For the small business that cannot procure a loan through traditional processes, SBA financing could be available. The SBA loan process has been historically arduous and lengthy, however, a new SBA loan program to be launched as SmartBiz could make the process less onerous.
Better Finance is introducing SmartBiz ? an online program born from a project partnered between Golden Pacific Bank and the U.S. Small Business Administration. Better Finance touts SmartBiz as the debut of the first fully-automated online SBA loan application program.
SmartBiz will process a user?s SBA loan application within a 7 day period ? unlike the 60 to 90 day waiting process presently required for a manually SBA loan package to be approved or rejected. Better Finance represents that the SmartBiz online application process will take a typical applicant about 20 minutes to complete.
This online program by SmartBiz offers:
???? Loans backed by the SBA from $5,000 to $150,000.
???? Extended payoff terms and lower monthly payments.
???? No penalties for early payoff.
SBA San Francisco District Director Mark Quinn elaborated at the time SmartBiz was introduced,
?Because bank funding typically takes so long or is unavailable for loans under $150,000, most small business owners turn to alternative, more expensive lending sources like merchant cash advances or credit cards to fill the gap?SmartBiz offers affordable monthly payments and fills a significant void in the marketplace, offering an enormous opportunity to better serve small-business owners with easy online access to a low interest rate SBA loan.?
SmartBiz has already processed and approved SBA loans to small business and has received very high customer service praise:
Wild Birds Unlimited in Fort Collins, CO, received a small business loan through SmallBiz and owner, Lauren DeRosa, gave the site high marks:
?SmartBiz helped my business obtain a loan for capital improvements in my store and for cash flow assistance?The process was fast and easy to understand ? all I did was fill out the information on their website, and if I did have any problems downloading information or answering questions throughout the loan application process, I called their helpline and received excellent customer service.?
