Merchant Cash Advance Company Review

Company Profile

Elevate Funding is a small business funder with a mission to support small businesses. They specialize in Revenue-Based Finance (formerly known as Merchant Cash Advance), a boutique alternative financial product. This product is designed to help small businesses meet their urgent needs, such as staffing, equipment purchase, repairs, or payroll needs during a challenging month. The company prides itself on its ability to provide funds quickly, often within 24 hours of receiving an application.

Elevate Funding is one of the rare direct funders in the Revenue-Based Finance space, meaning they never shop out deals. They build real relationships with their referral partners and their company culture is built on honesty, transparency, and a customer-first mentality. They do not make use of unethical practices like Confessions of Judgment, personal guarantees, UCCs, or excessive fee structures.

Products & Services

Elevate Funding offers Revenue-Based Finance, a financial product that allows businesses quick access to their future sales in exchange for a percentage of their daily sales. This is not a loan but a way to get immediate access to future sales. The repayment is based on projected revenue, so as sales fluctuate, payment amounts will fluctuate too, providing more flexibility in repayment.

The company also offers a partnership program. They build real relationships with their referral partners, and their success is tied to the success of their partners. They do not allow or condone stacking, which is the act of piling multiple financial products on top of each other within the same period of time, resulting in large payments and financial stress.

Pros and Cons

Pros:
‍
1. Quick access to funds, often within 24 hours of application.
2. Flexible repayment based on projected revenue.
3. No credit pull required.
4. No unethical practices like Confessions of Judgment, personal guarantees, UCCs, or excessive fee structures.
5. They do not allow or condone stacking, reducing financial stress on businesses.
‍
Cons:
‍
1. The repayment amount can fluctuate, which may be challenging for businesses with unstable revenue.
2. It's not a traditional loan, so it might not suit businesses looking for a fixed repayment structure.
3. The company only operates in the U.S.
4. The company only works with businesses that have been in operation for at least 3 months.
5. The company requires a minimum of $10,000 per month in bank deposits OR $7,000 in credit card processing.

Ideal Customer

The ideal customer for Elevate Funding's services is a small business owner who needs quick access to funds for urgent business needs. This could be for staffing, buying new equipment, paying for repairs, or meeting payroll needs during a tough month. The business should be comfortable with a flexible repayment structure that fluctuates with their sales.

Required Documentation

The website does not provide specific details about the required documentation for funding. However, typically, businesses would need to provide financial statements, bank statements, and possibly proof of sales or credit card processing.

Industries and Restrictions

The website does not specify the industries that Elevate Funding works with or any industry restrictions. However, given their focus on small businesses, they likely work with a wide range of industries.

State of Operations

The website does not provide specific information about the states that Elevate Funding operates in or any state restrictions. However, it does state that they work with businesses owned and operated in the U.S.

Basic Qualifications

To qualify for funding, a business must be owned and operated in the U.S., have been in business for at least 3 months, have no open bankruptcy, and have $10,000+ per month in bank deposits OR $7,000 in credit card processing.

Collateral or Guarantees

Elevate Funding does not require collateral or personal guarantees for their products.

Alternatives

Alternative options to Elevate Funding could include traditional bank loans, other merchant cash advance providers, or peer-to-peer lending platforms. Businesses could also consider crowdfunding or seeking investment from venture capitalists or angel investors.