Features

Where does Elevate Funding do business?

Elevate Funding is a direct lender based in Gainesville, FL. It was founded in 2015 and offers access to business loans in 50 states (and Washington, DC)..

Does Elevate Funding charge an origination fee?

Yes, Elevate Funding charges a loan origination fee. 

What limitations does Elevate Funding set on the purpose of the loan?

Some lenders only provide business loans for certain purposes. Elevate Funding offers considers loan applications for the following reasons:

  • Equipment purchase
  • New location
  • Product or service expansion
  • Working capital
  • Business debt refinance

What types of business loans does Elevate Funding offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Elevate Funding provides access to the following business loan types:

  • Merchant cash advances

Does Elevate Funding charge a late fee?

No, Elevate Funding will not charge you a late fee. Yes, Elevate Funding charges borrowers with a late payment fee.

Does Elevate Funding charge prepayment fees?

Yes, Elevate Funding charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.

What do you need to qualify for a loan with Elevate Funding?

Applicants with a credit score of at least 300 can apply for a loan via Elevate Funding.

Elevate Funding requires businesses to be in business for at least 3 months in business. Active duty servicemembers and their covered dependents are eligible to apply for a loan via Elevate Funding. Its rates and terms fall within the limits of The Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

  • Proof of income

What is the estimated funding time for a business loan via Elevate Funding?

Elevate Funding can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.

  • Credit Score Range
    300 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Months in Business
    3
  • Minimum Revenue
    $12000
  • Verification Documents Required?
    Proof of Income
  • Business Loan Type
    • ACH Cashflow Loan
    • Merchant Cash Advance
  • Intended Use of Funds
    • Business Debt Refinance
    • Equipment Purchase
    • Lease Improvements
    • New Location
    • Product or Service Expansion
    • Working Capital
  • Approval Speed (Hours)
    24
  • Funding Time Range (in days)
    Starting at 1
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