Get funding for your business up to $5,000,000 with extended repayment terms.

  • Best for getting quickly matched with SBA lenders and application assistance.
  • Pick something else if you want minimal fees.


Min. Amount


Max. Amount


Product Name SmartBiz
Min. Amount $30,000
Max. Amount $5,000,000
Loan Term 10 to 25 years
Min. Credit Score 650
APR 4.75% to 7.00%
Requirements 650+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
  • Business is 2+ years old
  • Annual revenue of $50,000 or more
  • You’re a US citizen or permanent resident
  • No outstanding tax liens and no bankruptcies or foreclosures in the past 3 years
  • Business owner’s personal credit score 650+
Best of 2020
Finder experts pick SmartBiz as a 2020 best pick for business loans.

Can I get a loan through SmartBiz during the coronavirus outbreak?

Yes, you can still apply for SBA loans and standard bank loans through SmartBiz. Currently, it’s focused on connecting borrowers with SBA 7(a). It previously it helped borrowers apply for a loan through the Paycheck Protection Program, before applications closed on June 30, 2020. SmartBiz can’t help you if you’re looking for an SBA disaster loan, however. You can only apply for disaster loans through the SBA directly.

What are SmartBiz SBA loans?

Through SmartBiz, you can get three different types of SBA loans: commercial real estate loans, debt refinancing and working capital loans. All three are technically SBA 7(a) loans, but can be used for different purposes. Click on the accordions below for more information on each.

How much will a SmartBiz SBA loan cost me?

SmartBiz SBA loans come with APRs from 4.75% to 7% and terms of 10 to 25 years, depending on the product.

It also comes with several fees, depending on the type of loan.

Working capital loans and debt refinancing

  • One-time referral fee of no more than 2% of the loan amount
  • One-time packaging fee of no more than 2% of the loan amount
  • SBA guarantee fee of 2% to 3.75% of the guaranteed portion, depending on the loan amount
  • Bank closing fee, typically $450
  • Additional third-party report charges may apply

Commercial real estate loans

  • One-time referral fee of no more than 0.5% of the loan amount
  • One-time packaging fee of no more than 0.5% of the loan amount
  • SBA guarantee fee of 2% to 3.75% of the guaranteed portion, depending on the loan amount
  • Bank closing costs, typically around $5,000
  • Additional third-party report charges may apply

SmartBiz fees are usually deducted from loan proceeds, so you get the net amount when your loan is funded.

You can use the calculator below to calculate how much you’ll pay per month and the total interest cost:

Business loan calculator

See how much you’ll pay

Your loan
Loan amount
Loan terms (in years)
Interest rate

Fill out the form and click on “Calculate” to see your estimated monthly payment.


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How it works

SBA fees generally depend on the amount you’re borrowing and your loan term. Larger amounts and longer terms come with higher fees. The rate you get depends on factors like your time in business, cashflow history and the credit scores and personal assets of all owners with at least a 20% stake in the company.

Generally, lower fees go to borrowers with better credit, stronger finances and more than the minimum time in business.

How SBA guarantee fees work

What do I need to qualify?

SmartBiz SBA loan eligibility varies by loan amount. In general, you’ll need to have been in business for at least two years and be profitable on your tax returns.

Loans of $30,000 to $350,000

To meet SmartBiz’s minimum requirements for a loan of this amount, you or your business must:

  • Have a 650 credit score or higher
  • Be a US citizen or permanent resident
  • Be over 21
  • Have no outstanding tax liens
  • Have no bankruptcies or foreclosures in the past three years
  • Have no recent charge-offs or settlements
  • Be current on all government-related loans, including student loans
Loans of $350,000 to $5 million

Loans of this amount are only available for purchasing commercial real estate. To qualify, you or your business must meet the following requirements:

  • Credit score of 675 or higher
  • Business must be at least two years old
  • All real estate must be at least 51% owner-occupied
  • Enough business and personal cash flow to cover all debt payments — with three years of tax returns and interim financial data to prove it
  • No delinquencies or default on government loans

Note that the 100% financing option requires a loan payment that does not exceed the current monthly lease expense on a commercial loan.

What do I need to apply?

To apply for an SBA loan with SmartBiz, you’ll need to provide:

  • Income tax returns. Personal and business income returns will need to go back three years.
  • Personal financial statements. Statements are required for those who own 20% or more of the company.
  • Profit and loss statement. You’ll also need to provide your company’s balance sheet.
  • Business debt schedule. SmartBiz needs a list of your business’s debt obligations to evaluate your application.
  • Proof of collateral. Depending on your loan amount, collateral is the lien on either your business or real estate.

What industries does SmartBiz work with?

SmartBiz does not lend to the following types of businesses:

  • Gambling
  • Lending
  • Life insurance
  • Religious teaching organizations
  • Political or lobbying organizations
  • Mining
  • Mortgage servicing
  • Real estate development
  • Bail bond companies
  • Pawn shops
  • Private clubs

Generally, SmartBiz only works with industries that are eligible for SBA funding. You can find out if your business makes the cut by reading our guide to SBA loan requirements.

What other types of financing does SmartBiz offer?

In addition to the SBA 7(a) program, SmartBiz offers PPP loans through its partners and non-SBA term loans.

PPP loans

  • Loan amounts: Up to $10 million
  • Rates: 1% APR
  • Terms: 2 years — plus 6 months of deferment
  • SBA guarantee: 100%
  • Requirements: No more than 500 employees or meet SBA size standards for your industry; nonprofits and faith-based organizations can also qualify

These SBA loans are meant for small businesses that are struggling to stay open during the coronavirus outbreak. You can borrow up to 2.5 times your average monthly payroll costs and could qualify for up to 100% forgiveness, depending on your payroll costs. You’ll pay off the rest of the loan over a two-year term, after repayments kick in.

Non-SBA term loans

SmartBiz can also connect you with its bank partners for non-SBA term loans. This program is designed for small businesses that might not qualify for an SBA loan.

  • Loam amounts: $30,000 and $350,000
  • Rates: 6.99% to 23.99% APR
  • Terms: 2 to 5 years
  • Requirements: At least 2 years in business, personal credit score of 640+ for all owners, US citizen or permanent resident, cash flow to support loan repayments, no bankruptcies in the past 3 years or outstanding tax liens

You can apply for both SBA and non-SBA loans with the same application — just indicate that you’re interested in non-SBA funding.

Pros and cons

Here’s how your business can benefit from SmartBiz and why you might want to consider other options.


  • Shortens SBA loan turnaround time
  • Spend less time filling out forms
  • Prequalify in minutes without affecting your credit
  • Non-SBA funding also available


  • Larger loan amounts can take up to 30 days
  • Charges packaging and referral fees on top of other SBA loan fees
  • Prepayment penalties during first three years of the loan term

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