Debt marketplaces
SmartBiz
SmartBiz Bank provides financing to small businesses, centered on SBA 7(a) loans and supported by bank term loans and lines of credit. Applicants are matched either to SmartBiz Bank directly or to a lender in the SmartBiz network.
The process begins with a pre-qualification check the company says takes about five minutes and does not affect the applicant's credit score. From there SmartBiz helps assemble and complete the documents an SBA application requires. An SBA loan calculator and an eligibility list are published on the site, along with guidance on applying for more than one SBA loan within program borrowing limits.
SBA 7(a) rates are variable and based on the Prime Rate. The published schedule shows Prime plus 4.75% for working capital and debt refinance loans of $50,000 to $150,000, and Prime plus 3% for loans of $150,001 to $350,000, within a stated overall range of Prime plus 3% to 5.75% depending on loan size. Because the rate floats, payments can change when the Prime Rate moves. Maximum rates are capped by SBA guidelines.
The company describes itself as formed after the Great Recession by a group of technologists, entrepreneurs, and finance professionals to make bank funding easier for small businesses, and says it is now building a small business bank rather than operating only as an application platform. Its address is in Northbrook, Illinois.
Best for
Small business owners seeking SBA 7(a) or bank financing who want help assembling the application and matching to a lender. The site does not describe investment property or non-owner-occupied commercial real estate lending.
What they do
- SBA 7(a) loans
- Bank term loans
- Business lines of credit
- SBA application preparation and document packaging
- Lender matching through a partner network
- SBA loan calculator and pre-qualification
Details
| Attribute | Value |
|---|---|
| Offices | Northbrook, IL |
| How they charge | SBA 7(a) rates are variable at the Prime Rate plus 3% to 5.75% depending on loan size, subject to SBA maximums; fees follow SBA guidelines. |
What stands out
- Quotes SBA 7(a) variable rates of the Prime Rate plus 3% to 5.75%, depending on loan size
- Publishes Prime plus 4.75% for loans of $50,000 to $150,000 and Prime plus 3% for loans of $150,001 to $350,000
- Says a pre-qualification check takes about five minutes and does not affect credit score
- Applicants are matched to SmartBiz Bank directly or to a lender in its network
- Lists an address in Northbrook, Illinois
Common questions
- What does SmartBiz do?
- SmartBiz describes itself as an SBA lending partner offering financial services built for small businesses, including SBA loans and other bank loans. It helps with loan application preparation and says it makes applying for an SBA loan faster and more efficient.
- Can a business apply for an SBA loan more than once?
- Generally yes, as long as total funding stays within each program's borrowing limits. The company publishes guidance on this on its site.
- How are SBA 7(a) interest rates set?
- They are variable and based on the Prime Rate plus a margin of 3% to 5.75% depending on the size of the loan, subject to maximums the SBA sets for lenders. Because the base rate is set by market conditions and the Federal Reserve Board, the interest rate on a loan can adjust if the Prime Rate changes.