SAN FRANCISCO, Feb. 23, 2016 /PRNewswire/ -- SmartBiz, the #1 online SBA lending marketplace, has facilitated over $125 million in SBA loans through its technology platform, achieving over 400% year-over-year growth in 2015. Only JP Morgan Chase, Wells Fargo, U.S. Bank, and Huffington National Bank have originated more SBA loans of $350,000 or less in the first four months of the current U.S. Government fiscal year.
SmartBiz is revolutionizing SBA lending. Its marketplace improves approval rates by automatically directing applications to the right lender, while its advanced software streamlines the SBA loan application and origination process. SmartBiz enables small businesses to apply online, get pre-qualified in minutes, and get access to funds in as fast as 7 days after their application is complete. The software improves lending efficiency of bank partners that utilize the platform by 70% and promotes efficient regulatory compliance.
"Small businesses need a quick and easy way to see whether SBA financing will work for them, and the SmartBiz platform allows small businesses to do exactly that," said Mark Quinn, San Francisco District Director US Small Business Administration.
In this way, SmartBiz fills a critical gap in the small business loan market and enables small businesses nationwide to grow and thrive by providing fast access to low cost financing with APR's between 7% and 8%. The company believes small business owners shouldn't have to settle for sky-high rates from alternative online lenders or undergo the arduous processes that most banks require.
"Businesses need access to affordable funds to expand operations or refinance high interest debt. The traditional approach to the SBA loan process has not only been extremely cumbersome, but has resulted in low approval rates as many smaller companies have found themselves locked out of the SBA loan market," said Sean O'Malley, co-founder of SmartBiz.
Unlike competitors, SmartBiz is 100% focused on SBA loans. It aims to facilitate several hundred million in SBA loans under $350,000 by the end of 2016, in order to close the gap with market leader JP Morgan Chase, and help as many small businesses as possible.
"We've succeeded because we provide a sophisticated technology platform that, for the first time, enables higher approval rates through better lender matching, and yields faster and easier access to SBA loans. We offer the best loan product for small businesses on the market. No one does exactly what we do and we look forward to playing a key role in business finance in the years to come as we grow," explained SmartBiz president Evan Singer.
SmartBiz (www.smartbizloans.com) is a unique combination of an online SBA loan marketplace and a bank enabling technology platform. The company's online software provides the SBA preferred lenders that utilize SmartBiz customized and automated origination, underwriting and documentation assistance, making approval and funding fast and easy. SmartBiz software and services for small businesses automate and accelerate application packaging and loan referral. Sophisticated algorithmic sorting in the SmartBiz marketplace enables higher approval rates because the right applications are automatically directed to the right bank. SmartBiz is based in San Francisco and was founded in 2009 by a team of experienced financial services entrepreneurs with backing from leading venture capital firms including Investor Growth Capital, Venrock, First Round Capital, Baseline Ventures, and SoftTech VC.