Elevate Funding Business Funding Review

Elevate Funding Business Funding is a business financing offering by Elevate Funding, based in Gainesville, FL. Founded in 2015, Elevate Funding offers access to business loans in 50 states (and Washington, DC).

What are Elevate Funding Business Funding’s rates?

Elevate Funding Business Funding offers a variable APR business financing product but they do not disclose their rates.

Does Elevate Funding Business Funding charge an origination fee?

No, Elevate Funding Business Funding does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

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

Elevate Funding Business Funding considers loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of business loans does Elevate Funding Business 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 Business Funding provides access to the following business loan types:

• Merchant Cash Advances
• ACH Cashflow Loans

Does Elevate Funding Business Funding charge prepayment fees?

No, Elevate Funding Business Funding does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What do you need to qualify for Elevate Funding Business Funding?

Elevate Funding Business Funding requires companies to be in business for at least 3 months. Businesses must have a minimum annual revenue of $120,000 to be considered.

When it comes to credit scores, Elevate Funding doesn't have a set minimum or maximum. People with all types of credit can apply.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Elevate Funding Business Funding. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Elevate Funding Business Funding. Permanent resident / green card holders are also eligible to apply.

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 Business Funding?

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