If you’ve applied for business funding, you’re likely well aware that getting approved can be challenging. Add past credit issues to the mix, economic conditions, and your options become very limited. That’s where a platform like Fundkite comes in. You could be eligible for revenue-based financing with this direct funder to help move your business forward.
What is Fundkite?
Established in 2015, Fundkite offers revenue-based financing to small and medium-sized businesses in various industries. They buy your future receivables at a discount. Its solutions cater to small business owners who face challenges that hinder them from getting approved elsewhere.
This alternative lending company has provided more than $980 million in business funding to over 90,000 merchants to date, and that number continues to grow.
How Does Fundkite Work?
Here’s a step-by-step breakdown of how Fundkite works:
- Step 1: Complete the online application.
- Step 2: Review and accept your offer if you qualify for funding after you provide your four most recent business bank statements.
- Step 3: Submit the additional business documents, if requested by Fundkite.
- Step 4: Receive the funds in your business bank account following final approval.
Payment amounts are based on your daily, weekly or monthly sales volume. So, it will likely fluctuate until the balance is paid in full.
What Does Fundkite Offer?
Fundkite offers revenue-based financing to small business owners that are not personally guaranteed or credit-based, with only a percentage of your gross sales going towards paying back your funding.
Revenue Based Financing
You can pledge your future receivables to Fundkite at a discount in exchange for funding today. The terms of this business funding solution vary from customer to customer.
What Industries Does Fundkite Serve?
Fundkite offers funding solutions to companies operating in the following sectors:
- Healthcare
- Auto repair
- Manufacturing
- Pharmaceuticals
- Restaurants
- Retail
- Hospitality
- Health and wellness
- Medical
What are the Pros and Cons of Fundkite?
Before applying for business financing with Fundkite, here are some benefits and drawbacks to ponder.
Pros
- Flexible payments: Installment loans require a fixed monthly payment that may or may not work for your budget. But that’s not the case with Fundkite. Your payments adjust with your business’s GROSS SALES. So, whether you’re in a busy period, slow season or somewhere in between, the payments will follow suit.
- Fast funding: It’s not uncommon for traditional banks to spend days or weeks reviewing business funding applications. And when decisions are made, you could spend several more days waiting to receive the funds. However, Fundkite issues rapid approvals and most borrowers receive funding within 24 hours. (NOT PERSONALLY GUARANTEED)
Cons
- Borrowing cost: You won’t pay interest or late payment penalties with Fundkite. Still, it’s important not to overlook borrowing costs as they’re often steep with merchant cash advances.
- Borrowing costs not disclosed online: Fundkite does not feature a fee schedule online. As mentioned above, you won’t pay interest or be charged for late fees. However, taking out revenue-based financing comes at a cost that is only visible and fully transparent once you apply for funding.
What are the Requirements for a Fundkite Business Funding?
All terms 3-13 months
You’ll need at least one year in business and $30,000 in monthly revenue to qualify for a merchant cash advance. Fundkite will review your four most recent bank statements to ensure you meet the minimum revenue guidelines. Depending on the funding option you’re considering, additional common business documents may be required.
How Much Can You Borrow from Fundkite?
Fundkite offers business funding solutions of up to $2,000,000. The amount borrowers are approved for depends on their individual financial situations and gross revenue.
How Does Fundkite Compare?
Like other key competitors in the small business funding space, Fundkite is a reputable option if you’re seeking business funding. Still, it’s worth exploring your options to determine if they’re a good fit for your small business.
Is Fundkite Right for Your Business?
As you can see, business financing with Fundkite can be beneficial if you’re a small business owner with limited funding options. That said, if you can qualify for a commercial loan with better terms elsewhere, it’s worth pursuing those opportunities first. The application process could be more lengthy, but you’ll generally save a bundle in borrowing costs.
What Customers Are Saying About Fundkite
Most reviews demonstrate that Fundkite provides top-notch customer service and goes the extra mile to offer customers a good experience. Below are a few recent reviews:
- My representative was professional throughout the process. He wasn’t pushy and gave me tons of options to choose from. His communication skills were also on point, and he went the extra mile to get my requests approved with the exact amount I needed for my business.—Joshua B. (TrustPilot review)
- I can’t thank Fundkite enough for all their help. When banks said no, they got the job done. What an amazing experience!—Chris A. (TrustPilot review)
- The funding specialist I worked with was great! He was transparent from start to finish and explained everything I should know about the funding process. I now have the funds I desperately need to grow my small business.— James Johnson (TrustPilot review)
How to Get Started with Fundkite
To get started, complete the online questionnaire. Be prepared to provide your four most recent business bank statements. Fundkite will also ask for other business documents during the application process.
If approved, expect to receive the funds in just 24 hours or less.
