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  GROUNDFLOOR Business Loan

GROUNDFLOOR Business Loan

in Business Loans from GROUNDFLOOR

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GROUNDFLOOR Business Loan

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in Business Loans from GROUNDFLOOR

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Highlights
Loan Amount $50,000 - $2,000,000
APR  (Fixed APR) 5% - 26%
Loan Term (Months) 6 - 12 months

GROUNDFLOOR Business Loan Review

Groundfloor is a business financing offering by GROUNDFLOOR, based in Atlanta, GA. Founded in 2013, GROUNDFLOOR offers access to small business loans in 24 states (and Washington, DC).

Groundfloor FAQ

What are Groundfloor’s rates?

Groundfloor offers a fixed APR business financing product that ranges from 5% APR up to 26% APR.

Does Groundfloor charge an origination fee?

Yes, Groundfloor charges a loan origination fee of 2% to 6% of the business loan amount. Groundfloor deducts the fee directly from your business loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Groundfloor set on the purpose of the business loan?

Groundfloor considers business loan applications for business purposes, such as:

  • Working capital

Does Groundfloor charge prepayment fees?

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

How much can you borrow from Groundfloor?

Business loan amounts start at $50,000 and go up to $2,000,000.

What is the maximum business loan term you can get with Groundfloor?

Groundfloor offers small business loans with terms ranging from 6 to 12 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for GROUNDFLOOR Business Loan?

GROUNDFLOOR Business Loan does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 640 and up to 850 may be eligible for GROUNDFLOOR Business Loan.

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. APRs for the GROUNDFLOOR Business Loan product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

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

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

  • Proof of income
  • Proof of identity

Does GROUNDFLOOR Business Loan report your account activity to credit bureaus?

Yes, GROUNDFLOOR Business Loan reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

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Other Services by GROUNDFLOOR

Availability

  Available in 24 states and Washington, D.C.
  • Alabama
  • Arizona
  • California
  • Colorado
  • Washington, DC
  • Florida
  • Georgia
  • Illinois
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Nevada
  • New Hampshire
  • New Jersey
  • North Carolina
  • Ohio
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington

Feature Breakdown

No Prepayment Fee
Origination Fee (%) 2% - 6%
Credit Score Range 640 - 850
Employment Statuses Considered Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Verification Documents Required
  • Proof of Identity
  • Proof of Income
Approval Speed 72 hours
Credit Bureau Reporting
  • Equifax
  • Experian
Loan Amount $50,000 - $2,000,000
APR (Fixed APR) 5% - 26%
Loan Term 6 - 12 months

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