SmartBiz is the number one online marketplace for SBA loans offering a quick and especially easy way for small to medium businesses to get access to funding. SmartBiz offers non-SBA term loans and SBA loans for working capital, debt refinance, and commercial real estate. The SBA loans have extremely competitive rates thanks to its platform boasting 8 bank partners allowing you to be matched up to the bank best suited to your needs.
Speeds up the process of SBA loans
Low monthly payments and interest rates (6%-9%)
Longest repayment term of any online lender
Simplified pay structure and fee system
No prepayment penalty
Type of Loan - Non-SBA term loan, SBA loan
Repayment Terms - Up to 10 years
Amount: 30,000 to $350,000
Two years of business and personal taxes
Bank balances, a current income statement, current balance sheet, past net income, and outstanding loan information
Some other financial data may be needed depending on the size of the loan wanted
From start to finish the process is simple and fast so long as you are organized with the required documentation. The larger the loan size, the more financial data is required. When filling out an online application you can easily upload the required documents (including your credit reports, financial statements and income tax returns). Being organized with these will speed up your application and you can get funding in as little as 1 week.
To qualify for funding from Lending Club your business needs to meet these criteria:
Minimum 2 years in business
Sufficient business and personal cash flow
No recent bankruptcies, foreclosures in the past 3 years or open tax liens
Favorable personal credit (600+)
For established businesses that have been turned away from the bank, SmartBiz offers a means of getting ahold of an SBA loan to suit your needs with long terms, low rates and big amounts.