SmartBiz makes the process of getting an SBA loan quick and easy by facilitating loans through their preferred banks. They increase your approval chances by matching you with the right SBA lender for your situation, and by making sure the paperwork is handled the right way. We compiled SmartBiz reviews from our own website plus user reviews from around the web to determine what SmartBiz customers think about the company, which we summarize below.
SmartBiz User Reviews
Customer Service: Awful
Summary of User Reviews
We scoured many reviews and found that SmartBiz has generally positive ratings. Here’s what we found in more detail:
What SmartBiz does well:
Most customers seem to agree that getting an SBA loan through SmartBiz is generally much quicker than getting an SBA loan through a traditional bank. Most users also seemed satisfied with SmartBiz’s customer service, citing that the one-on-one attention they get through their Personal Relationship Manager is very helpful.
What SmartBiz does not do well:
We have found very few negative reviews of SmartBiz, and most of them seem to be singular events instead of a trend of poor performance. Most negative reviews seemed focused on not qualifying for an SBA loan, or complaints about the amount of paperwork that an SBA loan requires.
Most Helpful Positive User Review
One user who gave SmartBiz a 5-star review said they were initially hesitant because they knew how stressful loan applications were. However, they were pleased with the helpfulness of their case manager. According to them, their case manager helped them through the process by explaining difficult terms and making sure that the process moves forward quickly.
Most Helpful Negative User Review
“Beware, their process is not any better than applying at banks. As soon as they get you to the website it’s endless. Their requirements keep getting more difficult. I have been asked by my case manager to provide him with the profit and loss statement and I did on Nov 28. It’s been 2 weeks and I had two days off in order to get all the documents they needed. But he kept asking for more and more documents. Two weeks after submitting the profit and loss he told me that the profit and loss statement did not meet the initial requirements. DON’T WASTE YOUR TIME WITH THIS COMPANY.”
— Rafi Yousif
SmartBiz User Reviews From Around the Web
Here are a couple of other resources for finding helpful SmartBiz customer reviews. We rated the review sites on a scale from poor to excellent based on how trustworthy and useful the reviews seemed.
*Average rating as of date article was written: Jan. 6, 2017
How We Determined Quality of User Review Websites
- Trust Pilot has a ton of recent reviews from actual customers. They require each user leaving a review to verify themselves via email, Facebook, or a Google account. They do not, however, ask specific questions of their reviewers. They just ask for a rating between 1 and 5 stars and leave the text review completely up to the user. But the pure amount of reviews available on SmartBiz is a good collection of how the customer feels.
- Consumer Affairs verifies that the reviewers through their account creation process. They do not ask any specific questions for users to review, but just ask for a star grade, which can be very subjective. They only have 13 reviews currently.
SmartBiz Pricing & Other Details
The table below breaks up what the various fees and loan costs will generally look like for each of the SmartBiz SBA loan products.
(Referral & Packaging)
|Up to 4% of Loan Amount||Up to 1% of Loan Amount|
|SBA Fee||Loans Under $150k: None|
Loans Over $150k: 2.25% of Loan Amount
|Loans Under $700,000: 2.25% of Loan Amount
Loans Between $700,000 to $1,000,000: 2.625% of Loan Amount
Loans Above $1,000,000: 2.8125% of Loan Amount
|Closing Costs||Approximately $317||Approximately $5,000|
|Interest Rates||Variable Rate:|
Prime + 2.75% to 3.75%
Prime + 1.5% to 2.75%
|Loan Amounts||$30,000 - $350,000||$350,000 - $5,000,000|
|Loan Term||Up to 10 Years||Up to 25 Years|
The interest rate on SmartBiz’s SBA loans is variable based on changes in market rates. Loans have a variable prime rate plus 2.75 % to 3.75 % for the 7a loan and 1.5% to 2.75% for the commercial real estate loan. The prime rate, which is a consensus interest rate set by the largest American banks, is currently 3.75% and varies over time. This brings the total interest rate on SBA loans between 6% and 7%.