SBA Loan by SmartBiz

SBA Loan by SmartBiz

SmartBiz combines the benefits of a traditional SBA loan with shorter application process (typically 30-60 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.

Nav's Verdict

1% Complete
Effort to Apply
6% Complete
Funding Speed
9% Complete
Repayment Terms
9% Complete


Bottom Line

For high cost projects with long repayment. No immediate funds needed.


APR as low as 11.25% with monthly repayment plans up to 10 years. Ability to be pre-approved and review terms and conditions before needing to provide a full list of financial documents.


Lengthy application process (30-60 days) with lower approval odds. Requires more documents than other Bank Loan products.

Qualification requirements

Time in Business

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


Personal and business financial information required


US business owned by US citizens.

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)


Names of business owners and ownership percentages

Business Details

Tax identification number, type of business, date of inception


Formation and other business documentation

Credit Report

Personal and business credit report (can retrieve electronically)

Allowed Use of Proceeds

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.

11.25% - 13.25% APR
Repayment Terms
Monthly payments for 10 years
Funding Amount
$30,000 - $500,000
Funding Speed
1 month


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