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SMB Compass Features
SMB Compass offers nine business loan products ranging from $10,000 to $10 million. Rates start at 7.99% with flexible terms of six months to 25 years.
Funding typically takes place in 1-2 business days, but some loans do have longer funding times. Whether you need a small loan to cover immediate expenses or a larger loan for business growth, SMB Compass can provide financing solutions that align with the specific requirements of your business.
| Product | Term Length | Min - Max Amount |
| Invoice Financing/Factoring | 6-24 months | $25,000 - $10 million |
| Business Line of Credit | Revolving | $10,000 - $5 million |
| Business Term Loans | 2-10 years | $25,000 - $5 million |
| Bridge Loan | 6-36 months | $25,000 - $5 million |
| Inventory Financing | Revolving | $25,000 - $10 million |
| Equipment Financing | Up to 10 years | $25,000 - $5 million |
| SBA Loans | 10-25 years | $100,000 - $10 million |
| Asset Based Loans | Revolving | $250,000 - $10 million |
| Purchase Order Financing | Revolving | $25,000 - $10 million |
SMB Compass Interest Rates and Fees
SMB Compass offers competitive interest rates and fee structures to accommodate the diverse needs of business owners. Rates start at 7.99%, but will vary depending on the product you choose, your credit score, your time in business, and your annual revenue.
The origination fees charged by SMB Compass may vary depending on the size and complexity of the loan. Similarly, prepayment fees, late payment fees, and maintenance fees may also apply, but the specific details are determined on a case-by-case basis. It is recommended to consult with an SMB Compass representative for more information.
| Product | Interest Rate |
| Invoice Financing/Factoring | Starting at 12% |
| Business Line of Credit | Starting at 8.99% |
| Business Term Loans | Starting at 8.99% |
| Bridge Loan | Starting at 12% |
| Inventory Financing | Starting at 8.25% |
| Equipment Financing | Starting at 7.99% |
| SBA Loans | Starting at 8.5% |
| Asset Based Loans | Starting at 7.99% |
| Purchase Order Financing | Starting at 15% |
SMB Compass Qualification Requirements
To qualify for business financing from SMB Compass, business owners ideally have been in business for at least one year and have $20k per month in revenue. The minimum credit score requirement for most loans is 650. Of course, the higher your credit score, the more competitive interest rate you’ll receive. Most business industries will qualify, except those in the cannabis or adult industry.
| Minimum Credit Score | 650 |
| Minimum Annual Revenue | $20,000 per month |
| Minimum Time in Business | 1+ year |
| Other requirements | No cannabis, adult, or startups |
SMB Compass Application Process
The application process for SMB Compass is straightforward and user-friendly. To begin the process, you will type in how much money you are looking for:
Next, you will need to provide basic information about your business, such as its name, address, and contact details:
Then, you’ll select how long you’ve been in business for:
Next, select your personal credit score, average monthly sales, and industry:
Finally, you’ll need to provide a phone number so a SMB Compass representative can reach you:
Once you have submitted your application, the SMB Compass team will review it and reach out to you for any additional documentation or clarifications. This personalized approach helps ensure that the loan application process is tailored to your specific business needs.
SMB Compass Customer Support
SMB Compass prioritizes excellent customer support to ensure a smooth and efficient lending experience for business owners. Here are the customer support offerings provided by SMB Compass:
- Accessibility to a live customer support rep during standard hours (9-6 EST): SMB Compass offers live customer support during standard business hours to address any questions or concerns regarding the loan application or process.
- Accessibility to a live customer support rep during extended hours: SMB Compass understands that business owners may have inquiries outside of standard business hours. While specific information on extended hours support is not provided, SMB Compass aims to accommodate clients to the best of their abilities.
- Degree of multi-channel support: SMB Compass offers multiple channels for customer support, including phone and email. This allows business owners to choose the most convenient method of communication to reach out for assistance.
- Availability of supplemental information and tools: SMB Compass provides business owners with detailed information and tools to help them navigate the loan application process. This may include informative articles, guides, and resources to support borrowers in making informed decisions.
Overall, SMB Compass focuses on providing attentive and responsive customer support to ensure that business owners have the necessary assistance throughout the loan process.
SMB Compass Online Reviews
Based on reviews, feedback on SMB Compass is generally positive. Customers appreciate the accessibility to live customer support during standard business hours, which allows them to easily address any questions or concerns during the loan application process. The availability of multiple communication channels, such as phone and email, is also praised for providing convenience and flexibility.
| The positive reviews are related to | The negative reviews are related to |
| Accessibility to live customer support | Strict qualification requirements |
| Convenient and flexible loan options | |
| Responsive communication |
SMB Compass Perks and Bonuses
Flexibility
SMB Compass offers various perks and bonuses to provide flexibility and convenience to its customers. They understand that business owners may face hardships at times and therefore offer options like payment deferral or skipping during difficult periods. This allows borrowers to adjust their repayment schedule according to their financial situation.
Transparency
SMB Compass believes in transparency and maintains a professional website that is informative and free of misleading advertising and sales gimmicks. They have a clean track record with no history of complaints from customers regarding poor sales practices. This demonstrates their commitment to providing transparent and trustworthy services.
Technology
In terms of technology, SMB Compass offers convenient online payment options, allowing borrowers to make payments easily and securely from their preferred device. They also provide autopay optionality, saving time and ensuring timely payments. Furthermore, SMB Compass offers mobile functionality, enabling borrowers to manage their loans on the go.
SMB Compass Alternatives
Lendzi
When it comes to finding the right financing options for your small business, one name that should be on your radar is Lendzi. As a leading provider of small business financing solutions, Lendzi has built a reputation for offering a wide range of flexible and personalized loan options to help business owners achieve their goals.
Lendzi offers a variety of financing options to suit different business needs. Whether you require working capital to cover daily expenses, equipment financing to upgrade your machinery, or invoice factoring to manage unpaid invoices, Lendzi has you covered.
Borrowing amounts typically range from $5,000 to $500,000 depending on the type of loan you choose. Rates start at 6.2% for a business line of credit and 11.29% for long-term loans. Lendzi accepts any credit score, but does prefer a minimum annual revenue of $180,000 per year.
Backd
Backd offers small businesses working capital loans up to $2 million and business lines of credit up to $750,000. They tailor loans specifically for your business and allow you to remain in control the entire time. The application takes just a few minutes and if approved, funds can be in your account within 24 hours.
To qualify for small business financing from Backd, you need to be in business for at least one year and have $100,000 in annual revenue. You also must have a U.S.-based business and a business bank account.
Final Thoughts
SMB Compass offers nine different loan products to small businesses, making them a fantastic choice for small businesses in need of more than traditional financing (though they do offer traditional small business loans, as well). Qualification requirements tend to be more strict than other lenders, but rates are competitive, terms are flexible, and funding is fast. If you have a decent credit score and high annual revenues, SMB Compass is a solid choice to help fund your small business.
