Question 1

What's the difference between an SBA loan and a bank term loan?

Accepted Answer

An SBA loan, known as the “gold standard” in small business lending, is partially guaranteed by the government. This reduces the risk to banks so they are more willing to make a small business loan.  SBA loans typically have lower interest rates and longer repayment terms. If you're not eligible for an SBA loan or need funds more quickly, a bank term loan can be the right solution. These loans are often processed faster and have shorter repayment terms.

Question 2

How much can I borrow?

Accepted Answer

SBA 7(a) Working Capital and Debt Consolidation loans from banks in the SmartBiz lending network are available from $30,000 to $350,000. SBA 7(a) Commercial Real Estate Loans are available from $500,000 to $5 million. Bank term loans have $30,000 to $350,00 loan amounts.

Question 3

Will checking my rates affect my credit score?

Accepted Answer

No. In assisting you with your loan application, we initially conduct a soft credit pull that will not impact your credit score. However, after we refer you to the lender, the lender will request your full credit report from one or more consumer reporting agencies. This is considered a hard credit pull and can affect your score. This only happens after the lender receives your application and conducts their application review process.

Question 4

How quickly will I receive my funds?

Accepted Answer

Once your application is approved by the lender, funds can be deposited into your bank account in as fast as 7 days. The quicker you complete your application,the faster the process can proceed.

Question 5

Are there fees or other costs involved?

Accepted Answer

SmartBiz Loans helps you get to a “yes” by preparing and presenting your unique business history to the multiple banks in our lending network. For its services, SmartBiz Loans charges referral and packaging fees. Bank closing fees and additional third-party report charges may also apply. For complete and transparent fee and cost information for all of our products, see our complete FAQs. For questions, please call us at (888) 555-1234.

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