SmartBiz Loans is the #1 online marketplace for SBA loans helping small businesses across America apply for fast, low cost SBA loans \through the Company’s bank partners. Our advanced software and marketplace model helps increase approval rates and streamlines both the SBA application process and the SBA origination process so that small businesses can apply and get funds quickly, and banks can make SBA loans efficiently. SmartBiz® grew out of the 2008 financial crisis when the banks that were supposedly “too big to fail” were not equipped to provide the funding small businesses needed for growth. This left a funding gap of hundreds of billions of dollars which banks left on the side-lines, hampering small business from investing in their businesses and putting people back to work. So-called “alternative lenders” offered to fill the funding gap at sky-high APRs up to 150%. Because banks could not efficiently fund small business loans, the small business owner paid the price — literally! Most banks don’t offer SBA business loans under $250,000 because they involve just as much work as larger size loans. However, the SmartBiz platform is a game changer that allows banks to offer SBA loans more profitably and efficiently. In essence, the SmartBiz online software platform systematizes and helps banks automate SBA loan origination, while increasing business owners’ likelihood of approval. The platform doesn’t just benefit business owners, either— SmartBiz helps reduce banks’ processing costs by 90% while increasing their top line. SmartBiz has also rolled out a new, online educational tool to help customers become SBA loan-ready. This tool, called SmartBiz Advisor™, can help small business owners learn moew about what is needed to qualify for a low cost bank loan today and helps them assess their business health throughout their business lifecycle. Where alternative lenders just review a few details of one’s business, SmartBiz Advisor uses intelligent automation (AI) on an ongoing basis to review personal and business data and deliver custom analysis tailored to the business owner’s situation. SmartBiz Advisor helps businesses learn where they stand for key areas banks use to evaluate credit; exposes the common metrics used by banks to determine loan approval; identifies how the borrower compares to other similar businesses; and identifies steps they can take to improve their credit, financial health and business value. There is no cost for this educational tool. SmartBiz Advisor helps the potential borrower learn where their business stands in terms of being “loan-ready” before they apply; how to present their business in the best light given their financial profile; and key criteria banks use to evaluate a business for loan. SmartBiz Advisor also provides actionable insights for the business to improve their loan readiness and can even suggest when the business owner should re-apply for a loan. Once a business owner is loan-ready, they can apply with SmartBiz Loans, who packages the small business owner’s loan documentation and matches them with the bank most likely to fund their particular business profile. SmartBiz’s technology is available whenever it is needed, even from a mobile phone.
Nominated for: Best Use of AI or Machine Learning
SmartBiz Loans is the #1 online marketplace for SBA loans. We help small businesses to small businesses across America apply for fast, low cost SBA loans and partner with banks to improve their efficiency and approval rates. SmartBiz Loans is revolutionizing SBA lending by increasing small business owners’ chances of getting approved for a loan, while giving banks a profitable and compliant way to provide SBA loans. SmartBiz was #1 in facilitating traditional SBA 7(a) loans under $350,000 through its bank partners, beating Wells Fargo’s volume by $45 million in 2016, marking the first time a tech platform (rather than a bank) has ever held that distinction. And the growth is ongoing. The San Francisco Business Journal named SmartBiz the #4 fastest growing private company in the Bay Area. And in September of 2017, SmartBiz Loans announced it surpassed half a billion dollars in funded SBA loans through its bank partners. We help small business owners achieve their dreams by making trusted low-cost SBA and bank loans easily accessible, and serve as their champion providing actionable insights to help them get loan-ready and grow throughout their business journey. Through SmartBiz Advisor, we combine an unparalleled online customer experience with a human touch and intelligent technology to make the process simple with unmatched transparency. We are the white knight in small business lending that takes the fear out of ending up with the wrong business loan -- or no loan at all.