![]() While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. Once your application is approved, it’s time to sign your loan documents and wait for the funds to be disbursed. If you’re applying for an SBA loan, you’ll also need to provide personal financial statements, profit and loss statements, balance sheets, collateral and other documents. ![]() You’ll need to provide documentation that includes personal and business tax returns for the previous three years. Once you’ve decided on the best offer, you’ll need to submit a formal application. Review and compare each offer before submitting your formal application. After you prequalify, which only takes about five minutes, you should receive various offers and matches from SmartBiz’s network of lenders. And lastly, enter your personal information. Third, enter how much you want to borrow. First, select how you plan to use your loan. SmartBiz lets you see if you prequalify for up to $350,000 with no impact to your credit score. Annual RevenueĪlthough SmartBiz does not disclose its minimum annual revenue requirements, most businesses that qualify for a SmartBiz loan have more than $100,000 in annual revenue.įollow these general steps to apply for a business loan through SmartBiz: Some lenders, such as those that offer startup business loans, may only require a minimum of six months of business history to qualify. Time in Businessīusinesses must have at least two years of history to qualify for an SBA or business term loan. These requirements may be slightly higher than other lenders. Business owners applying for SBA loans must have a minimum score of 650 for an SBA 7(a) loan and 675 for a commercial real estate loan. SmartBiz requires a minimum personal credit score of 660 to qualify for a business term loan. Meeting the requirements below won’t guarantee approval, but they can help you decide if a business loan is the right fit for you. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as business revenue. This only applies to term loans.īusiness loan applications are approved or declined based on a number of factors. This means that if you repay the loan ahead of time, there will be a 5% fee on the remaining balance. It also offers a prequalification process, which has no impact on your credit, that lets you see the terms you may receive if you apply.Īlthough SmartBiz doesn’t normally charge prepayment penalty fees, qualifying customers may have the option to reduce their interest rate by 2% if they choose a prepayment penalty of 5% of the total outstanding balance. SmartBiz offers business term loans between $30,000 and $500,000. If the loan amount is more than $150,000, it can take between four and six weeks.
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