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LiftFund business loans review

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Alternative funding with competitive rates for small businesses and startups in 13 states.

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.


Min. Amount


Max. Amount


Product NameLiftFund Business Loans
Min. Amount$500
Max. Amount$1,000,000
Loan TermFrom 5 years
RequirementsLive 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.

First, do I qualify?

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.

  • If your business is a startup, you must show proof of another source of income
  • You must live and operate your business in a state LiftFund serves
  • You must be at least 21 years old

And like many lenders, you’ll be disqualified if

  • You’ve filed for Chapter 7 bankruptcy in the past two years
  • You’ve filed for Chapter 12 bankruptcy in the past year
  • Your business is in the adult entertainment industry

LiftFund offers small business loans in the following states:

  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Kentucky
  • Louisiana
  • Mississippi
  • Missouri
  • New Mexico
  • Oklahoma
  • South Carolina
  • Tennessee
  • Texas

What makes LiftFund business loans special?

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.

What is a LiftFund business loan?

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.

  • SBA 7(a) loan. Your standard fixed-term loan but with low interest rates thanks to government backing.
  • SBA 504 loan. A low-interest government-guaranteed loan for commercial real estate and equipment.
  • Goldman Sachs Houston and Dallas loans. A program that offers loans of $50,000 to $400,000 to cover a variety of business needs. It’s best for larger, more established businesses that can prove they create jobs in economically disadvantaged areas.
  • Fresh loans. Microloans for food industry businesses that promote the availability of fresh, healthy meals in food deserts.

What are the benefits of a LiftFund business loan?

  • Lower credit scores OK. Many of LiftFund’s borrowers have low credit scores, in part because it considers factors like your financial history and your business’s community impact when making decisions.
  • Excellent customer service. If you have questions, you can easily call a rep in your area. Or send a form email — but it might take a while to get a response.
  • Easy application. Applying online is quick and straightforward, and you’ll always have someone to guide you through the process.

What to watch out 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:

  • Only available in 13 states. Look at other microlenders if your business isn’t in one of LiftFund’s serviced states.
  • Longer turnaround time. You might have to wait up to four weeks for funding on a regular loan and eight weeks for a government-backed loan.
  • Its website lacks basic information. It’s easy to apply, but LiftFund’s site lacks general loan information, like terms, fees and even specific interest rates.
  • Loans require collateral. Collateral isn’t always a bad thing — it could result in lower rates — but be prepared to put some of your personal or business assets on the line.

Compare LiftFund to other business loan providers

Updated March 30th, 2020
Name Product Filter Values Min. Amount Max. Amount Requirements
First Down Funding business loans
Varies by type of loan
Alternative financing up to $300K with highly competitive rates.
Operate a business in the US or Canada, have a business bank account and have a personal credit score of 675+.
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
600+ personal credit score, 1+ years in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Kabbage Small Business Line of Credit
1+ years in business, $100,000+ annual revenue or $4,200+ monthly revenue over last 3 months
A simple, convenient online application could securely get the funds you need to grow your business.
650+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years
Get funding for your small business with a government-backed loan and extended repayment terms.

Compare up to 4 providers

Is LiftFund safe?

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.

Am I eligible?

To apply for a loan with LiftFund, you must:

  • Be at least 21 years old. While most lenders require borrowers to be over 18, LiftFund bumps up the requirement to 21.
  • Live and have a business in a state LiftFund serves. LiftFund only serves businesses in 13 states.
  • Have an income source outside of your business. This requirement applies to startups and is used to prove that you’re able to afford to repay your loan.

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.

How do I apply?

  1. Go to LiftFund’s website and click Apply Now.Once taken to the loans page, again click Apply Now.
    LiftFund apply image, step one
  2. Answer basic eligibility questions and click Let’s Get Started.
    LiftFund apply image, step two
  3. Follow the steps to complete the four-part application form, carefully reading the terms of use before submitting your application. Make sure to have your documents ready — you might have to scan and upload them.
    LiftFund apply image, step three
  4. LiftFund reviews your application and documents over the next two business days, during which it pulls a hard check on your credit.
    LiftFund apply image, step four
  5. Qualifying applicants receive a call from a LiftFund representative to go over loan programs you could be eligible for. Once you decide on a program, the rep provides a list of further documents required.
  6. After you submit your documents, an underwriter reviews them and notifies you of acceptance within a few days — or longer, if you apply for an SBA loan.
  7. Sign your closing documents and wait a few more days before receiving your funds.
  8. LiftFund’s lending process takes three to four weeks for regular loans and six to eight weeks for SBA loans.

What do I need to apply?

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:

  • Your Employer Identification Number. Apply for an EIN on the IRS website if you don’t already have one.
  • Your Social Security or Individual Tax Identification Number. Call the IRS to retrieve your ITIN, if you have one.
  • Your driver’s license. Make sure it lists your current address.
  • Contact information for your landlord or lessor. This info may not be required for your application, but you’ll need to submit it before closing.
  • A recent credit report. If you don’t yet have a copy, it’s easy to request your credit report from each of the three major bureaus online.
  • Information on employers if you work outside your business. LiftFund uses this info to verify outside income, especially for startups.
  • References. You’ll need two references from colleagues, friends or family, along with their phone numbers.
  • Monthly personal and business budget. LiftFund provides a template to help you prepare a budget based on your past three months of spending.
  • Information on any joint applicants. They’ll also need to provide their EIN, SSN or ITIN and driver’s license information.

I got a business loan from LiftFund. Now what?

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.

Bottom line

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.

Frequently asked questions


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  1. Default Gravatar
    September 28, 2018

    Similar to FranFund, does LiftFund charge fees on the loans other than the APR? FranFund charges a flat $2,500, no matter how small the loan amount.

    • Avatarfinder Customer Care
      October 1, 2018

      Hi TM,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Upon checking, the website of LiftFund lacks basic information. While it is easy to apply for a loan from them, their website is not clear about their fees.

      What I can suggest is for you to directly get in touch with LiftFund. Before continuing with your application, you may ask specific information first. This way you can make an informed decision.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


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