SmartBiz combines the benefits of a traditional SBA loan with shorter application process (typically 30-60 days). Since SBA loans are government-subsidized, their rates are among the most favorable for lenders. SmartBiz’s application is fully online and automated and, if approved, you get your loan in less than one month from start to finish. Their list of requirements are long, but their online application takes out a lot of the pain typically associated with SBA loans. Pay attention to the requirements list on the right to make sure you qualify before you try applying. The requirements are strict so you can save yourself a lot of trouble by making sure you qualify before starting down this road.
For high cost projects with long repayment. No immediate funds needed.
APR as low as 11.25% with monthly repayment plans up to 10 years. Ability to be pre-approved and review terms and conditions before needing to provide a full list of financial documents.
Lengthy application process (30-60 days) with lower approval odds. Requires more documents than other Bank Loan products.
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