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SBA Loan by SmartBiz

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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

Cost

LowHigh

Effort to Apply

EasyDifficult

Funding Speed

MonthsMinutes

Repayment Terms

MonthsYears

9/10

Bottom Line

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

Pros

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.

Cons

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

Cost

11.25% - 13.25% APR

Repayment Terms

Monthly payments for 10 years

Funding Amount

$30,000 - $500,000

Funding Speed

1 month

Repayment Frequency

Monthly

Reviews

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Any personal views and opinions expressed are author’s alone, and do not necessarily reflect the viewpoint of Nav. Editorial content is not those of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities.

Reviews are not provided or commissioned by the credit card, financing and service companies that appear in this site. Reviews have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.