartBiz and your lender, and understand how the PPP loan procedure works.

How long does it take SmartBiz to deposit funds?

After filling out the application, you can get the money as soon as seven days later. They processed most online loan applications within a few weeks of the application being submitted. SBA 7(a) loans over $150,000 and SBA 7(a) commercial real estate loans up to $5 million usually take ‌longer, between 4-6 weeks. The faster you send SmartBiz the documents we need to approve your loan, the sooner we can pay it out. When you help, things move along ‌quickly.

How do I file PPP forgiveness with SmartBiz?

You must complete and submit a PPP loan forgiveness application form to your lender. Your lender is required by law to respond within 60 days. You must submit the forgiveness application within 90 days of the end of the eight-week post-funding process.

Calculate loan payments in SmartBiz

SmartBiz calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

Enter the desired loan amount

30000 $
500000 $
Loan term

Specify the loan term for the calculation


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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