You asked! We Answered!
How much money can I get for my business?
We can provide up to $10,000,000 in funding and the minimum that we offer is typically around $5000.
Are you a direct lender?
Not exactly. We’re an online lending marketplace, which means that we bridge the gap between borrowers and lenders. We connect business owners to a multitude of loan options within our nationwide network of 80+ lenders.
We also make them compete for your business!
How long have you been in business?
We aren’t new to this. In fact, we’ve been helping small business owners receive funding since 2012.
We noticed how hard it was for small business owners to find the loans they needed to start and grow their businesses and decided to step in and provide a much-needed solution.
We’ve helped more than 20,000 small business owners get more than $500 million in loans. So you can feel comfortable knowing that you’re getting expert guidance and service when you come to Sprout.
How fast is the process?
Unlike with a regular bank loan, here at Sprout we can get you an approval within 24-48 hours and the funds can be in your hands in 7 business days, the latest! YES, it’s that quick!
What is needed to be approved?
Our process is very simple. We require:
- A short, one page application.
- Four to six most recent bank statements.
- Four to six most recent credit card processing statements (if applicable)
What is the interest rate?
That really depends on the loan product you and your business qualifies for but we typically see rates between 7% and 34% depending on many factors. We realize that is a wide range but that’s because we offer so many different types of funding and accept many credit scores so it really depends on what you qualify for.
Are there any application fees?
What if my credit is not all that great?
Good news, since this isn’t a bank loan there is no specific credit score required. In fact if you have bad credit it won’t be a problem. In order to be eligible though, it’s important that you have no open bankruptcies.
How do I pay back the funds?
Paying back your loan is easy and hassle-free. With most loan product there will be an automated deduction based on an agreed upon percentage from your credit card sales or business bank account.