SMB Compass Small Business Loans: 2025 Review

At a glance

Who SMB Compass is best for

SMB Compass: in the details

Business loan types offered

What we like and what we don’t like

SMB Compass isn’t short on options. If you’re looking for a specific type of financing, it likely offers it. But you need to meet its lending criteria for each type of loan. 

What we like

• Low starting rates. Starting interest rates range from 5.25 percent to 15.00 percent APR, which is lower than many online lenders.
• Variety of loan types. Whether you need to fund new business equipment, boost working capital or bridge cash flow gaps, SMB Compass provides loan options that meet different funding needs.
• Fast funding for most loans. SMB Compass provides fast funding within 24 to 48 hours, unless you need an asset-based, SBA or term loan. 
• Accessible to many borrowers. SMB Compass provides options for a variety of businesses and credit levels, from purchase order financing to term loans.

What we don’t like

• Not available to sole proprietors. Businesses not registered as a business entity, like LLC or corporation, don’t qualify for its loans.
• Not available in California. Businesses in California will have to look elsewhere for funding.
• Strict requirements for some loans. The $500,000 minimum annual revenue for term loans and SBA loans is steep.

How SMB Compass compares to other lenders

SMB Compass business loans have low interest rates, long repayment terms and fast funding. Its nine loan products, which include term loans, business lines of credit, SBA loans, equipment loans and invoice financing, range from $10,000 to $10 million. Terms are as short as six months and as long as 25 years, making it potentially a good fit for long-term and short-term borrowing. 

Thanks to its streamlined application process, funding can take as little as 24 to 48 hours. And its low credit score requirement makes it a good fit for fair-credit businesses.  But the lender's requirement of at least $500,000 in annual revenue for certain loan options can disqualify some businesses, so they may find another lender to be a better fit. 

SMB Compass vs. Funding Circle

SMB Compass and Funding Circle both offer term loans, lines of credit and SBA loans. SMB Compass caters to a broader range of business owners who require a greater variety of loan products since it offers a total of nine loan products, as well as longer terms and higher loan amounts. 

One thing that stands out about Funding Circle is that the lender does not assess prepayment penalties, which means businesses can save on interest if they decide to pay off their loans early. Although it is unclear what fees businesses may face with SMB Compass, the APR starts as low as 5.25 percent, which is lower than Funding Circle's starting APR of 7.49 percent. 

To qualify with either lender, you'll need fair-to-good credit. At a minimum, you’ll need at least $50,000 in annual revenue for a term loan and $150,000 in annual revenue for an SBA 7(a) loan. SMB Compass requires businesses to have at least $100,000 to $500,000 in annual revenue, with the range varying widely based on the type of loan. For example, its business term loans and SBA loans require at least $500,000 in annual revenue. 

SMB Compass vs. Credibly

SMB Compass and Credibly are online lenders offering diverse business financing solutions, including SBA loans, invoice factoring and equipment loans. 

While both provide speedy application processing and loan funding, Credibly specializes in smaller, short-term loans, whereas SMB Compass caters to businesses seeking larger amounts of financing with extended terms. Credibly business loans range from $5,000 to $10 million, with terms spanning three months to 10 years. SMB Compass allows businesses to access $10,000 to $10 million, with terms from six months to 25 years.  

Credibly specializes in offering financing to businesses that may struggle with approval from traditional lenders, so it only requires a minimum of six months in business, a credit score of 550 or higher and an annual revenue of $300,000 for approval. SMB Compass also requires six months in business, but its annual revenue requirement of $500,000 for certain loans may pose a challenge for younger businesses. 

How Bankrate rates SMB Compass