SmartBiz Loans, the first SBA marketplace and bank-enabling technology platform, has ranked as the number one provider of non-Express, SBA 7(a) loans under $350,000 for the 2016 government fiscal year. SmartBiz also ranked number five among providers of under $350,000 traditional SBA 7(a) and Express 7(a) loans combined.
“SmartBiz’s success in this year’s SBA 7(a) ranking demonstrates how technology can support banks in meeting the needs of small businesses,” said Evan Singer, CEO of SmartBiz Loans. “SmartBiz is committed to creating the leading marketplace for both banks and small business owners, by matching small business owners with the bank best suited to their needs and enabling a higher percentage of SBA loans to be approved.”
SmartBiz generated $200 million in funded SBA 7(a) loans through its bank lending partners, which helped them earn the top spot. The data used is based on SBA lending data released in November, reflecting its 2016 fiscal year which ended on Sept. 30. Wells Fargo Bank, which was ranked just below SmartBiz, generated $155 million in funded non-Express SBA 7(a) loans under $350,000. This is the first time a technology platform and marketplace has achieved the number one position in SBA’s ranking of 7(a) loans.
“Small businesses are the driving force of the economy,” said Ann Marie Mehlum, retired Associate Administrator, Office of Capital Access, U.S. Small Business Administration. “By supporting them, the SBA and lending partners like SmartBiz are investing in the economy as a whole.”
SmartBiz is revolutionizing SBA lending. Its marketplace helps increase approval rates by automatically directing businesses to the right lender, while its advanced software streamlines the SBA loan application, underwriting and origination process. In this way, SmartBiz fills a critical gap in the small business loan market and enables small businesses nationwide to grow without settling for the sky-high rates of alternative online lenders or undergoing the typically slow and tedious traditional bank process.
Small Business Administration Loans (SBA) are generally the least expensive financing option for small business owners. The SBA 7(a) loan is the SBA’s most popular product small business loans product and offers a flexible sum of cash that can be used for anything, from managing daily operations to purchasing new products and refinancing high interest loans.
LVRG has strategically partnered with SmartBiz to offer our clients SBA 7(a) loans, with loan amounts from $30,000 to $350,000 in the most streamlined and efficient way possible. Why wait 7 months at your bank, when you can fund with SmartBiz in as little as 7 days?
- Loan amounts from $30,000 to $350,000
- 6% to 8% interest
- Pre-qualify in minutes
- Funds in as fast as 7 days after the application is completed
- 10 year term with no pre-payment penalty
Details on Minimum Qualifications:
- While there is no minimum credit score or revenue, most borrowers have a score of 650 or higher and make at least $50,000 annually.
- For loans smaller than $150,000, you should have an annual revenue of at least $120,000. For loans over $150,000, you should have an annual revenue of about $300,000.
- Each principal owner must personally guarantee the loan.
- No outstanding tax liens.
- No bankruptcies or foreclosures in the last three years.
- No recent charge-offs or settlements.
- ust be current on government-related loans.
2 Great Reasons to Apply for an SBA Loan to Fuel Your Craft Brewery, Microbrewery, or Taproom:
#1. Least Expensive Financing - It would be tough to beat the low rates of SBA loans. SBA is an excellent option for small business owners looking to keep financing costs down.
#2. Great Financing for Growth - If your primary goal is to grow your small business, getting an SBA loan is an excellent way to reach that objective. You get the funds you need on manageable terms.
SmartBiz Loans is a unique combination of an online SBA loan marketplace and a bank enabling technology platform. The company's online software provides SBA preferred lenders customized and automated origination, underwriting and documentation, making approval and funding fast and easy. Sophisticated algorithmic sorting in the SmartBiz marketplace also enables higher approval rates for small businesses because the right applications are automatically directed to the right bank. SmartBiz is based in San Francisco and was founded in 2009 by a team of experienced financial services entrepreneurs with backing from leading venture capital firms including Investor Growth Capital, Venrock, First Round Capital, Baseline Ventures, and SoftTech VC. Learn more at www.smartbizloans.com.