Most small business owners usually turn to the SBA for their financing needs.
A process that can take anywhere from 60-90 days from when a loan application is submitted to when funds are received.
Thankfully, through the SmartBiz Online SBA Loans program, the wait time for an SBA backed loan can be reduced to as little as 5-7 business days after the application is completed with SmartBiz.
In a recent press release, Better Finance, Inc. and SBA preferred lender Golden Pacific Bank, announced the introduction of SmartBiz, a fully-online, automated SBA loan program that offers qualifying small business owners in all 50 states; fast access to loan amounts of between $5,000 to $150,000.
Another advantage of SmartBiz is that the loans have longer payment periods (up to 10 years) and low monthly payment amounts and interest rates (between 6% and 8% depending on the loan amount applied for).
Better still, there is no penalty for paying off the loan earlier than signed up for.
What's Covered in This Article
Does your Business Qualify for this Loan?
- Principal owners are U.S. citizens and at least 21 years old.
- Loan will be used for the purpose of working capital.
- Business is based in the U.S. and has been in operation for at least 2 years.
- Business is not engaged in the following.
- Prior government loans are not delinquent or in default.
- Principal owners have not been charged with or arrested for any criminal offense other than a minor vehicle violation.
Information Required to Apply
The SmartBiz website lists the following requirements to apply for their loans:
Personal Information
- names of owners and ownership percentages
- contact details
- birthdate
- social security number
- valid driver’s license or passport information
- personal financial information
- past tax returns (they can retrieve electronically)
- personal credit report (they can retrieve electronically)
Business Information
- business name and contact details
- type of business
- date of inception
- tax identification number
- previous government loan history
- management team information
- business financial information
- formation and other business documentation
- past tax returns (they can retrieve electronically)
- business credit report (they can retrieve electronically)
