GRP Funding Small Business Financing Review

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

What are GRP Funding Small Business Financing’s rates?

GRP Funding Small Business Financing offers a business financing product that ranges from 20% APR up to 100% APR.

Does GRP Funding Small Business Financing charge an origination fee?

Yes, GRP Funding Small Business Financing charges a loan origination fee.

What limitations does GRP Funding Small Business Financing set on the purpose of the loan?

GRP Funding Small Business Financing considers 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 business loans does GRP Funding Small Business Financing offer?

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

• Unsecured term loans
• Merchant Cash Advances

Does GRP Funding Small Business Financing charge prepayment fees?

Yes, GRP Funding Small Business Financing 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.

How much can you borrow from GRP Funding Small Business Financing?

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

What is the maximum loan term you can get with GRP Funding Small Business Financing?

GRP Funding Small Business Financing offers 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