Strategic Funding business loans review December 2018 | finder.com

Strategic Funding business loans review

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Unsecured business loan options of up to $1,000,000 to help manage cash flow.

If you’re in a high-risk industry like auto repair and construction, finding financing can be difficult. Strategic Funding extends its loans to a variety of businesses, with lending options that can work with your business. But to find out how much these loans cost, your business has to apply first.
Product NameStrategic Funding Business Loans
Min Loan Amount$10,000
Max. Loan Amount$1,000,000
Interest Rate TypeFixed
RequirementsYour business must be at least 12 months with a personal credit score of at least 600.
  • Business 12 months old
  • Personal credit score of at least 600.

First, do I qualify?

To qualify for a loan with Strategic Funding, your business must be at least 12 months old and you must have a personal credit score of at least 600.

What is Strategic Funding?

Founded in 2006 and headquartered in New York City, Strategic Funding is a direct lender that offers small business financing through small business loans, equipment financing, factoring services and revenue based financing.

Its online application offers small business loans from $10,000 to $1,000,000.

What makes Strategic Funding unique?

Strategic Funding doesn’t take a one-size-fits-all approach to small business lending. Where other providers might stick to traditional business loans — term loans and lines of credit, for instance — Strategic Funding specializes in a range of financing that can help bridge gaps in your cash flow.

What are the benefits of a Strategic Funding small business loan?

  • Online application. Get the ball rolling on your loan application with Strategic Funding’s online application form.
  • Many industries accepted. Strategic Funding is willing to work with high-risk industries like automotive services, construction services, wholesalers and professional service providers.
  • No collateral required. Strategic Funding’s small business loans are unsecured which means you don’t need to put your assets up as collateral.

What to watch out for

While streamlined lending based on your business’s needs is appealing, Strategic Funding small business loans aren’t without their drawbacks:

  • Lack of transparency. Strategic Funding’s doesn’t offer information about its interest rates and loan terms online, and its customer service agents weren’t helpful when we asked. This means you won’t know the rates or terms you qualify for until you apply.
  • Fees. Strategic Funding’s 2% origination fee isn’t as high as what some other lenders charge, but it still impacts the amount of funding you receive.

Compare more business loan providers

Rates last updated December 15th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.

Compare up to 4 providers

What does the Internet say about Strategic Funding?

As of September 2018, Strategic Funding is not an accredited business with the Better Business Bureau, but it gives this lender an A+ rating. Trustpilot users gives Strategic Funding an average score of 8.4 out of 10 based on 171 customer reviews.

Most online reviews are positive and many reviewers mentioned Strategic Funding’s customer service as a strong point. However, a handful of reviewers warn about high interest rates and unexpected fees.

How do I apply?

Before you submit your loan application, make sure that your business qualifies. It must be at least 12 months old, and your personal credit score must be at least 600 to be eligible.

  1. Go to Strategic Funding’s site. Enter the year your company started, your annual business revenue, the size of your loan and how soon you need funding. Click Submit.
  2. Enter your full name, email address, phone number, the name of your business and select your business industry. Click Get Funding.
  3. Wait for a Strategic Funding loan specialist to contact you to continue the application process. They’ll send you a one-page application asking for more information about yourself and your business.
  4. Submit your business bank statements from the last five months along with your completed application form.

Once you submit your application form with your business bank statements, Strategic Funding reviews your information. If you qualify, Strategic Funding typically offers a loan within 48 hours.

At this point, Strategic Funding asks for additional documentation, including government-issued personal ID, proof of business ownership and your business’s bank account information. Funds are typically available within 24 hours of accepting your loan offer and submitting your documents.

How to apply step-by-step with screenshots

What documents do I need to apply?

  • Business bank statements from the last five months.
  • Government-issued personal ID.
  • Proof of business ownership.
  • Business bank account information.

What other loan options does Strategic Funding offer?

  • Revenue-based financing. Strategic Funding’s revenue-based financing allows businesses to borrow against future earnings or against unpaid invoices. Amounts of up to $1,000,000 are available.
  • Equipment financing. This business loan is designed to be used to buy new equipment, with potential tax savings on qualifying purchases.
  • Factoring. Use future receivables in exchange for business capital without having to take out a loan.
  • Helix medical financing. Financing tailored to independent healthcare practices with healthcare-specific underwriting.

I got the Strategic Funding small business loan. Now what?

  • Grow your business. Use your loan funds to help your business grow and expand.
  • Know your payment schedule. Whether your loan is repaid daily, weekly or monthly, know when your loan payment is due and do your best not to miss a payment.
  • Contact customer service. If you need to speak with customer service, call 800-780-7133, email customercare@sfscapital.com or live chat seven days a week.

Bottom line

Strategic Funding could get you the cash flow you need for your small business — even as high as $1,000,000. Though, it lacks transparency when it comes to potential interest rates and loan terms.

Before you sign off on a loan with any lender, take some time to explore your loan options with other providers.

Frequently asked questions

Image source: Shutterstock and sfscapital.com

Shannon Terrell

Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

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