Small Business Majority Partners with SmartBiz® to Make it Easier to Find SBA Loans
Small Business Majority
One of the Small Business Administration’s most critical programs is its loan guarantee program, in which it works with banks and other approved lenders to provide commercial loans to small businesses that might be otherwise deemed as too risky. By backing a portion of the loan–up to 85%–SBA’s program extends funding to small business owners who have difficulty getting traditional bank loans.
SBA-backed loans are often some of the best options available to small business owners for many reasons, including lower interest rates, longer loan terms and protection against balloon payments. But the process of applying for an SBA loan can often be daunting, and traditionally comes with drawbacks like longer application times. That’s why we’ve partnered with SmartBiz Loans, which has stepped in to help small business owners navigate this process.
SmartBiz Loans™ is an online platform that helps streamline the process of applying and qualifying for an SBA loan, while also making it easier for banks to approve small business lenders. SmartBiz’s online marketplace is the first of its kind, helping increase approval rates by matching small business borrowers with the bank most likely to approve their particular business profile and simplifying the application process.
SmartBiz offers loans to small business owners seeking between $30,000 and $350,000 in funding for working capital, debt refinance and equipment purchase. They also offer SBA 7(a) CRE loans for commercial real estate from $500,000 to $5,000,000. These SBA loans offer low, variable interest rates tied to the Prime Rate plus 1.50% to 3.75% and are currently between 6.00% to 8.25%. Loans generally have a 10-year term with no pre-payment penalty. There are a few small fees associated with applying for an SBA loan through SmartBiz. Other fees depend on the size and type of loan, as with other small business loans. However, the low interest rates of SBA-backed loans make them significantly cheaper than most other alternative financing options.
To qualify for an SBA loan through SmartBiz, you have to meet some simple criteria. You must have been in business for two years, be U.S.-based and have sufficient cash flow to support loan payments as verified with tax returns. You must also have good credit, must be current on any government loans and have no bankruptcies, judgments or foreclosures in the last three years.
To apply for a small business loan via SmartBiz, you can complete an easy online application by clicking here. You can find out if you pre-qualify within minutes, get pre-approved in half an hour and receive funds in as fast as seven days after you complete the application. To apply, you’ll want to have some critical documents available, such as your personal and business tax returns, profit and loss statement, balance sheet and information about fixed assets that can serve as collateral.
And if you’re not sure you want to apply yet, you can see how your business stacks up for an SBA loan before you apply with SmartBiz’s new product called SmartBiz Advisor™. SmartBiz Advisor is an online, educational tool to learn about how you can get your business SBA or bank loan ready – no cost involved. You can assess key criteria banks consider and where your business stands on each. You can learn more about SmartBiz Advisor here.
We understand how crucial it for small business owners to be able to access safe, responsible lending options. SmartBiz is a great tool to bring the benefits of SBA-backed loans to more small business borrowers.