Hi Marc,
We’re sorry to hear that your experience didn’t meet expectations. At SmartBiz, our goal is always to help small business owners access affordable capital quickly, and we regret that this process felt frustrating.
To provide some context, once an application is submitted to one of our partner banks, their underwriting team may request additional documentation to verify business revenues or meet regulatory requirements. In your case, the partner bank required additional supporting documents before moving forward. Unfortunately, without those documents, the partner bank could not complete the approval process.
We understand how disappointing this was. Please know that our intent is never to add unnecessary steps. The additional requests came directly from the partner bank’s underwriting team, and any loan decisions are made at their discretion.
Your feedback is very important to us, and we will use it to continue improving transparency and communication in situations like this. We are glad to hear your business was eventually able to secure funding, and we sincerely wish you continued success.
Warm regards,
The SmartBiz Team
Hi Josh,
Thank you for taking the time to share your experience. We’re genuinely sorry to hear that the rate you accepted didn’t meet your expectations. We understand how important affordable financing is, especially when you’re working hard to grow your business.
Please know that interest rates are influenced by a number of factors, including broader market conditions and individual financial profiles. You can find more information about the SBA loan rates we offer on our website: https://smartbizbank.com/sba-rates-fees
Please also know that your rate is variable, and if the Prime rate changes, your rate will change. For example, if Prime comes down, your rate will come down.
Warm regards,
The SmartBiz Team
