LiftFund offers small business loans in the following states:
- New Mexico
- South Carolina
LiftFund is a nonprofit lender that specializes in helping businesses in underserved areas get off the ground. If you’ve had trouble finding funding for your small business, LiftFund has an easy application and offers a few different types of business loans. But with its limited availability and slower turnaround, it may not be the best choice for every business owner.
|Product Name||LiftFund Business Loans|
|Loan Term||From 5 years|
|Requirements||Live and operate your business in a state LiftFund serves, another source of income if your business is a startup, not operate in the adult entertainment industry and not filed for bankruptcy in the last two years.|
LiftFund’s lending programs come with highly varied eligibility requirements. However, it still has a few basic qualifications you’ll need to meet in order to be considered for a business loan.
And like many lenders, you’ll be disqualified if
LiftFund specializes in providing funding to small business that are either too new or don’t make enough revenue to get a bank loan. It’s a nonprofit, meaning that helping small businesses succeed is its bottom line. It’s also highly localized, so you might find a loan designed to meet your exact needs.
A LiftFund business loans are financing options designed to help small businesses and startups cover relatively small expenses. It has four business loan options you can apply for.
That LiftFund is a nonprofit means it generally has your best interests in mind. It also means that the application process is a lot more involved — it has to absolutely justify giving you funds.
Here are potential drawbacks of getting a business loan from Liftfund:
LiftFund isn’t accredited by the Better Business Bureau (BBB) but does have an A+ rating — in part because it doesn’t have any reviews or complaints. Nobody has reviewed it on Trustpilot, either, meaning you’ll have a hard time finding out how other borrowers fared with its services.
A lack of online reviews could be a result of LiftFund’s nonprofit status. Borrowing from a nonprofit is not without its problems, but they’re generally designed to help business communities rather than profit from them.
LiftFund applies the standard security features of most websites, but it don’t appear to apply extra security for their applications, which could be a red flag.
To apply for a loan with LiftFund, you must:
When considering your application, LiftFund looks at your ability to repay your loan, your character, your commitment to improve your business and your credit score. It also considers your history of payment to past lenders, landlords, suppliers and the like.
Its application is two steps: an application to apply for a loan and a lending program application. The lending program includes many specific requirements, but you won’t be approved to move on to the second step if LiftFund believes you aren’t able to meet them.
LiftFund asks you to upload important documents, so it’s a good idea to scan and save them as PDFs before you get started. When you’re ready to apply, you’ll need:
LiftFund requires you to set up autopay when you sign your loan closing documents, so you won’t have to do much of anything when it comes to paying back your loan.
But that doesn’t mean you can sit back. Keep an eye on your bank account to make sure it always has enough funds to make a monthly repayment. Otherwise, you might wind up paying stiff nonsufficient and late fees.
Struggling small businesses and startups in the US could benefit from a LiftFund business loan, especially if they’re in economically disadvantaged areas. But loans are limited to businesses in the 13 states LiftFund serves and may take longer to process than many other business loan options.
To make sure you get the best loan your business is eligible for, compare your full range of options before deciding on any one type of financing.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.