[ryanh]

SmartBiz as many are aware are a marketplace provider for SBA 7a and Term Loans. They can be good at these things but as many are likely aware communication can be poor and deals become a black box as to being kept in the loop what is happening.

When they decline files for the above they will also call you to ask if you want them to send it to their funding partners for LOC's and Working Capital.

I have made it vehemently clear that we do not need them to ever do that and to not ever shop it without our consent. For the simple reason being that I like most other brokers can handle that.

Well they did it anyways and got our client a 150k LOC offer from Bluevine. As you may be aware Bluevine blocks out on submission.

On the Cash Flow call where they were suppose to be discussing a SBA loan with the client they proceeded to decline him and pitch him the 200k Bluevine offer on the same call.

He was pretty turned off by the experience but three weeks later I just called the merchant to find out he did wind up drawing 100k on his LOC.

SmartBiz did not tell me this I had to find it out myself. Call my rep to find out that he did. We only get paid 1.5% on the first draw and no ensuing draws.

So SmartBiz essentially stole our client without our consent and their response was simply "sorry it won't happen again".

Long story short, they will steal your clients and rip you off on the split without your consent.

We have a gap in our funding partners now when it comes to SBA 7a Express and traditional bank loans (3/5 years at 8-20% APR).

Open to connecting w/ anyone in that space.

[Oxforddan]

Smartbiz sucks. Better to find out after one deal as opposed to many. Richard Gerard on here is pretty good and has helped me place a bunch of more traditional deals.

[ryanh]

Good to know, thanks Dan.

[Olderguy]

I have had good, professional support from SmartBiz but maybe I am dealing with better people there. I've used Funding Circle in the past for term but they steal clients. SmartBiz will go to Funding Circle if their SBA doesn't pass but BTW their 7A is NOT 7A Express, it's 7A.

Try these folks:

Elzy Castillo
Partner Manager
(512)-501-1548
elzy.castillos at smartbizloans.com

Jason Chilcoate
Account Manager
415-770-0765
jason.chilcoate at smartbizloans.com

[Yankeeman07]

https://www.sba.gov/partners/lenders...sba-7a-lenders

[Olderguy]

https://www.sba.gov/partners/lenders...sba-7a-lenders

You might want to clarify there's a big difference between SBA bank lenders and non bank SBA lenders. Non bank lenders can use any business and personal assets as collateral. Bank lenders will require owner occupied commercial property, business assets. BTW SmartBiz SBA 7A is non collateralized.

[fundingsmbs]

SmartBiz as many are aware are a marketplace provider for SBA 7a and Term Loans. They can be good at these things but as many are likely aware communication can be poor and deals become a black box as to being kept in the loop what is happening.

When they decline files for the above they will also call you to ask if you want them to send it to their funding partners for LOC's and Working Capital.

I have made it vehemently clear that we do not need them to ever do that and to not ever shop it without our consent. For the simple reason being that I like most other brokers can handle that.

Well they did it anyways and got our client a 150k LOC offer from Bluevine. As you may be aware Bluevine blocks out on submission.

On the Cash Flow call where they were suppose to be discussing a SBA loan with the client they proceeded to decline him and pitch him the 200k Bluevine offer on the same call.

He was pretty turned off by the experience but three weeks later I just called the merchant to find out he did wind up drawing 100k on his LOC.

SmartBiz did not tell me this I had to find it out myself. Call my rep to find out that he did. We only get paid 1.5% on the first draw and no ensuing draws.

So SmartBiz essentially stole our client without our consent and their response was simply "sorry it won't happen again".

Long story short, they will steal your clients and rip you off on the split without your consent.

We have a gap in our funding partners now when it comes to SBA 7a Express and traditional bank loans (3/5 years at 8-20% APR).

Open to connecting w/ anyone in that space.

everyone should be trying for an LOC first to get blocked out. I think bluevine headway and idea and now rapid are flooded with subs for their locs. thats unfortunate you caught this co doing this, but, most of the companies out there have partnerships with other funder's because their approvals are so low with their product, they have to squeeze $$ elsewhere