Elevation Capital

Elevation Capital Reviews

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About Elevation Capital

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Elevation Capital is an online lender offering alternative financing options to small and medium-sized businesses in a variety of industries, including restaurants, retail, manufacturing and pharmaceutical. Some borrowers may receive up to $3 million in financing, but to qualify for financing, you must have been in business for at least six months and, depending on the type of loan, have a minimum monthly revenue ranging from $5,000 to $12,500 (and up to $10 million in some cases).

    Pros & Cons

    Pros
    • 24-hour funding for some loans
    • Alternative financing options like merchant cash advances
    • Up to $3 million in financing available
    • Online application process
    Cons
    • Annual revenue requirement
    • Origination fees apply
    • Lack of transparency around rates and loan terms

    Our editor’s take

    Small business owners looking for quick, high-limit alternative funding but who might not qualify for a traditional business loan could benefit from financing through Elevation Capital. It works with borrowers with lower credit scores, and rate and terms vary based on loan type, making them more flexible.

    However, Elevation Capital does have both income and time-in-business requirements, so if your company does not meet those, you’ll need to look for funding elsewhere.

    Elevation Capital loan products

    Elevation Capital offers three types of financing to borrowers:

    • Merchant cash advance (MCA): Merchant cash advances are available based on the sales deposited into a business’ merchant account. To fund a MCA, risk and credit criteria is evaluated based on business revenue and bank account management. MCAs are paid back based on the percentage of sales, so there are no set payment amounts or terms.
    • Factoring: Factoring is a process where your business sells accounts receivables invoices to a third party, a factor, at a discount. Factoring allows your business to receive immediate cash payment in a fixed amount. Minimum for Elevation Capital Group factoring is $5,000 monthly, and the maximum is $10 million for larger companies.
    • Inventory and purchase order financing: If your business doesn’t qualify for traditional bank loans, inventory and purchase order financing may provide an alternative option. Inventory financing allows you to use existing inventory as collateral for immediate funds. Purchase order financing is when a lender gives funds based on a confirmed purchase order from a customer. Once the purchase order is fulfilled, you pay the lender back, including fees and interest, and keep the remaining profit.

    Elevation Capital loan requirements

    To be eligible for a loan, you’ll need:

    • Three to four consecutive months of bank statements
    • Proof your business meets the minimum monthly revenue requirements, which vary based on the size of your business and type of loan
    • Proof you’ve been in business for at least six months

    Elevation Capital is not clear about credit score requirements, and rates and terms vary by loan type (and business type) as well.

    Elevation Capital rates and fees

    The rates and fees associated with Elevation Capital loans vary. Instead of traditional APR interest rates, borrowing with MCAs and factoring has a lower rate. Estimated Elevation Capital factor rates for MCAs, invoice factoring and purchase order financing ranges from 1.12% to 1.36% at the time of publishing. Additionally, you may be subject to an origination fee up to 2%.

    How to apply for an Elevation Capital loan

    To apply for an alternative business loan, you’ll complete an online application that’s accessible directly from Elevation Capital’s website. To ensure successful completion of your application, make sure you have at least three to four consecutive months of bank statements, proof your business meets the minimum revenue requirements and that you’ve been in business for at least six months.

    You may also call the company or send an email to get your application started.

    It is unclear how long the application review process takes once it’s received, but Elevation Capital states that some borrowers may receive funding in as little as 24 hours once the application is approved.

    How does Elevation Capital compare?

    Elevation Capital offers alternative financing options, which sets it apart from other companies like Headway Capital and Lending Club. However, those competitors have higher loan maximum amount limits and offer services Elevation Capital doesn’t.

    Here is a comparison of Elevation Capital with two other lending companies:

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    Elevation Capital FAQ

    What is Elevation Capital?

    Elevation Capital is an online small to medium-sized business loan lender. It provides alternative financing options to business owners in a variety of industries, offering higher loan limits from some competitors.

    Can I get an Elevation Capital loan if I have bad credit?

    Elevation Capital offers loans for a minimum credit score of 500.

    Does Elevation Capital offer loans to startup companies?

    Yes, as long as the startup has been in business for at least six months, Elevation Capital can offer you a loan. Additionally, you have to have an average monthly revenue of $12,500.

    Where is Elevation Capital available?

    Generally, Elevation Capital is available in all 50 U.S. states. If you’re a sole proprietor, your state may have restrictions. Be sure to ask a representative if you have eligibility questions.

    Are there any regulatory issues related to getting a loan from Elevation Capital?

    There are no known regulatory or compliance issues related to Elevation Capital.

    Is Elevation Capital legit?

    Even though it is a newer company, Elevation Capital is a legitimate small business lender. It offers various alternative financing options to a wide range of industries, including restaurants, retail, construction, beauty and wine and liquor stores.

    Elevation Capital Reviews

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      How do I know I can trust these reviews about Elevation Capital?
      • 4,481,718 reviews on ConsumerAffairs are verified.
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      Customer Service

      Reviewed Dec. 4, 2023

      Ongoing issue with reimbursement from 6/13/23 to 12/3/23. Poor customer service, lack of professionalism and accountability! Not trustworthy! Agreed upon reimbursement (in writing) has yet to be provided and numerous phone calls and written correspondence has failed to work! Only thing remaining is contacting B.B.B., news media, Enphase, Energy Sage and local HOA to warn others!

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        Elevation Capital Company Information

        Company Name:
        Elevation Capital
        Website:
        elevationcapital.com