We said earlier that SmartBiz has simplified the SBA loan application process. But what does that look like, exactly?
It all starts with SmartBiz’s online application. This brief application won’t get you an SBA loan, but it will tell you if you prequalify—or rather, if it’s worthwhile taking the time to complete a real application.
If SmartBiz decides you don’t prequalify, it will offer to match you with non-SBA term loans. But if you do prequalify, you can start your real application.
That means giving SmartBiz more information about your business and uploading lots of documents. With a traditional lender, this part of the process can take weeks or even months as you go back and forth trying to figure out what documents you actually need.
But since SmartBiz has the process down to an SBA science, you should be able to do this all faster. SmartBiz even uses an automated process to decide what documentation applies to your business, so you won’t waste time hunting down 10-year-old tax returns you don’t actually need.
As a general rule, plan on submitting the following documents:
You may have to submit more. But again, SmartBiz will let you know.
Once your application gets submitted, SmartBiz shops around with its lending partners to find a match for you.
Then, ta-da! You’ve got yourself an SBA loan. Within as little as one or two weeks, you can get your funding.