SAN FRANCISCO, March 25, 2014 /PRNewswire/ -- Small businesses that need quick access to low-cost capital now have an easy way to apply for an SBA loan online, and receive $5,000 to $150,000 in 5 to 7 business days after the application is completed with SmartBiz loans.
SmartBiz (www.smartbizloans.com) by financial services technology company Better Finance, Inc. and SBA preferred lender Golden Pacific Bank, is the first fully-online, automated SBA loan program offering low interest rates, an easy application process, and a speedy decision for loans ranging between $5,000 to $ 150,000 to qualifying businesses in all fifty states. With longer repayment terms, low monthly payments, and no penalty for early payoff, SmartBiz lets small business owners keep more of their profit in-house to invest in growing a solid, sustainable business. SmartBiz has been available on a limited basis since late 2013 and has already received over $25 million in applications.
"Fast access to inexpensive capital is one of the biggest challenges facing small-business owners," said Evan Singer, General Manager at SmartBiz. "Small business owners shy away from SBA loans because the conventional bank loan process can take weeks or months to close. SmartBiz changes this by using technology to revolutionize the process."
The SmartBiz secure application platform makes it simple to apply online for an SBA working capital term loan. Compared to a traditional bank-loan application process, SmartBiz's real-time functionality eliminates a huge amount of cost, time and paperwork. Its proprietary technology reduces the typical 60 to 90 day bank loan process to an estimated 20-minute borrower friendly application, with instant pre-approval, and funding within 5 to 7 days of completing the application.
"Because bank funding typically takes so long or is unavailable for loans under $150,000, most small-business owners turn to alternative, more expensive lending sources like merchant cash advances or credit cards to fill the gap," said San Francisco District Director US Small Business Administration Mark Quinn. "SmartBiz offers affordable monthly payments and fills a significant void in the marketplace, offering an enormous opportunity to better serve small-business owners with easy online access to a low interest rate SBA loan."
"We are excited to partner with Better Finance to offer SmartBiz to small businesses who want a quick and easy, low-priced bank loan," said Roy Malone, president, Golden Pacific Bank. "Small businesses are the backbone of our economy, and Golden Pacific Bank has been committed to providing working capital to help them succeed through our designation as an SBA Preferred Lending Provider (PLP) which allows for a quicker SBA approval process. Now with SmartBiz, we can provide affordable loan options to a wider range of business owners."
SmartBiz has already provided SBA loans to franchises, accountants, tax preparation services, gas stations and other small businesses like Wild Birds Unlimited in Fort Collins, Colo.
"SmartBiz helped my business obtain a loan for capital improvements in my store and for cash flow assistance," said Wild Birds owner Lauren DeRosa. "The process was fast and easy to understand—all I did was fill out the information on their website, and if I did have any problems downloading information or answering questions throughout the loan application process, I called their helpline and received excellent customer service."
For more information about SmartBiz, or to apply for an SBA loan now, visit www.smartbizloans.com.
About Better Finance, Inc.
Better Finance, Inc. (www.betterfinance.me) is a financial technology company providing innovative credit solutions to consumers and small businesses online, in-store and via mobile. Better Finance, Inc. 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.
About Golden Pacific Bank
Golden Pacific Bank (www.yourbankingsolution.com) is a nationally chartered community bank, wholly owned by Golden Pacific Bancorp, a bank holding company headquartered in Sacramento, CA. The Bank has a 25-year history of serving the needs of small businesses.
Mary C. Campe
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- Small Businesses
- SBA loans