Client Reviews on BillFloat, Inc

    • 4.3
  • 92 Reviews

Most helpful positive review

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By Rori Prushinski Aug 16, 2019

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Most helpful critical review

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By Matthew waroff Oct 16, 2019

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Feedback:

After being in business over 11 years, having good personal and business credit, being profitable, already having secured SBA, merchant, and standard loans, I figured this process would be relatively easy. Wrong. I told them upfront don't even waste anyone's time if you're going to offer me a variable rate or anything over 7% interest. Get shuffled around, misinformation and confusion, unprofessionalism, then get offered a loan with 10k in "fees" and variable rate or fixed 18%. What a joke, they are just a referral service getting paid off leads, don't waste your time. The application process claims to provide pre qualifications and then pre approval status. You will be spending a significant amount of time providing all of their requested documents, after which you will be assigned a "specialist" that will review all of your financials and other misc documents for a 2nd time (collect more personal data), and advise you whether you are in fact "qualified" or not. This means nothing unless they can find a lender that will fund your loan, which is contingent on another department's recommendation to "move forward" or not. SmartBiz Loans gathers all of your information while making you do a lot of leg work, They THEN try to solicit the loan to these partnered banks in hopes to make money by way of a "referral" fee. Too much time spent and a false sense of hope given throughout the entire process. NOT RECOMMENDED...better off going through a local bank.

Feedback:

Great Customer Care. They assisted me through the process.Very nice and professional staff.

Feedback:

I began the lengthy application process with smart biz in mid-April 2018 and found out yesterday that 7/25/18 that my business financials would not meet the loan criteria for the SBA. I was not happy with that outcome, but understood as our business had a difficult 2017 financially. We made some bad hires that affected our profitability very negatively. I was prepared for this outcome and honestly as we went through the process our financial fortunes were improving. So the money was not really needed as much as wanted for expanding the company and accelerating our growth. However, in going through the process there were 2 things that bothered me greatly about the whole deal. 1. I dealt with 3 different account reps(?) during this very lengthy and time consuming process. None of the 3 reps Jon, Jefferson or Phillip were very good at communicating. It took as long as almost a week in one instance to respond to an email requesting status of the loan application. There were several other instances that took inordinately long periods of time for responses as well. Usually after a couple of these instances I was changed to a different representative. This proved to be frustrating especially when smart biz is going to get 2.5 to 3 percent of whatever amount you end up borrowing. I don't begrudge them getting paid for their efforts but I do not appreciate slow and even arrogant responses to legitimate questions.2. The second problem which bothers me the most is the fact that the issue that according to smartbiz prevented our eligibility for the loan existed and was disclosed very early in the loan application process. The issue was our profitability in 2017, which as I stated earlier was due to a couple of very bad hires that greatly affected my company. Prior to 2017 my company was growing for over 5 years with 30% to 50% sales increases annually. Additionally, we maintained a six figure bank balance prior to the rough year and I anticipate reaching that level again in the 1st quarter of 2019. By any definition my company is a good and growing small business that hit a rough patch due to a couple of bad decisions. I think almost every small business goes through something similar at one time or another. The insult here was the waste of dozens of hours of my time and the time of my bookkeeping staff in working to secure a loan that the "3 stooges" knew from the beginning would not be approved. When I asked Phillip why they decided to waste so much of my company's time, effort and money in having go though the entire process his response was "we were hoping the numbers would improve". Did Phillip and the other stooges think we would somehow find another couple of hundred thousand dollars under a rock? Perhaps they thought the tooth fairy would look kindly on me and give me the money I didn't get for a tooth when I was 5 years old with accumulated interest. I was not informed when this information was disclosed that our 2017 numbers were such a deal breaking problem. It seems to me that their actions bely a very selfish and uncaring company that only seems to be truly concerned with collecting a fee rather than the amount of resources people have to put into seeking an SBA loan. They're marketing is very good in leading you to believe they’re here to help but like a lot of marketing out there it's as full of hot air and hypocrisy as just about anyone else.I recommend you look to your own financial institution first when seeking an SBA loan and don't believe the hype. Make very sure they are upfront with you about your actual possibilities of getting the loan. The primary issue with us is our perceived ability to repay the loan with very little consideration of the circumstances and how they may have changed. If you had a bad year just prior to seeking the loan I suggest you find another source of funding.

Feedback:

Awesome experience with SmartBiz! Michael Friedman and the entire SmartBiz team did an outstanding job working with us throughout the loan process. We will definitely call SmartBiz to help on our next expansion!

Feedback:

They are not at all transparent with their process and will make you run around for weeks before finally, denying your application (and after reducing your loan amount considerably). The application process claims to provide pre qualifications and then pre approval status. They will make you spend a significant amount of time providing all of their requested documents, after which you will be assigned a "specialist" that will review all of your financials and other misc documents for a 2nd time (collect more personal data), and advise you whether you are in fact "qualified" or not. This means nothing unless they can find a lender that will fund your loan, which is contingent on another department's recommendation to "move forward" or not. SmartBiz Loans gathers all of your information while making you do a lot of leg work, including having your insurance broker provide certificates of insurance naming their referred bank as additional insured. They THEN try to solicit the loan to these partnered banks in hopes to make money by way of a "referral" fee. Too much time spent and a false sense of hope given throughout the entire process. NOT RECOMMENDED...

Feedback:

I was working with the guy for one week and he asked for a lot of paperwork..and we submitted everything and on the end they said you are not approved..its just wasted time for nothing...

Feedback:

SmartBiz is a smart choice! I approached 3 local banks for an SBA loan and all turned me away with literally not giving me the time of day. SmartBiz prequalified my business online and then reached out to follow through. What transpired was unbelievable. My rep Kaeley spend hours with me on the phone and off pulling everything together, leaving no rock unturned to ensure my presentation to the bank would be solid. In fact, it was. By the time we submitted my details to the bank, we had all documentation ready and had completely worked out replies to standard and even perceived potential questions they may ask. In the end, we got the our loan fully funded. Contract signing was ridiculously easy and within 2 days the money was in our account, ready to go!

Feedback:

William, my specialist, was very thorough and extremely friendly. He worked hard to keep the process moving forward. The communication was by far the best part of the process. I almost gave up not knowing the process. William kept me informed and involved. Great experience.

Feedback:

Mike Dang is a champion. He has successfully helped my company navigate the complicated SBA loan process....twice. Professional and very knowledgeable. My advice is ask for Mike by name

Feedback:

If you do your part and provide all the information on the online platform that they require, the process is super fast. After my online application, I was contacted promptly by Pamela Lopez who made the balance of the process effortless. She was in constant contact with me, letting me know what the bank would need for the loan application and she clearly explained what we could qualify for. She even reached out to me on the weekend! Truly exceptional customer service. From the time I started the application to the time the loan closed and we received the funds in our account, it was eight business days. Highly recommend them!

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