Frequently Asked Questions

When it comes to privacy, protecting your personal and financial information is one of our top priorities. We take extensive measures to safeguard your data and ensure your privacy. To learn more about how we protect your financial information, please review our Privacy Policy.

Cybersecurity is critical for businesses of all sizes. Small businesses are often targeted by cybercriminals and we have a few tips to help safeguard your business from cyber threats. Consider implementing the following best practices:

• Use strong passwords and enable two-factor authentication (2FA). Require employees to use unique, complex passwords and implement 2FA for an extra layer of security.
• Train your team to recognize phishing scams. Educate employees on identifying suspicious emails, avoiding unknown links, and verifying unexpected requests for sensitive information.
• Keep software and systems updated. Regularly update all software, including antivirus programs, to protect against vulnerabilities.
• Limit access to sensitive data. Use role-based permissions to restrict access to financial and customer information only to those who need it.
• Back up data regularly. Store secure, offline backups to prevent data loss from cyberattacks like ransomware.
• Develop a response plan. Have a clear plan so you can quickly respond to cyber incidents, including identifying threats, isolating affected systems, and notifying necessary parties.

For more cybersecurity tips, visit our blog: Cybersecurity for Small Businesses.

We have information on our vision, mission, values, and history located on our company page. You can also visit our careers page to learn more about our job opportunities.

SmartBiz Bank helps you assemble your SBA loan application². Here is an overview of the basic steps involved in obtaining an SBA loan from SmartBiz Bank.

Learn more about SBA Loan Rates and Fees 

Loans offered by SmartBiz Bank, and through banks in the SmartBiz network, have a variable interest rate based on the Prime rate plus 2.75% to 6.5%³ depending on the size of the loan.

Learn more about SBA Loan Rates and Fees

An SBA loan from SmartBiz is a smart solution to help you reach your unique business goals, and you can use the proceeds to save money and build your small business.

Learn more about SBA use of funds

Yes. We have helped many small businesses obtain an SBA loan even after they have been turned down by other banks.

Low rates, low monthly payments, and long terms make SBA loans the "gold standard" in small business lending. However, not every small business initially meets the requirements for an SBA loan. As a result, Bank Term loans are also offered from our network of lenders for small business owners that don't immediately qualify for an SBA loan or need funds more quickly than even our streamlined SBA process can provide.

And if your small business can't qualify for an SBA or Bank Term loan, we still won't leave you hanging! SmartBiz works with non-bank lenders as well. We'll work to help you find other financing options that may be a good fit for your needs.

E-Tran is the SBA's proprietary scoring system lenders use as part of the underwriting process. SmartBiz Bank and other SBA lenders must run this score before approving an SBA loan of $500,000 or less.

If your E-Tran score is insufficient for an SBA loan right now, we may still be able to help your business access a fixed-rate, Bank Term loan or Line of Credit. Please check with your Relationship Manager.

You can also take steps to improve the E-Tran score of your business over time. If your E-Tran score isn't meeting requirements, we encourage you to apply again for an SBA loan once you've made those improvements.

You can pre-qualify for an SBA 7(a) loan offered through SmartBiz without impacting your credit score.⁴ To determine if your business is pre-qualified, SmartBiz reviews a soft pull of your credit report. This does not impact your credit score. 

When your loan application proceeds to closing, the bank will request a hard pull on your credit, which appears as an inquiry on your credit report. This only happens after your application is in the closing process.

Need to further understand key steps for how to improve your business credit score? Review our recent blog on credit scores here.

No, the SBA does not require the use of an Agent to apply for an SBA loan. You can apply for an SBA loan directly with SmartBiz Bank on our website without using an Agent.

We collect both financial information and specific business documentation. Typical financial information we collect includes:

• Bank balances

• Current income statement

• Current balance sheet

• Tax returns

• Past net income

• Outstanding loan information among other financial data

The larger the loan size, the more financial data is required. Typical documentation usually required for an SBA loan includes: 

• Articles of Incorporation or Organization

• Certificates of Good Standing

• Proof of insurance

• Business Licenses