How to Apply
Requirements
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.
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.
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.
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.
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.
