SmartBiz Bank, N.A. (formerly operating as SmartBiz Loans) is a subsidiary of SmartBiz Bancshares, Inc. headquartered in Chicago, Illinois, with additional offices in Austin, Texas and San Francisco, California. Founded in 2013, the company became SmartBiz Bank, National Association in March 2025 after acquiring Centrust Bank, transitioning from a lending marketplace to a federally chartered national bank regulated by the OCC and insured by the FDIC. CEO Evan Singer leads the organization.
SmartBiz specializes in SBA 7(a) loans ranging from $50,000 to $350,000. SBA loan rates are variable, starting at Prime + 3.0% for loans above $150,000 and climbing to Prime + 5.75% for smaller amounts. SBA guarantee fees run 1.7% to 2.25%, with packaging fees around $2,500 and closing costs near $600. Smaller SBA loans can fund in as little as 7 days, while loans above $150,000 typically take 4 to 6 weeks. All applicants need a minimum 650 credit score, at least 3 years in business, and a 1.1x business debt service coverage ratio (BDSCR). All business owners must be U.S. citizens or nationals.
Bank term loans range from $50,000 to $300,000 with fixed rates starting at 10.99%. Borrowers who opt into a 5% prepayment penalty can receive a 2% rate reduction. Term loan fees include approximately 3% referral and 3% packaging fees plus $200-$300 in closing costs. Requirements mirror SBA products: 3+ years in business and strong financials.
Business lines of credit range from $50,000 to $100,000, priced at SOFR + 12.99% to 28.99%. LOC fees include 6% origination, $750 closing, and a 1% annual fee. LOC applicants need 2-3 years in business. SBA loans carry no prepayment penalty; term loans have an optional 5% penalty tied to the rate reduction.
SmartBiz has funded over $9 billion to more than 230,000 business owners. The company holds a 4.7 out of 5 rating on Trustpilot based on 16,367 reviews. As an SBA-approved lender and FDIC-insured national bank, SmartBiz operates under strict federal regulatory oversight, providing borrowers with institutional protections not available through alternative lenders.
For business owners exploring financing options, the landscape includes several distinct products. Small business loans provide lump-sum working capital with fixed repayment terms, while a business line of credit offers flexible revolving access to funds as needed. SBA loans through government-backed programs offer the lowest rates but require longer approval timelines. For businesses with outstanding invoices, invoice factoring converts receivables into immediate cash flow. Equipment financing allows companies to acquire machinery and technology with the equipment itself as collateral. A merchant cash advance provides fast business funding by purchasing a share of future sales, though typically at higher effective costs. Startups and newer businesses may find working capital loan options through alternative lenders with lower qualification requirements than traditional banks.
