Opportunity Fund business loans review
This lender primarily offers loans to underserved small business owners with amounts up to $250,000.
Bottom line: Opportunity Fund is best for small businesses that may struggle to get a business loan from traditional lenders, such as food trucks and restaurants. But consider another provider if you want to know the loan rate before you apply.
|Product Name||Opportunity Fund business loans|
|Loan Term||12 to 60 months|
- Accepts borrowers without Social Security numbers
- Lends to underserved business owners
- Speciality loans for trucks and mobile food businesses available
- No published interest rates
- Limited services in most states other than California
Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
Opportunity Lender offers business loans to underserved groups and looks beyond the standard underwriting criteria by looking at the borrower’s whole picture, including obstacles you’ve overcome and how your business makes a positive impact on the community.
But its loans may not be available in your state. And it’ll take a few days to get approved and a few more days to get the funds.
Opportunity Fund rates, fees and terms
Depending on your application, you'll have between 12 to 60 months to repay your loan. But if you miss a payment, you'll get hit with a late fee.
Opportunity Fund interest rates aren't readily available. One customer reports he was knee-deep in the application process before he found out his loan details. Fortunately, there's no application fee, so to see what you may qualify for will cost some time and a hard check of your credit.
Amounts can range from $2,600 to $250,000, though the minimum amount changes depending on your state. Use the calculator below to get an idea of what your monthly payments might look like.
Business loan calculator
See how much you'll pay
|Loan terms (in years)|
How Opportunity Fund compares to other lenders
See how Opportunity Fund stacks up against other business lenders.
Opportunity Fund reviews and complaints
Opportunity Fund doesn't have a large digital footprint on review boards across the web. Some users are happy with the competitive interest rates they received, while others complain about poor customer service and loan agents who aren't as knowledgeable as they would like.
Currently, Opportunity Fund doesn't have a Better Business Bureau or Trustpilot page. Reviews are sourced from its Facebook profile and BestCompany.com page.
How to qualify
Since Opportunity Fund operates slightly differently from a traditional lender, it looks beyond your business's financials to cater to underserved applicants, including — but not limited to — women, people of color, recent immigrants and low-income borrowers. Here's what Opportunity Fund looks for:
- Business strength. You'll need to demonstrate your business' tenacity by showing revenue, profitability and how many years you've been in business.
- Borrower creditworthiness. Opportunity Fund looks at your personal finances, including your credit score if you have one, your savings and collateral.
- Character. Show that you deserve a business loan by attaching references and explaining the challenges you've overcome.
- Community. Opportunity Fund evaluates how your product or service benefits the community.
Industries Opportunity Fund doesn't serve
- Bars and liquor stores
- Car dealers
- Finance and trading companies
- Gas stations
- General contractors
- Real estate developers and brokers
- Rideshare car purchases
- Smoke shops, including cannabis retailers
How the application works
Most small businesses need to contact Opportunity Fund by phone to start the application process. Businesses in California can also apply in person or online.
After you apply, you'll hear back with a decision within three to five business days. And once approved, you should see funds in your account within two to five more business days.
What sets it apart
Opportunity Fund distinguishes itself against other lenders by offering funding that's based on more than just your credit score. It also:
- Doesn't require a Social Security number, only an Individual Tax number.
- Specializes in lending to businesses that are typically seen as risky, such as elder care, childcare, caterers, food trucks and more.
- Works with funding partners that subsidize loans specifically to underserved groups.
- Works with borrowers that fall behind on payments to help improve the business or restructure the loan.
Is Opportunity Fund legit?
Despite its limited online presence, Opportunity Fund is a legit lender. It has three physical offices in California and works with Lending Club to finance business loans in multiple states.
And while it doesn't currently offer Small Business Administration (SBA) loans, it is a preferred SBA partner.
Not sure if Opportunity Fund is right for you? Take the time to consider other business lenders that may help grow your business.
Frequently asked questions
Answers to commonly asked questions about Opportunity Fund business loans.
How do I make loan payments?
You can pay your bill by:
- Automatic payment. Call Opportunity Fund to set up automatic monthly payments.
- PayNearMe. Contact Opportunity Fund to find out how you can pay your bill at participating Family Dollar, Ace Cash Express and 7-Eleven stores.
- Mail. Send your payment to 111 West Saint John Street, Suite 800, San Jose, CA 95113.
What can I use my loan funds for?
You can use your loan for many business purposes, including purchasing new equipment and debt refinancing.