GRP Funding Small Business Financing

GRP Funding Small Business Financing Review

GRP funding is a business financing offering by GRP Funding, based in Springfield, MA. Founded in 2007, GRP Funding offers access to small business loans in 50 states (and Washington, DC).

What are GRP funding’s rates?

GRP funding offers a business financing product that ranges from 20% APR up to 100% APR.

Does GRP funding charge an origination fee?

Yes, GRP funding charges a loan origination fee.

What limitations does GRP funding set on the purpose of the business loan?

GRP funding considers business loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• New Location
• Payroll
• Product or Service Expansion
• Technology Investment
• Working capital

What types of small business loans does GRP funding offer?

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

• Unsecured Term Business Loans
• Merchant Cash Advances

Does GRP funding charge prepayment fees?

Yes, GRP funding charges additional fees to borrowers who pay off their small business 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 business loan early.

How much can you borrow from GRP funding?

Business loan amounts start at $5,000 and go up to $500,000.

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

GRP funding offers small business loans with terms ranging from 4 to 18 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 GRP Funding Small Business Financing?

GRP Funding Small Business Financing requires companies to be in business for at least 9 months. Businesses must have a minimum annual revenue of $8,500 to be considered.

GRP Funding Small Business Financing does not require or does not disclose a credit score minimum.

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 GRP Funding Small Business Financing 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 GRP Funding Small Business Financing. 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