SmartBiz Loans® Surpasses $500 Million in Funded SBA Loans

- Milestone comes on the heels of the company’s ranking as #1 provider of traditional SBA 7(a) loans under $350,000 through its bank partners

SAN FRANCISCO--()--SmartBiz Loans, the first SBA loan marketplace and bank-enabling technology platform, today announced that it has surpassed half a billion dollars in funded SBA loans. This milestone comes on the back of other recent successes for SmartBiz, including the addition of a fifth bank to its software platform and ranking as the number one facilitator of traditional SBA 7(a) loans under $350,000 for the 2016 fiscal year, over Wells Fargo and other major banks according to SBA lending data released in November, reflecting its 2016 fiscal year.

“We are proud to announce this milestone, as it means that we are helping generate increased access to SBA loans for small business owners,” said Evan Singer, CEO and President of SmartBiz Loans. “As alternative online lenders continue to raise rates and banks struggle to make smaller loans profitably, SmartBiz is connecting banks with small business borrowers in a way that is a win-win for both sides.”

The company’s first-of-its-kind software platform automates a bank’s underwriting to cut time and costs by up to 90 percent for processing SBA loans under $350,000. By automating the underwriting process, the platform helps banks get low-cost capital into the hands of small business owners in a matter of weeks instead of months. This is vitally important to any busy, small business owner who needs capital.

The $500 million in funded SBA loans reflects not only continued growth for SmartBiz, but also for the entire market of bank-originated, small-sized business loans. Post-2008, banks reduced the number of smaller business loans they made because they couldn’t process them efficiently enough to make a profit.

“The half a billion dollars represents a significant return of banks to this market,” continued Singer.

SmartBiz’s unique technology platform is the first in the industry to automate bank originations using machine learning, intelligent automation and big data analytics to bring agility and efficiency to underwriting and originating government-backed SBA loans. On average, about 90 percent of the loan applications SmartBiz refers to its SBA preferred bank partners are approved.

ABOUT SMARTBIZ LOANS

SmartBiz Loans 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 for small business owners. SmartBiz Loans 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 Venrock, Investor Growth Capital, First Round Capital, Baseline Ventures, and SoftTech VC. Learn more at www.smartbizloans.com.

Contacts

MEDIA:
Vested
Kevin Moogan, 917-765-8720
smartbizloans@fullyvested.com

Contacts

MEDIA:
Vested
Kevin Moogan, 917-765-8720
smartbizloans@fullyvested.com