What is SmartBiz?
SmartBiz is on a mission to get small businesses the funding they need when they need it. Since 2009, it has used proprietary technology to match companies with lending partners. As a result, SmartBiz is the leader in facilitating SBA loans for small businesses.
How Does SmartBiz Work?
SmartBiz has developed an AI-powered financing platform where small business owners and entrepreneurs can apply for SBA loans online. Its innovative technology makes applying for an SBA loan easier and faster. The typical SBA loan application process can take months and often results in rejection. Working with SmartBiz streamlines your application process and increases your chance of approval.
See if you prequalify for an SBA loan or other business lending options in as little as five minutes without impacting your credit score.
What Loans Does SmartBiz Offer?
SmartBiz offers three main loan types. You can apply for an SBA loan, a term loan, or custom financing. Each loan option has different requirements. For example, some offer lower minimum interest rates, while others give you more time to repay the loan.
The Small Business Administration (SBA), a government agency, offers government-guaranteed loans to qualifying small businesses. You can often get a lower interest rate and longer term with an SBA loan. Unfortunately, they are also harder to qualify for. SmartBiz uses propriety AI-driven technology to streamline the application process and match you with the bank most likely to approve your funding.
These loans are short-term business loans. They have a two-to-five-year repayment term, and fixed interest rates are available. These loans require you to have been in business for two years and are in good standing. It takes less time to receive approval for a term loan and once approved, you can get funding quickly, usually within a matter of days.
SmartBiz can help find alternate financing options like business lines of credit and custom financing for businesses that don’t qualify for an SBA or term business loan. These options often have more lenient qualification terms but may come at higher interest rates.
Who Are SmartBiz Loans Best For?
If you own a small business and need access to additional capital, SmartBiz can help you find a loan that you are qualified for and that can meet your cash flow needs.
It works with small businesses of all kinds. Whether your company is well-established or just getting started, whether you have excellent credit or are working to rebuild your credit, this AI-powered approach can match you with a lending partner that is ready to work with you.
What Are the Benefits of Using SmartBiz Loans?
SmartBiz loans can help business owners in numerous ways.
- Faster Approvals: If you’re applying for an SBA loan, it can help you get approved faster and increase your chances of getting approved by matching you to the best lender for your circumstances.
- Various Options: SmartBiz offers several types of funding to small businesses, so no matter your circumstances, it can help you find a loan that works for your needs and your business qualifies for.
- Easy Application: Pre-qualification takes only five minutes and won’t affect your credit score. If you choose to apply for a loan, you can complete the process online. The process is intuitive and easy.
- Safe and Secure: SmartBiz uses 256-bit encryption, so you can safely submit your personal information, annual revenues, and financial details with your application.
What Are the Requirements to Get a Loan from SmartBiz?
The requirements vary for different loan types.
To qualify for an SBA or term loan, your business must be in good standing and have been in operation for two years or more.
Your business must also be in a sound financial position for an SBA loan. It requires a personal credit score of 650 or higher to qualify.
You may qualify for custom financing options if you have poor credit or a new business.
How to Get Started with SmartBiz?
SmartBiz has worked to make applying for a business loan simple. After submitting some initial information through their website, you’ll see what loan options you prequalify for. You can complete this step in about five minutes, and it won’t affect your credit score.
Next, you’ll choose the loan that best fits your needs and begin the application process. At this stage, you’ll be asked to submit documents to verify your financial details and that your business is in good standing. SmartBiz has professionals available to answer questions and help you with the details.
Because it uses technology to match you with the lenders most likely to approve your loan, you get approval and funding faster.