Fora Financial Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Fora Financial is a leading provider of small business loans, having served more than 35,000 companies since its inception in 2008. The company has a proven track record, with over $3 billion distributed to businesses in need of capital. Fora Financial's mission is to provide simple, fast, and reliable business capital to help businesses grow, with loan amounts ranging from as little as $5,000 up to $1.5 million.
The company prides itself on understanding the day-to-day challenges faced by small businesses across various industries. Fora Financial takes a big-picture approach when reviewing applications, focusing more on a business's growth potential than its credit score. The company values one-on-one connections, with Capital Specialists building trusting relationships with each of their customers.
Products & Services
Fora Financial offers two main types of funding solutions: Small Business Loans and Revenue Advances. The Small Business Loan is a hassle-free lending solution for growing businesses that need fast working capital for expansion, cash flow management, and other business operations. It offers fixed terms, prepayment discounts, and terms up to 15 months.
The Revenue Advance is a popular lending alternative that accommodates a company's fluctuating cash flow. Payments come in the form of a fixed percentage of your daily or weekly gross receipts, with variable terms to accommodate lower cash flow periods. Both funding options are fast, flexible, and designed to support your business vision.
Pros and Cons
Pros:
1. Quick approval and funding process, with funds available in 24 to 48 hours.
2. Flexible lending solutions to accommodate businesses with varying cash flow.
3. Focus on growth potential rather than credit score.
4. Personalized service with Capital Specialists building one-on-one relationships.
5. Wide range of funding amounts, from $5,000 to $1.5 million.
Cons:
1. Information about specific industries and states they operate in is not readily available.
2. The website does not provide detailed information about interest rates.
3. The minimum requirement of $15,000/month in revenue may exclude very small businesses.
4. The requirement of a 500+ FICO score may exclude businesses with poor credit.
5. The website does not provide information about collateral or guarantees required.
Ideal Customer
The ideal customer for Fora Financial is a small to medium-sized business that has been in operation for at least six months, generates a minimum of $15,000 per month in revenue, and has a FICO score of 500 or above. The business should not have any open bankruptcies. Fora Financial is particularly suitable for businesses that need quick access to capital and those that value personalized service and a relationship-based approach to lending.
Required Documentation
The website does not provide specific details about the documentation required to get funding. However, typically, lenders like Fora Financial would require documents such as bank statements, tax returns, business financial statements, and proof of business registration among others. It's recommended to contact Fora Financial directly for a detailed list of required documentation.
Industries and Restrictions
Fora Financial supports a variety of industries, as suggested by their tagline. However, the website does not provide specific details about the industries they work with or any industry restrictions. It's recommended to contact Fora Financial directly for this information.
State of Operations
The website does not provide specific details about the states in which Fora Financial operates or any state restrictions. It's recommended to contact Fora Financial directly for this information.
Basic Qualifications
The basic qualifications required to receive funding from Fora Financial include being in business for at least six months, generating a minimum of $15,000 per month in revenue, and having a FICO score of 500 or above. The business should not have any open bankruptcies.
Collateral or Guarantees
The website does not provide specific details about the type of collateral or guarantees required for Fora Financial's products. It's recommended to contact Fora Financial directly for this information.
Alternatives
There are several alternative options to Fora Financial for small businesses seeking funding. These include traditional banks, credit unions, and other online lenders. Crowdfunding platforms and angel investors may also be viable options, particularly for startups. Businesses may also consider business credit cards or personal loans for smaller funding needs.