Live Oak Bank and SmartBiz are both banks that focus on SBA 7(a) loans, but they serve different sizes of deal. Live Oak lends SBA loans of up to $5 million and beyond, and its streamlined Live Oak Express loan runs from $10,000 to $350,000 at 9.25% to 10.25% APR on average. SmartBiz, now SmartBiz Bank, N.A., concentrates on SBA 7(a) working capital and debt refinance loans of $50,000 to $350,000, priced at Prime plus 3% to Prime plus 4.75% depending on size. Choose Live Oak for larger or industry-specific SBA deals; choose SmartBiz if you want a smaller working capital or refinance loan through a single online application.
For more on Live Oak, read our Live Oak Bank review. For how the program works, see our beginner’s guide to SBA 7(a) loans, and find other head-to-heads in the lender reviews hub. Figures below come from each lender’s own site unless marked.
Live Oak Bank vs SmartBiz at a glance
Figures checked on September 21, 2026. Pricing is shown as each lender quotes it.
| Live Oak Bank | SmartBiz Bank | |
|---|---|---|
| What it is | Bank; SBA Preferred Lender | SmartBiz Bank, N.A., Member FDIC (formerly SmartBiz Loans); lends directly and through lenders in its network |
| SBA loan amounts | Up to $5 million and beyond; Live Oak Express $10,000 to $350,000 | $50,000 to $350,000 (SBA 7(a) working capital or debt refinance) |
| SBA term | Express: up to 10 years | 10 years |
| Pricing as quoted | Express: 9.25% to 10.25% APR on average | Variable: Prime + 4.75% ($50,000 to $150,000); Prime + 3% ($150,001 to $350,000) |
| Fees | Express: “transparent closing costs”; no prepayment penalties | SBA guarantee fee (1.7% to 2.25% of the guaranteed portion, per SmartBiz); $2,500 packaging fee; about $600 closing costs; no prepayment penalty on working capital and debt refinance loans |
| Time in business | Express: 2 years | Typically 3+ years |
| Credit | Express: excellent credit history; current on all business and personal debt | Typically a personal credit score above 660 |
| Revenue | Not stated for Express | Commonly approved businesses have $250,000 to $5 million in annual revenue |
| Credit check | Express: no hard personal credit inquiries | Soft pull to pre-qualify; hard pull during processing |
| Speed | Express: decision in 48 hours on average; funds in as few as 15 days | Funds in as fast as 7 business days after approval |
| Other products | Larger SBA loans; conventional loans; business banking | Bank term loans ($50,000 to $300,000; 2 to 5 years); lines of credit through partner banks ($50,000 to $100,000) |
What SmartBiz is today
SmartBiz started as an online platform that helped small businesses “apply for and secure low-cost funds from banks,” according to its company page. It has since become a bank. On March 17, 2025, it announced that “SmartBiz Acquires Centrust Bank, N.A. and Receives Regulatory Approval to Become a Bank and Bank Holding Company” (SmartBiz newsroom). Its site now identifies it as SmartBiz Bank, N.A., Member FDIC, “formerly SmartBiz Loans,” based in Northbrook, Illinois. It reports $9 billion delivered to 230,000 small businesses over the last 10 years, based on its internal reporting.
SmartBiz still works with other lenders. Its SBA loans are subject to approval “by SmartBiz Bank and lenders in the SmartBiz network” (SmartBiz SBA loans). It offers conventional bank term loans directly “in Chicago as well as the surrounding areas within 250 miles of Chicago” and “works with other banks in its network” elsewhere (SmartBiz term loans). Its line of credit comes from a partner lender. So depending on the product and your location, your lender of record may be SmartBiz Bank or a bank in its network. Ask which before you sign.
Live Oak Bank describes itself as “an SBA Preferred Lender” (Live Oak SBA loans). It organizes its lending by industry, with teams that each focus on one industry, and it also offers conventional loans that “do not have specific size constraints” (Live Oak business loans).
What each costs
Two pricing measures appear here. Prime plus a margin is a variable interest rate: it moves with the Prime Rate, and the margin (for example 3%) stays fixed. It doesn’t include fees. APR (annual percentage rate) combines interest and certain fees into one yearly figure, so it is better for comparing offers.
Live Oak quotes its Express loan at “9.25% to 10.25% APR, on average,” with no prepayment penalties and “transparent closing costs.” It adds that your rate, terms and speed depend on your creditworthiness, industry and other factors (Live Oak Express). Live Oak doesn’t publish rates for its larger SBA loans, so ask for the rate and APR in writing.
SmartBiz says its SBA loans carry “a variable interest rate based on the Prime Rate, plus 3% to 5.75%,” and lists Prime + 4.75% for $50,000 to $150,000 and Prime + 3% for $150,001 to $350,000 (SmartBiz rates and fees). The page gives both the range and the two tiers, so confirm which margin applies to your loan. On top of interest, SmartBiz lists the SBA guarantee fee, “currently 1.7% to 2.25% of the guaranteed portion of the loan,” a one-time $2,500 packaging fee, and closing costs that “typically add about another $600.” SBA guarantee fees are set by the SBA and can change, so check the fee on your own loan.
Worked example: SmartBiz fixed costs on a $100,000 loan
On a $100,000 SmartBiz SBA loan, the $2,500 packaging fee and about $600 in closing costs come to about $3,100, or 3.1% of the loan, before the SBA guarantee fee. Interest would be Prime + 4.75%, since the loan is under $150,000. For a Live Oak Express offer of the same size, ask for the APR and itemized closing costs, then set the two side by side.
Who qualifies
Live Oak Express
- 2 years in business, an excellent credit history, and current on all business and personal debt (Live Oak Express).
- Funds can go to working capital, equipment, debt refinance, hiring, business acquisition or a start-up. They can’t be used to buy real estate or to refinance merchant cash advance debt.
SmartBiz SBA 7(a)
- A U.S.-based operating business, typically 3+ years in business, with commonly approved businesses showing $250,000 to $5 million in annual revenue and about 1 to 40 employees (SmartBiz requirements).
- Typically a personal credit score above 660, and cash flow of at least 1.1x debt service coverage.
- All direct and indirect owners must be U.S. citizens or U.S. nationals, at least 21 and living mainly in the U.S.
- No outstanding tax liens, no bankruptcies or foreclosures in the past 3 years, and no recent charge-offs or settlements.
Choose Live Oak Bank if…
- You need more than $350,000. Live Oak’s SBA loans go up to $5 million and beyond, matching the SBA’s $5 million 7(a) maximum.
- You’ve been in business 2 years, short of SmartBiz’s typical 3.
- You want an Express decision in about 48 hours with no hard personal credit inquiry.
- You’re buying a business or funding a start-up, both listed Express uses.
Choose SmartBiz if…
- You need $50,000 to $350,000 for working capital or to refinance existing debt.
- You want published Prime-plus pricing and an itemized fee list before you apply.
- You have 3+ years in business and a credit score above 660, and you want funds in as fast as 7 business days after approval.
- You’d like non-SBA options from the same lender, such as a 2- to 5-year bank term loan.
Pitfalls to watch
- Variable rates. SmartBiz’s SBA rates move with Prime, so your payment can change over a 10-year term.
- Lender of record. A SmartBiz loan may be made by SmartBiz Bank or a network lender. Check the name on your loan documents.
- Timelines vary by size. SmartBiz’s FAQ says SBA loans under $150,000 typically take a couple of weeks and larger ones 4 to 6 weeks. Live Oak’s 15 days is the fastest Express timeline it quotes.
- Use-of-funds limits. Live Oak Express can’t refinance merchant cash advance debt or buy real estate, and SmartBiz’s SBA product covers working capital and debt refinance.
- Rule changes. SBA program rules and fees can change. Confirm current terms with the lender before you sign.
FAQ
Is SmartBiz a bank or a marketplace?
Both, in effect. SmartBiz became SmartBiz Bank, N.A. after acquiring Centrust Bank, N.A., announced March 17, 2025. It still arranges some loans through lenders in its network, including its line of credit and term loans outside the Chicago area.
Which is faster?
They’re close. SmartBiz says funds can arrive in as fast as 7 business days after approval. Live Oak Express gives a decision in 48 hours on average and funds in as few as 15 days.
Does applying affect my credit?
Live Oak Express uses no hard personal credit inquiries. SmartBiz pre-qualifies you with a soft pull, then does a hard pull while processing your loan.
What is the most either will lend?
SmartBiz’s SBA 7(a) loans top out at $350,000. Live Oak lends SBA loans up to $5 million and beyond; the SBA’s standard 7(a) maximum is $5 million (SBA).
Next step
If you’d like to compare Live Oak or SmartBiz with other SBA lenders, SMB Compass can help you line up offers from the lenders we work with. Start with our SBA loans page, or check the SBA loan credit score minimum guide.
Sources
- Live Oak Bank: Live Oak Express
- Live Oak Bank: SBA loans
- SmartBiz Bank: Our company
- SmartBiz Bank: Newsroom
- SmartBiz Bank: SBA loans
- SmartBiz Bank: SBA loan rates and fees
- SmartBiz Bank: SBA requirements and eligibility
- SmartBiz Bank: FAQ
- SmartBiz Bank: Bank term loans
- SmartBiz Bank: Line of credit
- SBA: 7(a) terms, conditions and eligibility
About this page. Written by Ezra Cabrera, Content Team Lead at SMB Compass. Figures were checked against each lender’s own website on September 21, 2026; lenders change their terms, so confirm current terms before you apply, and let us know if you spot a figure that has changed. SMB Compass is a business financing broker: we don’t lend our own money, and we are paid by the lenders we place loans with. This page is general information, not financial, legal or tax advice.