Business LoansSmall Business Lender Reviews
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

SmartBiz Business Loan Review

Updated on:
Content was accurate at the time of publication.

 Estimated interest range: Starting rates of 9.99% to 11.25% depending on product

 Best for: Businesses who don’t mind paying extra fees to save time researching individual lenders on their own

ProsCons

 Relatively low minimum annual revenue requirements

 Option for 2% interest rate deduction if you opt for prepayment penalty, but penalty can be avoided by not paying off your loan early

 Fairly competitive starting rates

 Packaging and referral fees, even on products like term loans

 Borrowing capped at $500,000

 Possibility of securing cheaper financing by applying directly through partner lenders

SmartBiz is a platform that partners with banks and other financial institutions to offer small business loans, like term loans, SBA 7(a) loans and business lines of credit. While SmartBiz may be quicker and more convenient than traditional and online lenders, you might end up paying more in extra fees for its speedy services.

Who is SmartBiz for?

  • Those who don’t like comparing lenders on their own. SmartBiz’s primary value is that it shops around for the best offers for you. You’ll pay an extra fee for this service through its packaging and referral fees, which can range from 2% to 6%.
  • Those needing to borrow less than $500,000. The max loan you can secure through SmartBiz is currently capped at $500,000.
  • Those with lower annual revenue. SmartBiz’s minimum annual revenue requirement of $50,000 for SBA loans is notably low.

ProductLoan amountsRepayment termEstimated interest rangeFees
Term loans$30,000 to $350,00024 to 60 monthsStarts at 9.99% fixed
  • Optional 5% prepayment penalty that comes with a 2% interest rate reduction
  • 3% referral fee
  • 3.00% package fee
  • Partner financial institutions may charge additional fees
SBA 7(a) loans$30,000 to $500,000120 months11.25% to 13.25% variable
  • Application fee of no more than $2,500
  • Closing costs of about $450
  • No prepayment penalties
Lines of credit$25,000 to $150,00012 monthsSOFR + 9.99% to 29.99%
  • 6.00% one-time origination fee
  • $750 flat-fee for closing costs

Term loans

SmartBiz can connect you with banks and other financial institutions that offer term business loans between $30,000 and $350,000, ranging from 24 to 60 months. Interest rates are fixed, with rates as low as 9.99%.

Term loans come with packaging and referral fees of 3.00% each. The partner lender you end up borrowing money from may charge additional fees, like closing costs.

There is an option to get an interest rate deduction of 2%, but to get it you’ll have to take on a prepayment penalty of 5%. This option is best for those who don’t plan to pay their loan off early.

SBA 7(a) loans

SmartBiz partners with lenders offering SBA 7(a) loans, the flexible, general purpose loan partially guaranteed by the U.S. Small Business Administration (SBA). Although 7(a) loans can come with fixed or variable business loan interest rates, the SBA loans offered through SmartBiz appear to come with variable interest rates, currently 11.25% to 13.25%. You can borrow between $30,000 and $500,000. At this level of borrowing, there are no additional SBA fees.

You might incur fees from SmartBiz’s partner banks, such as a one-time packaging fee up to $2,500, and closing fees somewhere around $450. These fees are usually added to your total loan amount, so they can be financed.

Lines of credit

If you need fast access to revolving funds, SmartBiz now offers a business line of credit to use for a variety of working capital expenses. Credit lines range from $25,000 to $150,000, allowing you to borrow up to the credit limit as often as needed. Interest rates are based on the Secured Overnight Financing Rate (SOFR), plus 9.99% to 29.99%, although you only pay interest on the amounts you use.

A SmartBiz line of credit will incur a one-time 6.00% origination fee, a $750 flat-rate for closing costs and standard wire fees as applicable. However, you won’t have to pay any maintenance or withdrawal fees once the account is up and running.

While SmartBiz is relatively transparent about its SBA loan requirements, it doesn’t disclose all requirements for term loans and lines of credit. If you’re interested in working with SmartBiz, contact them to discuss the full range of business loan requirements.

Minimum annual revenue
  • Not disclosed for term loans and lines of credit
  • $50,000 for SBA 7(a) loans
Minimum time in business
  • 24 months for term loans and SBA 7(a) loans
  • Six months for lines of credit
Minimum credit score
  • Not disclosed for term loans and lines of credit
  • 650 for SBA 7(a) loans

Required documents

SmartBiz uses one fast and simple application process to help pair you with the right lender for your needs. While the required paperwork will vary by loan type, here are some standard documents you can expect to provide when applying for a small business loan:

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
SmartBizFunding CircleTD Bank
Minimum credit score
  • 650 for SBA 7(a) loans
  • Not disclosed for other products
  • 650 for SBA 7(a) loans
  • 660 for term loans and lines of credit
Not publicly shared
Loan products offered
  • Term loans
  • SBA 7(a) loans
  • Business lines of credit
  • Term loans
  • SBA 7(a) loans
  • Business lines of credit
  • Term loans
  • Business lines of credit
  • SBA 7(a) loans
  • SBA 504 loans
Time to fundingTwo days for line of credit, seven days for SBA loans48 hours for term loans, one to two months for SBA 7(a) loansNot disclosed
Starting interest rates
  • 9.99% for term loans
  • 11.25% for SBA loans
  • SOFR + 9.99% for lines of credit
  • Prime + 2.75% for SBA 7(a) loans
  • 11.29% for term loans
  • 10.99% for lines of credit
  • Not disclosed for term loans
  • Prime rate + 0.74% for lines of credit
  • Varies for SBA 7(a) loans, subject to SBA maximums
  • About 3.00% for SBA 504 CDC loans
Maximum loan size
  • $350,000 for term loans
  • $500,000 for SBA loans
  • $150,000 for lines of credit
  • $500,000 for term loans
  • $500,000 for SBA 7(a) loans
  • $250,000 for lines of credit
  • Up to $1,000,000 for term loans
  • Up to $5,000,000 for SBA 7(a) loans
  • No maximum loan amount for first mortgage with SBA 504; up to $5,500,000 for second mortgages
  • Up to $500,000 for lines of credit
Minimum annual revenue
  • $50,000 for SBA 7(a) loans
  • Not disclosed for term loans and lines of credit
  • $400,000 for SBA 7(a) loans
  • Amount not disclosed for other financing types
Not disclosed

SmartBiz vs. Funding Circle

Like SmartBiz, Funding Circle can refer you to partner lenders to help you get term loans, SBA 7(a) loans or business lines of credit. If you want higher loan amounts, Funding Circle provides up to $500,000 for its SBA 7(a) loan, while SmartBiz caps its SBA lending at $500,000. Both lenders can complete a term loan’s application and funding process in as little as 48 hours, but SmartBiz can provide quicker turnaround times for SBA loans — an average of seven days compared to Funding Circle’s one- to two-month timeline. Note that Funding Circle has dramatically higher minimum annual revenue requirements, making SmartBiz a better choice for companies with lower annual revenues.

SmartBiz vs. TD Bank

If you prefer to work with a traditional bank, consider TD Bank for your business financing needs. It offers more products than SmartBiz with higher funding amounts, plus no limit on your first SBA 504 loan. Since TD Bank offers its loans directly, you’ll only find packaging fees on SBA 7(a) loans, which can be waived if you maintain an active TD Bank business checking account. However, TD Bank is not extremely transparent about underwriting requirements or potential interest rate ranges. The best way to find out if you qualify based on your annual revenue and credit score is to apply. You can then compare the offered rate and term to your offer from SmartBiz to see which lender can provide the best deal for your business.