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sba loan approval
SBA Loan approval process and guidelines
Only takes 5 minutes and doesn't impact your credit score1
How does SBA Loan approval process work
Here is an overview of the basic steps involved in obtaining an SBA loan from SmartBiz.
Determine eligibility
Review the basic eligibility requirements and use of funds to apply for a $50,000 to $500,0002 SBA 7(a) loan from SmartBiz:
- Time in business must be above two years
- The business owner's personal credit score must be above 660
- The business must be U.S. based and 51% or more owned by a U.S. citizen or lawful permanent resident who is at least 21 years old
- No outstanding tax liens
- No bankruptcies or foreclosures in the past 3 years
- No recent charge-offs or settlements
- Up-to-date on government-related loans
Create a single online SmartBiz account to pre-qualify
Create an online account with SmartBiz and answer a few questions about your business. You'll discover in about 5 minutes if you pre-qualify for a working capital or debt refinance loan of up to $500,000. This process will not impact your credit score.1
Complete one online application
Upload required documents to our secure online application. SmartBiz team members are available to answer any questions you may have and guide you through the process. Following are some of the most commonly requested documents:
- Personal & Business Tax Returns
- Personal Financial Statements, required from each individual owning 20% or more of the company
- Profit and Loss Statement
- Balance Sheet
- Evidence of Insurance
Other documents such as business licenses, articles of incorporation, commercial leases, or franchise agreements, may be requested depending on the particular loan application. An accountant or tax preparer may be able to help gather and file the relevant information.
Match you with a lender
If you don’t end up qualifying for a loan directly through SmartBiz Bank, our experienced financial professionals and unique technology platform match you with the trusted lender in our network that is most likely to fund your business.
Bank approval
SmartBiz Bank or lender within our network reviews your application and credit profile to approve your application.3
Determine eligibility
Review the basic eligibility requirements and use of funds to apply for a $50,000 to $500,0002 SBA 7(a) loan from SmartBiz:
- Time in business must be above two years
- The business owner's personal credit score must be above 660
- The business must be U.S. based and 51% or more owned by a U.S. citizen or lawful permanent resident who is at least 21 years old
- No outstanding tax liens
- No bankruptcies or foreclosures in the past 3 years
- No recent charge-offs or settlements
- Up-to-date on government-related loans
Create a single online SmartBiz account to pre-qualify
Create an online account with SmartBiz and answer a few questions about your business. You'll discover in about 5 minutes if you pre-qualify for a working capital or debt refinance loan of up to $500,000. This process will not impact your credit score.1
Complete one online application
Upload required documents to our secure online application. SmartBiz team members are available to answer any questions you may have and guide you through the process. Following are some of the most commonly requested documents:
- Personal & Business Tax Returns
- Personal Financial Statements, required from each individual owning 20% or more of the company
- Profit and Loss Statement
- Balance Sheet
- Evidence of Insurance
Other documents such as business licenses, articles of incorporation, commercial leases, or franchise agreements, may be requested depending on the particular loan application. An accountant or tax preparer may be able to help gather and file the relevant information.
Match you with a lender
If you don’t end up qualifying for a loan directly through SmartBiz Bank, our experienced financial professionals and unique technology platform match you with the trusted lender in our network that is most likely to fund your business.
Bank approval
SmartBiz Bank or lender within our network reviews your application and credit profile to approve your application.3
SBA Loan approval guidelines
Contrary to what many people think, the Small Business Administration (SBA) does not typically make loans directly to small business borrowers. Instead, it guarantees a portion of these loan balances to the lending banks that make them in order to reduce the bank's risk in providing low-cost capital to small businesses. In turn, the SBA and SBA lending banks require small businesses to provide a comprehensive application package to demonstrate their ability to repay the loan.
Documentation for SBA loans varies by lender, loan complexity, loan size and use of proceeds. Typically required documentation includes among other things: business financials, personal financials, ownership structure, affiliations, business licenses, and insurance, etc.
SmartBiz is a leader when it comes to SBA loans. Rather than spending your time going from bank to bank to find the best rates, service, and documentation requirements, SmartBiz can help you successfully apply for a loan efficiently. You can apply for funding through SmartBiz Bank directly, and if we can’t help you, we have a network of lenders who likely can.
To secure an SBA-guaranteed loan, the best strategy in approaching the application is to be well-prepared. The more readily available your relevant documentation is, the faster you can complete the application.
To help you simplify and expedite the application process, SmartBiz uses intelligent automation to request only those documents that are relevant based on your specific application. The system lets you pre-qualify in only five minutes so you know if you are a good candidate for an SBA loan before most of the paperwork must be submitted. That means you won’t waste time gathering and uploading unnecessary documents.
The SmartBiz process
SmartBiz helps you assemble your SBA loan application. Throughout the application process, your dedicated SmartBiz Representative is available to guide you as you upload the required documentation and provide ongoing feedback on your progress.
Once your application is approved, funds can be deposited into your bank account in as fast as seven days.3
The traditional SBA loan application process can take several months of hard work and still end up with a “no.” Instead, we help reduce the application time and difficulty significantly while increasing the likelihood of getting your application to a “yes.” Find out more information on small business loans and apply today.
Learn more
When it comes to SBA lending, we help you get to a ‘yes’ quickly.
We understand the SBA process so you don’t have to. Our technology and team make the application process simple and easy to navigate. After you start your application, we’ll walk you through every step and answer your questions along the way. But if you’d like to do a little research before you begin, you can learn more here:
SBA Loans overview
Start here and discover more about SBA loans and how they help small businesses.
SBA Loan requirements
Find out which types of businesses can be eligible for an SBA loan from SmartBiz Bank and in the SmartBiz network.
SBA use of funds
How you can use SBA loan proceeds to save money and grow your small business.
SBA Loan rates & fees
Current interest rates, how they work, and other fees and costs associated with SBA loans.
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1. We conduct a soft credit pull that will not affect your credit score. However, in processing your loan application, SmartBiz Bank and the lenders with whom we work will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may impact your credit score.
2. Subject to credit approval. Your loan amount will be determined based on many factors, including your credit and financial profile. Not all applicants will qualify for the full amount.
3. After completing the application and your loan is approved, you can receive your funds in as fast as 7 business days. Most loans only take a couple of weeks from application completion to funding. SBA 7(a) loans above $150,000 typically take a bit longer, from 4-6 weeks. Funding times may take longer, or be subject to delays, due to factors outside of the Bank’s control.