Find the funding your business needs without the worry of meeting a minimum credit score.

Traditional business loans from brick-and-mortar banks have some of the most stringent requirements an owner can come up against. High credit score and monthly revenue requirements, along with certain industries being barred from qualifying, can keep you from getting the financing you need to grow.
GoKapital was established in 2013 and has built itself up as a way to assist many different types of businesses by offering multiple financing solutions. Merchant cash advances, commercial real estate mortgages, revenue-based business loans and more make up the programs that help business owners get the funding they need. Read on to learn about GoKapital’s qualification standards, loan types and the industries it serves.

$10,000

Min. Amount

$5,000,000

Max. Amount

Details

Product Name GoKapital
Min. Amount $10,000
Max. Amount $5,000,000
Requirements Minimum of $10,000 average monthly revenue. At least four months of business bank account statements.

Application Criteria

  • Business must have 4+ months of bank statements
  • $10,000+ in average monthly revenue
  • Business bank account
  • Less than 7 days with negative balances per month

First, do I qualify?

In order to be considered for a revenue-based business loan you’ll need to meet a few eligibility requirements.

  • Your business must have at least four months of bank statements.
  • Have a minimum average of $10,000 in monthly revenue.
  • Have a business bank account.
  • Have less than seven days with negative balances per month.

What makes GoKapital unique?

GoKapital has several ways of procuring loans for customers. The first way is by connecting people looking to borrow with private lenders — like a marketplace. GoKapital also funds loans in house and thus acts as a direct lender. In some circumstances a combination of the two may be used wherein GoKapital funds part of the loan and another private lender funds the other part.

Due to certain regulation and restriction issues, it can be difficult for certain industries to get loans. Two of these, one big and one that’s growing quickly, are healthcare and cannabis. Both are served by GoKapital, along with several other business types that are usually considered high risk that include:

  • Accountants
  • Auto repair
  • Cannabis
  • Construction
  • Dental
  • Healthcare
  • Restaurant
  • Retail
  • Trucking

GoKapital cannabis business loans

Regulatory discrepancies between state and federal laws around cannabis have made it particularly difficult to obtain funding for your business. Banks can be flighty due to the risk of legal action, and even some alternative lenders tend to bar applicants who need financing for their state-authorized business.

GoKapital provides an entire page of information on business development, with tips to stay within your local laws. More importantly though, it provides quick business loans to those in the cannabis industry. The qualifications are simple and much less intense than you might find with a traditional bank.

What are the benefits of borrowing through GoKapital?

  • Newer businesses welcome. Your business only needs to be in operation for four months to qualify. Given that other lenders require one to three years of history, this is an incredibly friendly option for those still getting their feet off the ground.
  • High approval rate. Of the 95% approved, about 70% of borrowers accept the loan offered.
  • Instant qualification results. Most applicants receive their results in just a few minutes, as opposed to waiting days or even weeks for an answer.
  • Tight turnaround. You can potentially get your funds in following approval, compared to a traditional bank’s funding time of anywhere from a week to a month.

What to watch out for

Though GoKapital offers some excellent loan services, there are a few things to keep in mind when comparing it to other lenders.

  • Your loan may not be funded by GoKapital directly. Because GoKapital acts as a marketplace for some borrowers, it may not be the one to actually fund and service your loan.
  • Pricing and terms aren’t transparent. Another downside to loan-matching is that you’re unable to get a solid grasp of potential rates and terms at a glance. Other direct lenders are able to offer their rates and terms upfront, before you apply.
  • You may be routed towards a different type of financing. The decision to offer you a merchant cash advance, invoice factoring or a line of credit instead of an unsecured general business loan may be made based on your credit risk profile.

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