SmartBiz Bank, N.A.

Business-Loans · IL

Rating: 4.0/5

SmartBiz Bank, N.A. logo

SmartBiz Bank, N.A. is a national bank and SBA 7(a) lender specializing in small business financing, offering SBA loans ($50K-$350K), bank term loans, and business lines of credit with funding speeds as fast as 7 days.

Official Website

https://www.smartbizbank.com

SmartBiz Bank, N.A. Review

SmartBiz Bank, N.A. (formerly operating as SmartBiz Loans) is a subsidiary of SmartBiz Bancshares, Inc. headquartered in Chicago, Illinois, with additional offices in Austin, Texas and San Francisco, California. Founded in 2013, the company became SmartBiz Bank, National Association in March 2025 after acquiring Centrust Bank, transitioning from a lending marketplace to a federally chartered national bank regulated by the OCC and insured by the FDIC. CEO Evan Singer leads the organization.

SmartBiz specializes in SBA 7(a) loans ranging from $50,000 to $350,000. SBA loan rates are variable, starting at Prime + 3.0% for loans above $150,000 and climbing to Prime + 5.75% for smaller amounts. SBA guarantee fees run 1.7% to 2.25%, with packaging fees around $2,500 and closing costs near $600.

Smaller SBA loans can fund in as little as 7 days, while loans above $150,000 typically take 4 to 6 weeks. All applicants need a minimum 650 credit score, at least 3 years in business, and a 1.1x business debt service coverage ratio (BDSCR). All business owners must be U.S. citizens or nationals.

Bank term loans range from $50,000 to $300,000 with fixed rates starting at 10.99%. Borrowers who opt into a 5% prepayment penalty can receive a 2% rate reduction. Term loan fees include approximately 3% referral and 3% packaging fees plus $200-$300 in closing costs. Requirements mirror SBA products: 3+ years in business and strong financials.

Business lines of credit range from $50,000 to $100,000, priced at SOFR + 12.99% to 28.99%. LOC fees include 6% origination, $750 closing, and a 1% annual fee. LOC applicants need 2-3 years in business. SBA loans carry no prepayment penalty; term loans have an optional 5% penalty tied to the rate reduction.

SmartBiz has funded over $9 billion to more than 230,000 business owners. The company holds a 4.7 out of 5 rating on Trustpilot based on 16,367 reviews. As an SBA-approved lender and FDIC-insured national bank, SmartBiz operates under strict federal regulatory oversight, providing borrowers with institutional protections not available through alternative lenders.

For business owners exploring financing options, the landscape includes several distinct products. Small business loans provide lump-sum working capital with fixed repayment terms, while a business line of credit offers flexible revolving access to funds as needed. SBA loans through government-backed programs offer the lowest rates but require longer approval timelines. For businesses with outstanding invoices, invoice factoring converts receivables into immediate cash flow. Equipment financing allows companies to acquire machinery and technology with the equipment itself as collateral.

A merchant cash advance provides fast business funding by purchasing a share of future sales, though typically at higher effective costs. Startups and newer businesses may find working capital loan options through alternative lenders with lower qualification requirements than traditional banks.

Pros & Cons

Reader-focused summary of the strongest reasons to consider SmartBiz Bank, N.A. and the factors most worth weighing before contracting. Individual outcomes depend on your credit situation and goals.

Pros

  • ✓SBA-approved lender with $9B+ funded — proven track record
  • ✓Fast SBA funding (7 days for smaller loans)
  • ✓Now a federally chartered national bank (FDIC insured, OCC regulated)
  • ✓No prepayment penalty on SBA loans
  • ✓4.7/5 Trustpilot rating from 16,367 reviews
  • ✓Soft credit pull for pre-qualification

Areas to Consider

  • !Minimum 650 credit score required
  • !Requires 3+ years in business for most products
  • !LOC rates can reach SOFR + 28.99% for higher-risk borrowers
  • !SBA packaging and guarantee fees add to total cost
  • !All owners must be U.S. citizens or nationals — no non-citizen borrowers
  • !Revenue minimums not disclosed publicly

Verdict Summary

SmartBiz Bank, N.A. works best for consumers who value sba-approved lender with $9b+ funded — proven track record and can accept the tradeoff of minimum 650 credit score required. Compare against similar providers below before signing any contract.

Services & Features

Services offered

Feature Checklist

✓Min Credit Score
✓Min Time In Business
✓Min Revenue
✓Funding Speed
✓Sba Approved
✓Fdic Insured
✓National Bank Charter
✓Prepayment Penalty
✓Soft Credit Check
✓Online Application

Best For

Before You Contact SmartBiz Bank, N.A.

Before signing up with any Business Loans provider, review these safeguards:

Compare Your Needs With SmartBiz Bank, N.A.

Match these decision factors against SmartBiz Bank, N.A.'s profile before committing. This rubric mirrors what independent consumer-finance research typically checks for Business Loans providers.

Category

Business Loans

Service scope

6 services listed

Geographic coverage

1 states

Match to your priorities

  • ●
    Budget priority: Pricing published above — factor in setup, monthly, and cancellation fees over the full expected service window.
  • ●
    Complexity priority: Consider SmartBiz Bank, N.A.'s stated strengths (SBA-approved lender with $9B+ funded — proven track record) against your specific credit situation.
  • ●
    Timeline priority: Business Loans typically takes 3-6 months for meaningful outcomes. Providers guaranteeing overnight results are red flags under federal consumer protection law.
  • ●
    Recourse priority: Confirm state licensing via your state regulator and check the CFPB complaint database before contracting.
  • ●
    Alternatives: Compare against all Business Loans providers, DIY options via non-profit counseling agencies, and free CFPB resources.

Pricing

  • Monthly Price: 0
  • Setup Fee: 0
  • Money Back Guarantee: False
  • Free Consultation: True
  • Currency: USD
  • Tiers: [{'name': 'SBA 7(a) Loan', 'range': '$50,000 - $350,000', 'rate': 'Variable: Prime + 3.0% ($150K+) to Prime + 5.75% (under $150K)', 'fees': 'Guarantee 1.7-2.25%, packaging ~$2,500, closing ~$600', 'term': 'Up to 25 years (SBA standard)', 'funding_speed': '7 days (small loans) to 4-6 weeks ($150K+)', 'prepayment_penalty': 'None', 'price': 0, 'features': ['SBA 7(a) Loan']}, {'name': 'Bank Term Loan', 'range': '$50,000 - $300,000', 'rate': 'Fixed from 10.99% (2% reduction with 5% prepay penalty opt-in)', 'fees': 'Referral ~3%, packaging ~3%, closing $200-$300', 'prepayment_penalty': 'Optional 5% if rate reduction taken', 'price': 0, 'features': ['Bank Term Loan']}, {'name': 'Business Line of Credit', 'range': '$50,000 - $100,000', 'rate': 'SOFR + 12.99% to 28.99%', 'fees': 'Origination 6%, closing $750, annual 1%', 'prepayment_penalty': 'None', 'price': 0, 'features': ['Business Line of Credit']}]

Frequently Asked Questions

What services does SmartBiz Bank, N.A. offer?

SmartBiz Bank, N.A. offers 6 services including SBA 7(a) loans ($50K-$350K), Bank term loans ($50K-$300K), Business lines of credit ($50K-$100K), 5-minute pre-qualification (no credit impact), SBA loan calculator, and 1 more. Confirm current service list directly with the provider before contracting.

Who is SmartBiz Bank, N.A. best suited for?

SmartBiz Bank, N.A.'s profile signals suggest it may fit: Established businesses (3+ years) seeking SBA 7(a) loans with fast funding and competitive rates from a federally chartered bank.. Individual outcomes vary based on your specific situation.

What are the strengths and weaknesses of SmartBiz Bank, N.A.?

Key strengths: SBA-approved lender with $9B+ funded — proven track record; Fast SBA funding (7 days for smaller loans); Now a federally chartered national bank (FDIC insured, OCC regulated). Areas to consider: Minimum 650 credit score required; Requires 3+ years in business for most products.

How does SmartBiz Bank, N.A. compare to similar companies?

In the Business Loans category, comparable providers include Square Financial Services, Fora Financial, Mulligan Funding, LLC. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.

Where does SmartBiz Bank, N.A. operate?

SmartBiz Bank, N.A. serves customers in 1 states including IL. Confirm current service availability in your state directly with the provider.

How much does SmartBiz Bank, N.A. cost?

Listed pricing for SmartBiz Bank, N.A.: monthly price: 0; setup fee: 0; money back guarantee: False. Pricing may change — verify current fees directly with the provider before signing any contract.

Visit SmartBiz Bank, N.A.

State Consumer Finance Context

This is state-level context for Business Loans consumers in Illinois. It does not confirm that SmartBiz Bank, N.A. or this specific location is licensed.

State regulator: Illinois Department of Financial and Professional Regulation
Consumer protection: Illinois Attorney General Consumer Protection Division

Credit and debt help rules in Illinois

Key state rules to check

Payday lending in Illinois: Restricted

Usury cap: 36% APR cap on all consumer loans (Illinois Predatory Loan Prevention Act, 2021)

Complaint resources

State references

Illinois enacted the Predatory Loan Prevention Act in 2021, capping all consumer loans at 36% APR including fees, effectively banning traditional payday lending. The DFPR enforces comprehensive lending regulations. Consumers can file complaints online with DFPR or the Attorney General's office.

Similar Companies ⓘ

Comparable Business Loans providers with similar service scope. Ratings reflect stored review context; verify current licensing and pricing directly before contracting.

Square Financial Services logo

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F

Fora Financial

Fora Financial provides small business term loans up to $1.5M, revenue advances, lines of credit, SBA loans, and equipment financing with published factor ra...

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Notable: Publishes factor rates (1.13-1.50) unlike most competitors who hide pricing

Mulligan Funding, LLC logo

Mulligan Funding, LLC

Mulligan Funding offers working capital and term loans up to $5M for established businesses with $750K+ annual revenue, same-day funding, human underwriters,...

Rating 4.4/5

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Notable: Loan amounts up to $5M — among the highest ceilings in alternative lending

Celtic Bank logo

Celtic Bank

Celtic Bank is a Utah-chartered industrial bank and top-10 SBA lender offering SBA 7(a), SBA 504, USDA B&I, equipment, construction, renewable energy, and co...

Rating 3.7/5

Read review →

Notable: Top 10 SBA lender every year since 2013 — proven consistency

Accion Opportunity Fund logo

Accion Opportunity Fund

Accion Opportunity Fund provides business funding solutions and coaching for entrepreneurs seeking capital and growth support.

Rating 4/5

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Notable: Combines business funding with coaching services for holistic business support

Allies for Community Business logo

Allies for Community Business

Chicago-based nonprofit lender providing loans up to $500K, grants, coaching, and business support services primarily to underserved entrepreneurs including ...

Rating 4.1/5

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Notable: Loans available up to $500,000 for small business growth and expansion

OnDeck logo

OnDeck

OnDeck is one of America's largest online small business lenders, a subsidiary of Enova International, offering term loans up to $400K and lines of credit up...

Rating 3.9/5

Read review →

Notable: Same-day funding Monday through Friday for applications approved before 10:30 AM ET, with instant LOC draws available 24/7

Rapid Finance logo

Rapid Finance

Rapid Finance is a Bethesda, MD-based alternative lender offering term loans ($5K-$1M), merchant cash advances, business lines of credit, SBA loans, bridge l...

Rating 3.1/5

Read review →

Notable: $3B+ funded — established track record in alternative lending

Related Questions

Quick Summary

SmartBiz Bank, N.A. — Business Loans in IL.

Overall rating: 4.0/5

SmartBiz Bank, N.A. is a national bank and SBA 7(a) lender specializing in small business financing, offering SBA loans ($50K-$350K), bank term loans, and business lines of credit with funding speeds as fast as 7 days.

Visit SmartBiz Bank, N.A.

Next Steps

  1. Compare SmartBiz Bank, N.A. against similar options above.
  2. Run our borrowing power quiz to see how SmartBiz Bank, N.A. matches your situation.
  3. Check state regulator listings for SmartBiz Bank, N.A.'s licensing before committing.
  4. Visit SmartBiz Bank, N.A. once you're ready.

Glossary of Terms

Common terms that come up when comparing Business Loans providers. Full glossary at creditdoc.co/glossary/.

APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters: Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example: You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Cosigner — Loan Cosigner
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Why it matters: Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example: A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
Interest Rate
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Why it matters: Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example: On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
Loan Term (Tenor) — Loan Term / Tenor
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Why it matters: Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example: Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
Origination Fee — Loan Origination Fee
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Why it matters: Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example: You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
Principal — Loan Principal
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Why it matters: Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example: You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
Underwriting — Loan Underwriting
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Why it matters: Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example: You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Amortization — Loan Amortization
The process of paying off a loan through regular payments that cover both principal and interest. Early payments are mostly interest; later payments are mostly principal.
Why it matters: Understanding amortization explains why paying extra early in a loan saves the most money — you're reducing the principal that interest is calculated on.
Example: Month 1 of a $200,000 mortgage at 6%: your $1,199 payment splits as $1,000 interest + $199 principal. By month 300: only $47 goes to interest and $1,152 goes to principal.
Balloon Payment
A large lump-sum payment due at the end of a loan, after a period of smaller monthly payments. The loan isn't fully paid off by the regular payments — the balloon settles it.
Why it matters: Balloon payments make monthly payments look affordable but create a financial cliff. If you can't pay or refinance at the end, you could lose your home or asset.
Example: A 5-year balloon mortgage on $200,000: you pay $1,054/month (as if it were a 30-year loan), but after 5 years you owe a balloon of $186,108 all at once.
Collateral — Loan Collateral
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Why it matters: Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example: A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
Credit Bureau — Credit Reporting Agency (Bureau)
A company that collects and sells information about your credit history. The three major bureaus are Equifax, Experian, and TransUnion.
Why it matters: Not all lenders report to all three bureaus, so your reports may differ. You should check all three reports because an error on one could be costing you money.
Example: Your car loan only reports to Equifax and TransUnion. Your Experian report doesn't show that good payment history, so your Experian score is 15 points lower.
Credit Freeze — Security Freeze / Credit Freeze
A free tool that locks your credit report so no one (including you) can open new accounts until you lift it. It's the strongest protection against identity theft.
Why it matters: A credit freeze prevents criminals from opening loans in your name, even if they have your Social Security number. It's free by law and doesn't affect your credit score.
Example: Your data was in a breach. You freeze your credit at all 3 bureaus (takes 10 minutes online). A thief tries to open a credit card in your name — denied because the lender can't pull your frozen report.
Credit Mix — Credit Mix (Types of Credit)
The variety of credit accounts you have — credit cards (revolving), auto loans (installment), mortgage, student loans, etc. Having multiple types shows you can manage different kinds of debt.
Why it matters: Credit mix accounts for about 10% of your FICO score. Having only credit cards isn't as strong as having a card, an installment loan, and a mortgage.
Example: Borrower A has 3 credit cards. Borrower B has 2 credit cards, a car loan, and a student loan. Even with the same payment history and utilization, Borrower B's score is typically higher.
Credit Report — Consumer Credit Report
A detailed record of your borrowing history maintained by credit bureaus. It lists every loan, credit card, payment history, collection, and public record tied to your name.
Why it matters: Errors on credit reports are common — 1 in 5 consumers has at least one mistake. Checking your report regularly is the first step to fixing errors that are costing you money.
Example: You pull your free report from AnnualCreditReport.com and find a $2,400 medical collection you already paid. You dispute it, the bureau verifies it's resolved, and your score goes up 40 points.
Credit Score
A 3-digit number (300-850) that summarizes how reliably you've handled borrowed money. Higher scores mean lower risk to lenders and better loan terms for you.
Why it matters: Your credit score determines whether you get approved and at what rate. A 100-point difference can mean thousands of dollars more or less in interest over a loan's life.
Example: On a $250,000 30-year mortgage: a 760 score gets you 6.2% ($1,536/month). A 660 score gets 7.4% ($1,729/month). Over 30 years, the lower score costs you $69,480 more.