Let’s investigate. SmartBiz is a lending marketplace for SBA loans. That means that SmartBiz isn’t actually a lender. It doesn’t approve or extend SBA loans (or any other kind of business loans) itself. Instead, it takes your application and shops it around to lenders.Does smartbiz take longer to get approved for an SBA loan?
Even though SmartBiz has streamlined the SBA loan process, approval can take longer than it might at other online small-business lenders, some of which don’t require the same amount of documentation SmartBiz does. » MORE: Denied for an SBA loan?What are smartsmartbiz's fees?
SmartBiz charges a one-time referral fee and a one-time packaging fee, both of which are a maximum of 0.5% of the loan amount Loans up to $5 million necessitate a guarantee fee, paid to the SBA, between 2.25% and 3.75% depending on the loan amountHow many small businesses have been helped by smartbiz?
To date, it has assisted nearly 200,000 small businesses with SBA loans and bank loans, including successfully processing PPP loan applications. 60 percent of PPP applications processed by SmartBiz were women-owned, minority-owned, or veteran-owned businesses.