SmartBiz combines the benefits of a traditional SBA loan without the long and tedious application process (typically 60-90 days). Since SBA loans are government-subsidized, their rates are among the most favorable for lenders. SmartBiz’s application is fully online and automated and, if approved, you get your loan in less than one month from start to finish. Their list of requirements are long, but their online application takes out a lot of the pain typically associated with SBA loans. Pay attention to the requirements list on the right to make sure you qualify before you try applying. The requirements are strict so you can save yourself a lot of trouble by making sure you qualify before starting down this road.
One of the most affordable loan products available if you meet their requirements.
Great rates and terms.
Requires personal guarantee. One of the more demanding loans in terms of requirements.
Minimum 2 years in business with 2 years of tax returns filed.
Personal and business financial information required
US business owned by US citizens.
Social security, valid driver's license or passport information, birthdate
Business name, applicant name, and contact details
Past tax returns (we can retrieve electronically)
Past tax returns (we can retrieve electronically)
Names of business owners and ownership percentages
Tax identification number, type of business, date of inception
Formation and other business documentation
Personal and business credit report (can retrieve electronically)
Funds cannot be used for business acquisition, debt refinancing, change in ownership, or real estate acquisition. Must be used for working capital, including: business expansion, hiring, inventory, marketing, operational expenses, equipment purchases, etc. More than $10,000 of the proceeds cannot be used for construction.
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