SmartBiz Small Business Loans: 2021 ReviewCheck Your Rate
Overview of SmartBiz
Pros and cons
One application used for multiple types of loans Online pre-qualification in under five minutes Step-by-step assistance through application process
Expensive one-time application fees for bank term loans Higher minimum credit score required compared to other lenders
SmartBiz Small Business Loan Rates, Terms, and Fees
What Types of Loans Does SmartBiz Offer?
SBA Loans Bank Term Loans Business Lines of Credit Merchant Cash Advances Equipment Loans Invoice Factoring Business Credit Cards Business line of credit Invoice financing Business credit card
Important to Keep in Mind
Gambling Lending Life insurance Religious teaching Political or lobbying activities Oil wildcatting and mining Mortgage servicing and real estate development Bail bond Pawn or private clubs
Applying for a SmartBiz Small Business Loan
Bank balances Current income statement Balance sheet Past net income Outstanding loan information Articles of Incorporation
At least two years in business Owner is U.S. citizen or legal resident 650+ credit score for SBA loans up to $350,000 Proven cash flow to cover repayment No bankruptcies or foreclosures within last three years No outstanding tax liens At least two years in business Owner is U.S. citizen or legal resident 660+ credit score (updated as of 2/11/2022) Proven cash flow to cover repayment No bankruptcies or foreclosures within last three years No outstanding tax liens
Steps to Apply
The Bottom Line
Frequently Asked Questions
About the Author
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