SBA Loan Help: What is SmartBiz Advisor™?

Business owners seeking growth and savings deserve affordable funding and the team at SmartBiz Loans is here to help.

We’ve launched SmartBiz Advisor ™, an easy-to-use online tool specifically designed for those interested in a low-cost SBA loan. Just like a CFO in a large business, SmartBiz Advisor can help you learn how to build your lending profile by educating you about financial factors banks consider. SmartBiz Advisor generates your unique Loan Ready Score™ and offers suggestions to improve your score if needed.

Here’s what you need to know to get SBA loan ready with SmartBiz Advisor’s help.


What is SmartBiz Advisor?

SmartBiz Advisor acts as an Intelligent CFO™ for your small business. This new and transparent online tool generates your unique Loan Ready Score, helping you learn how to get the low cost SBA and bank funding you deserve.


How Can SmartBiz Advisor Help?

SmartBiz Advisor lets you know your likelihood of approval before you start an SBA loan application. If you’re not quite there, you’ll receive actionable advice to help improve your credit profile and increase your likelihood of approval.


What is the Loan Ready Score™?

Your unique Loan Ready Score is a number built by analyzing thousands of small business financials with our intelligent platform. Your Loan Ready Score helps you learn how your business stacks up across 7 key criteria banks consider.


Why is the Loan Ready Score Important?

Your Loan Ready score is a useful measure to help you assess your probability of approval for a low-cost SBA loan. You’ll save valuable time and effort by knowing where you stand before you start an application.


What is an Intelligent CFO™?

The SmartBiz team recognized that few small businesses could afford to have a Chief Financial Officer (CFO) on staff. Large businesses, on the other hand, are likely to have a CFO who can analyze what type of loan is best for the business and if the business is ready to apply. Just like a CFO, SmartBiz Advisor helps you know where you stand and how you can improve your Loan Ready Score.


What is the Key Criteria Banks Consider?

Until now, small business owners were in the dark. Banks don’t usually reveal what’s considered when approving or rejecting a loan application. SmartBiz Loans has identified 7 key criteria considered:

Combined Debt Coverage
Business Debt Coverage
Business Credit
Personal Credit
Business Debt Usage
Personal Debt Usage
Business Revenue Trend

Click the links above to be directed to in-depth articles explaining each financial ratio.


What is a Financial Ratio?

Financial ratios are determined from financial information and used for comparison purposes to gauge growth. Bankers, investors and business analysts use ratios to assess a company’s financial status. Review of financial statements alone doesn’t tell the whole story.


What is an SBA Loan?

An SBA loan is a low-cost small business loan partially guaranteed by the Small Business Administration. Without this partial guarantee, banks will often consider lending to small businesses “too risky.”


Why are SBA Loans the Best?

SBA loans are generally considered the “gold standard” in business loans. This is because they have very low rates, low monthly payments and a 10-year term with no prepayment penalty. In addition to low costs, SBA commercial real estate loans do not have balloon payments.


How do I get my Loan Ready Score?

It’s easy! Simply click on the green “get started button” here. You’ll enter your name, email address and create a password. Next, answer a few questions, upload your most recent tax return and your score will be calculated in just a few minutes. Don’t have your tax return handy? No problem, you can still get your loan ready score with a soft-pull** of your credit score.


What is the Cost to Utilize SmartBiz Advisor?

At this time, there is no cost. You can visit your dashboard to see where you stand as many times as you’d like for free.

***

To learn more about the 7 criteria and help you increase your likelihood of approval when applying for low-cost funding, sign up SmartBiz Advisor.** This tool helps you learn how banks typically evaluate your business and recommends ways to increase your likelihood of approval when applying for the low-cost SBA and bank funding you deserve. Just like a CFO in a large business, SmartBiz Advisor can educate you on how to best build your lending profile. Banks that provide SBA loans look at a number of different factors like debt coverage, debt usage and personal credit scores. SmartBiz Advisor is a free and transparent tool. Learn more about SmartBiz Advisor here.

*SmartBiz Loans initially performs a soft pull for credit during pre-qualification and your credit score will not be impacted. When you are matched with a bank most likely to fund, a hard pull will be performed.
**What you need to know: The information provided through SmartBiz Advisor, including the Loan Ready Score, is for educational purposes only. SmartBiz Advisor is not a financial or legal advisor as defined under federal or state law. Use of this information is not a replacement for personal, professional advice or assistance regarding your finances or credit history.