Elevate Funding Review

This review of Elevate Funding is designed to highlight the company’s history, reputation, backstory as well as go into detail on their loaning products for small businesses.

elevate funding review

Elevate Funding Review in Numbers: 2020 Updated

💰 Loan Amount
Up to ~$200,000
💸 Loan Term
Up to 8 months
Unsecured?
Not stated
Requirements
  • To have been in business for 3 months
  • At least $10,000/month in bank deposits or $7,000 in credit card processing
  • Owned and operated in the US
  • No open bankruptcy
Client Reviews
N/A
🌐 Website:
ElevateFunding.com
🌝 Easy to Apply:
Yes
📃 Required:
  • Basic information about the business (time trading, industry, average monthly bank deposits)
  • Additional requirements vary for each company
💳 Minimal Interest Rates
Not stated
💌 Online Feedback:
No Rating Trust Score on TrustPilot
🏆 Awards and Recognition:
N/A
Elevate Funding Review Summary
Overall
52.5%
52.5%
  • Credibility - 60%
    60%
  • Website - 60%
    60%
  • Compatibility - 90%
    90%

Editor's Conclusions

Elevate has some low requirements, making them a compatible option. However, they’re somewhat unproven, with barely any information about them online (including customer reviews). The website is terrible, and the loan amount and term are quite limited at 8 months and $200,000 cap.

Credibility & Company Story

How Elevate Funding Started

Elevate Funding started out in 2015 by Heather Francis. Heather holds a BA in Health Promotion and Education from the University of Florida. In 2006 she became one of the Six Women of Alternative Finance, and later in her career became the EVP of Merchant Cash Group. Heather founded Elevate Funding with an aspiration to help small businesses with their alternative financial products. The main mission of the company is to make funds available to businesses in a variety of sectors and those who may be rejected by traditional banks. Elevate Funding says to be customer-service driven as well as value trust and transparency in their services.

Elevate Funding has a small but dedicated team of under 20 employees. The company is based in Gainesville, Florida, and has yet to expand anywhere else.

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In Detail: What Elevate Funding Does

elevate funding reviewElevate Funding is a little different from their competitors, for many reasons. First and foremost, Elevate is a small and very niche company. Not only do they only have 11 employees on LinkedIn, but they specialize in only one financial product: Merchant Cash Advances. This isn’t great for small businesses looking to build a relationship with Elevate Funding, because their help and products are limited.

Elevate’s MCA essentially works like this: you submit an application, approval (if you are) comes within 24 hours. Funding is then wired into your bank directly, in which you can use for further expansion of your business. This isn’t a loan though, remember. This is a way to “get access to your future sales immediately”. Payback comes from either the merchant’s bank via ACH or from credit card processing (daily) until it’s paid back. So, you won’t be accepted if you’re not regularly receiving these kinds of sales.

The upside to being niche is that Elevate is hyper-focused on this one service – or, you would assume this to be the case. The truth is that you cannot gauge how well they truly deliver on this one product because there’s a total lack of presence online from them. There are hardly any reviews of the company and their social media pages are pretty much deserted.

Of course, they’re still a real company that is regulated. It’s not that this information automatically assumes they’re a scam company (the founder Heather Francis is somewhat credible), but why would a customer use them over a more reputable company?

Well, one thing that Elevate Funding has over almost all of its competitors is zero credit checks. Or in other words, there is no minimum FICO credit score that you must have. Getting approved within 24 hours is a strong point, but is expected in this market.

The instant quote is easy to use and doesn’t require you to input your email address or log in. You simply say your industry, time in business, and average monthly revenue — you’re greeted immediately with an “it’s likely you can get up to $75,000” and so on, depending on your circumstances.

There are also no application or underwriting fees.

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Elevate Funding Business Loans Client Reviews

TrustPilot: 0 reviews.

The Feedback:

There is no feedback to be found on Elevate Funding.

Analysis of Client Reviews:

With no reviews on Trustpilot, the potential clients are left in the dark. It is extremely hard to find any information about the company itself let alone any client feedback, which is essentially a red flag.

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ElevateFunding.com Website Review

 

Elevatefunding.com Website Review

Elevate Funding has an extremely poor website in comparison to its competitors. Firstly, Elevate doesn’t perform very well in terms of SEO, so even a search using their business name may not appear at the top of Google. Secondly, the website doesn’t have much information and is poorly designed — it looks more like a clumsy, rushed brochure. The menu doesn’t contain a link to the actual product, and when clicking the “read more” link for “MCA vs Loans”, it doesn’t work.

The site is ultimately very amateurish with everything on one page, with limited information and a design that isn’t responsive when changing the size of the window. This doesn’t give confidence to the user, who may be looking to involve himself with a company in a serious, high-stake financing relationship.

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Elevate Funding Loan Compatibility

StartUp: Very suitable, as the business needs to be in business for only 3 months to be eligible

Bad Credit: There are no credit requirements, so it is good for businesses with bad credit

Sole Trader: Accepted

Established Business: The maximum loan amount is $200,000, which makes it not suitable for established businesses.

Elevate Funding Short Review

The good news is that Elevate has an easy application process, with low criteria of eligibility. That’s where the good news ends, sadly. The user experience on the website is terrible, making information difficult to find. Looking elsewhere online, their presence is non-existent too. The loan itself is limited at only 8 months term length and $200,000 in amount, which would not suit many established businesses.

Submit an Expedited Application to Elevate Funding the link below.

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