Avoid at all cost
Several years ago, this platform had some promise. Support small and local businesses while generating decent returns. Over the last year it has devolved into a pitiful sham of poor customer service, promoting poor companies that sometimes don’t even start paying back and now they’ve decided to shirk their servicing responsibility they portrayed to investors on some other platform - providing little to no guidance how to do that. With all the platforms and investments out there, don’t touch this with a ten foot pole. Someone should sue this sham and/or regulators ought to shut it down.
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App works
The app as well as the website are designed in the way that makes it extremely difficult to track payments, although many of them currently make no payments.
App works well so far
But the high default rate is concerning.
Only Works if Bonds are actually Paid
The system only works when payments by the issuing entity are complete on time. When a bond payment is missed, it just says “pending” and each month it keeps doing that with little to no communication about the actual missed payment. Some companies have stopped paying years ago and it just says “pending” for each new monthly payment and I have heard nothing about it.
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Transfers take forever
Beware…when you want to cash out earnings, they take forever to process the transfer. 12 days and still waiting for the transfer to be processed.
Start-Ups take the money and run
Lately, these start ups and small businesses have had high failure rates and I’m already projected to have lost money.
SMBX doesn’t seem to inquire into the seriousness or commitment of the businesses that they partner with to offer bonds.
Entrepreneurs take the money, operate for a few months, and then close everything while filing for bankruptcy. Bond holders are left with nothing and SMBX has yet to recover any funds through legal action or collections.
SMBX doesn’t seem to inquire into the seriousness or commitment of the businesses that they partner with to offer bonds.
Entrepreneurs take the money, operate for a few months, and then close everything while filing for bankruptcy. Bond holders are left with nothing and SMBX has yet to recover any funds through legal action or collections.
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App doesn’t work
They were sharing banking information by email. I wouldn’t trust them to share financial info.
Sold me “secured bond”
One of their offerings was secured by inventory according to the prospectus. Now that bond has defaulted, is in bankruptcy and the indebted are calling it unsecured. Please just stick to Tbills for high interest. Tbill and chill!
Bug on latest iOS version
You have a bug on the signup flow on the latest iOS version - I can’t check all the boxes on the last page. There are like 4 or 5 boxes. I can scroll down to view them all when they are unchecked but as soon as I check two I can’t scroll down anymore.
Bonds over subscribe
Be prepared to have a lot of emails with their support team over a course of 30 days. App will say complete as if your $ is in the bonds when it isn’t. Confusing and will need to be fixed. Funds should auto refund if they cannot be invested within 10 days; not 30 and require you emailing support to figure out what’s going on. This was the response:
Under the current regulatory framework, SMBX does not handle or hold investor money and cannot auto-refund investor's money without the issuer authorizing the release of funds held in the escrow account, which happens at allocation.
Technology and other members of our operations team to see if there is an alternative way to disclose over-subscription.
When this is fixed I’ll update my review. Right now; I wouldn’t put a lot of money in yet.
Under the current regulatory framework, SMBX does not handle or hold investor money and cannot auto-refund investor's money without the issuer authorizing the release of funds held in the escrow account, which happens at allocation.
Technology and other members of our operations team to see if there is an alternative way to disclose over-subscription.
When this is fixed I’ll update my review. Right now; I wouldn’t put a lot of money in yet.
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Works well so far
There are always several bonds to purchase now. All bonds look legit with ok return. No issue with the website/app and the customer service is not bad. I would recommend it to anyone who are interested in small business investment. It's one of the best platform I've used.
App always crashes
Love the idea but app always crashes when I try to upload my document images website is full of broken links too
Loosing it is value to investors
The app started great with some bonds return as much as 10% but over time they trended to offer lower returns of 6.5% to 7.5% on unsecured high risk bonds. This is make it less worth it specially when compared to publicly traded bonds that some of them offer as high as 12% and easier to liquidate. Hope they consider negotiating better deals in the future when they on board a business
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Great!
Great app. Love the concept excited to watch this grow! Unlimited potential.
Awesome new way to invest
I’m always looking for opportunities to invest. Here we can invest confidently in local businesses that we patronize. App is simple to use and strait forward, looking for many new and interesting companies to help fund.
🤦🏼♀️
Only one bond in the app!
This is so inspiring
To invest in our communities’ businesses all while earning a return on investment is revolutionary. The rate of return is potentially higher than my current portfolio!
Really like the app!
This app is something very unique and a great tool for investing!
