SBA Loan by SmartBiz

SBA Loan by SmartBiz

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.

8.0/10

Cost
100% Complete
Low High
Effort to Apply
60% Complete
Easy Difficult
Funding Speed
60% Complete
Minutes Months
Repayment Terms
100% Complete
Months Years

Bottom Line

One of the most affordable loan products available if you meet their requirements.

Pros

Great rates and terms.

Cons

Requires personal guarantee. One of the more demanding loans in terms of requirements.

Requirements

Time in Business

Minimum 2 years in business with 2 years of tax returns filed.

Citizenship

US business owned by US citizens.

Cashflow

Personal and business financial information

Personal Identification

Social security, valid driver's license or passport information, birthdate

Contact Information

Business name, applicant name, and contact details

Personal Taxes

Past tax returns (we can retrieve electronically)

Business Taxes

Past tax returns (we can retrieve electronically)

Owners

Names of business owners and ownership percentages

Business Details

Tax identification number, type of business, date of inception

Incorporation

Formation and other business documentation

Credit Report

Personal and business credit report (we can retrieve electronically

Allowed Use of Proceeds

Must be used for working capital, including: business expansion, hiring, inventory, marketing, operational expenses, equipment purchases, etc.

Not Allowed Use of Proceeds

Funds cannot be used for business acquisition, debt refinancing, change in ownership, or real estate acquisition

Construction Use

More than $10,000 of the proceeds cannot be used for construction.

Cost
6.96% - 9.06% APR
Repayment Duration
10 years
Funding Amount
$30,000 - $350,000
Funding Speed
1 month

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