Menu
We’ve partnered with SmartBiz to offer small business client’s reliable access to smart capital.
SmartBiz is the leading AI-powered small business financing platform equipping entrepreneurs with access to the right capital at the right time. To date, SmartBiz has connected borrowers with more than $9 billion in financing while increasing efficiency for its network of banks and trusted lending partners. More than 230,000 entrepreneurs have utilized SmartBiz to access the funding they need to grow, with 60% of loans made to minority, women, or veteran-owned businesses.
SmartBiz was named the Top Small Business Lending Platform by LendIt Fintech® in 2022 for excellence in keeping the economy running through successful loan performance, volume, growth, product diversity, and innovation. Founded in 2009 and headquartered in San Francisco and Austin, SmartBiz is backed by Venrock, Investor Growth Capital, First Round Capital, Baseline Ventures, and Uncork Capital. Click here to learn more about SmartBiz loans and how to apply.
🖊️ Offers between $30,000 to $350,000
🖊️ 10 year term loan with monthly payments – prime + 2.75% (variable rate)
🖊️ Receive funding within one month
🖊️ No prepayment penalty
Loan Size
💸 $30,000 to $350,000
Loan Description
📑 SBA 7(A) loan
Use of Proceeds
🖊️ Working capital
🖊️ Debt Refinance
🖊️ New equipment purchase
Time to Funding
🖊️ Pre-qualify in 5 minutes
🖊️ Funding as fast as 7 days after the application is complete
Interest Rates
🖊️ $30K to $49K Prime Rate* plus 3.75%
🖊️ 50K to $350K Prime Rate plus 2.75%
Loan Terms
🖊️ 10 year term with no prepayment penalty
Payment
🖊️ Monthly payments are debited from checking account
Fees
🖊️ One-time application fee of no more than $3,000**
🖊️ Approximately $450 in bank closing costs***
🖊️ Loans of $350,000 or less require a 1.7% SBA guarantee fee
Security
🖊️ Bank lien on business assets
🖊️ Personal guarantee by all 20% owners
Geographic Coverage
🖊️ Nationwide
*Prime Rate as published by the Wall Street Journal
**Banks in the SmartBiz network typically charge a one-time application fee of no more than $3,000
***This is an estimate and actual costs may vary
🖊️ Low monthly payment
🖊️ Currently a low interest rate
🖊️ Lower fees than our term loan product
🖊️ Detailed loan application process, requiring a dedicated, active client
🖊️ Requirements include: proof of insurance, business landlord documentation, tax transcript verification, etc.
🖊️ Stricter use of loan proceeds than the traditional term loan
Personal Credit Score
🖊️ Minimum 650 FICO
Public Records
🖊️ No bankruptcies or foreclosures in the past 3 years
🖊️ No outstanding collections
🖊️ No open tax liens
🖊️ No recent 30+ day late payments
🖊️ Medical collection accounts do not impact decision
Cash Flow
🖊️ Sufficient business and personal cash flow to service all debt payments
🖊️ Demonstrated by 2 years of tax returns, credit reports, and interim financial data
SBA Specific Criteria
🖊️ Criminal records require additional evaluation
🖊️ No delinquencies and/or default on government loans
🖊️ No felonies bullet with Criminal records requires additional evaluation
Basic Eligibility
🖊️ 2+ years in business
🖊️ Owner(s) must be U.S. citizen(s) or Lawful Permanent Residents
🖊️ Business must be located in the U.S.
🖊️ Business must be open to all on a nondiscriminatory basis
🖊️ Business must be able to demonstrate repayment ability from earnings
🖊️ Business must not be involved in lending, investing in real estate, religion, politics, gambling, or sex-related industries
Use of Proceeds
🖊️ Working capital, e.g., payroll, inventory,
🖊️ marketing, finance receivables,
🖊️ bookkeeping and legal fees, hiring
🖊️ Refinance existing business debt
🖊️ New equipment purchase
🖊️ No construction
🖊️ No Acquistions
🖊️ Offers between $30,000 to $350,000 in loan funding
🖊️ Fixed interest rate – not susceptible to economic trends/interest rate changes
🖊️ 2, 3, or 5 year repayment options
🖊️ Receive funding within 1-2 weeks
🖊️ No prepayment penalty
Loan Size
💸 $30,000 to $300,000
Loan Description
📑 Bank term loan
Use of Proceeds
🖊️ Working capital
🖊️ Debt refinance
🖊️ New equipment purchase
Time to Funding
🖊️ Pre-qualify in 5 minutes
🖊️ Funding as fast as 2 days after application is complete
Interest Rates
🖊️ Fixed interest rate from 6.99% to 26.99*
Loan Terms
🖊️ 2 to 5-year repayment terms with no prepayment penalty
Payment
🖊️ Monthly payments are debited from your checking account
Fees
🖊️ 6% referral and packaging fee
🖊️ Between $200 and $300 for bank closing costs**
Security
🖊️ Lien on business assets
🖊️ No minimum requirement for the value of those assets
Geographic Coverage
🖊️ Nationwide
*Interest rate depends on loan term and the applicant’s credit and financial profile
**This is an estimate and actual costs may vary
🖊️ Minimum documentation required, but stricter parameters for cash flow and underwriting to qualify
🖊️ Leniency on Use of Proceeds (can be used for construction, remodeling, business acquisitions, partner buyouts, and tax refinancing)
🖊️ Typically higher monthly payments than an SBA loan
Personal Credit Score
🖊️ Minimum 650 FICO
Public Records
🖊️ No bankruptcies or foreclosures in the past 3 years
🖊️ No open tax liens
Cash Flow
🖊️ Cash flow to support loan payments
Basic Eligibility
🖊️ 2+ years in business
🖊️ Owner(s) must be U.S. citizen(s) or Lawful Permanent Residents
🖊️ Business must be located in the U.S.
🖊️ Excluded industries include religious teaching, primarily political and lobbying activities, oil wildcatting, mining, mortgage servicing, real estate development, bail bond, pawn or private clubs, tobacco-related businesses, among others
🖊️ Non-profit businesses are ineligible
🖊️ Business must be able to demonstrate repayment ability from earnings
Use of Proceeds
🖊️ Working capital, e.g., payroll, inventory,
🖊️ marketing, finance receivables,
🖊️ bookkeeping and legal fees, hiring
🖊️ Refinance existing business debt
🖊️ New equipment purchase
🖊️ No Acquistions
A one-stop business solution done with integrity, passion, and a flawless execution technique. Join our mailing list today.
Copyright ©2024, Shinedelight™ Enterprises, all rights reserved.