Get Funding

Challenge:
Day 5
LEARN HOW TO GET YOUR BUSINESS
FUNDED IN 30 DAYS - 6 MONTHS
 1 THE CURRICULUM

WHAT ARE ALTERNATIVE

2
Contents LOANS

3 ARE ALTERNATIVE LOANS

RIGHT FOR YOU

4 ELIGIBILITY

5 PLATFORMS THAT OFFER NO

CREDIT CHECK LOANS

6 HOW TO APPLY

7 QUESTIONS
 MONDAY
SETTING YOUR BUSINESS UP TO BE ELIGIBLE
TO RECEIVE FUNDING

TUESDAY
APPLYING TO GRANTS

WEDNESDAY
CROWD FUNDING AND GETTING ANGEL
INVESTORS

THURSDAY
BUILDING BUSINESS CREDIT TO GET LOANS &
BUSINESS CREDIT CARDS

FRIDAY
NO CREDIT CHECK LOANS
What are alternative loans?
Also referred to as "merchant loans" or "working
capital" loans, alternative business loans are loans
that do not require a credit check at all. They loan
based of of revenue generated only.
 Pros Cons
Fast access to cash Can be more expensive than
a traditional loan
Flexible repayment terms
They will take a percentage
No business or personal of your sales until loan is
credit needed paid back (could hurt your
cashflow)
You choose how to use
You must accept online/
No collateral required credit card payments

Weed out predatory lenders

Are alternative loans right for you?
Do you have enough sales to support this type of loan?

Can you afford to give up 10%+ of your sales for the loan
term in order to pay it back?

Do you have a business bank account that you can send

bank statements from if asked?

Are you using one of the payment processors/platforms

that offer working capital loans?
Platforms That Do
Alternative Loans
Paypal Working Capital Loan
Have a PayPal Business or Premier account for 90
days or more
Process at least $20,000 in annual PayPal sales if you
have a Premier account or at least $15,000 in annual
PayPal sales if you have a Business PayPal account.
Pay off any existing PayPal Working Capital loan
 Stripe Capital Loan

Be based in the US. Stripe Capital only supports

businesses located or incorporated in the US.
Have processed payments on Stripe for 6 months or
more.
Have a processing volume of 5,000 USD minimum per
year.
Be in good standing with Stripe Capital. If your
business previously applied for a Capital loan and was
rejected, you’re not eligible to receive a new loan
offer for 30 days.
 Shopify Capital Loan

If you're eligible to apply for funding through Shopify

Capital, then you'll receive an email and see a
message on the Home page of your Shopify admin
inviting you to view your available funding options.
If you do not receive an invitation to view your
funding options, then you are not eligible to apply for
funding from Shopify Capital at this time.
 Square Loan

Businesses that have processed at least $10,000 or

more in a year are more likely to be eligible for an
offer.
The frequency of card payments you process through
Square matters. If you consistently take payments,
you’re more likely to be eligible.
A good mix of new and returning customers.
Growing revenue
 Clearco Funding

6+ months of revenue greater than 10k/month from

connected sales platform(s)
Must fall into one of their eligible industries:
eCommerce Products, SaaS Businesses +
Marketplaces, Apps, eCommerce Web Services, and
webinars, training videos, online certifications.
 Tips
01
DON'T OPEN MORE THAN 1 ALTERNATIVE LOAN AT A TIME

WEIGH YOUR PROS AND CONS TO MAKE SURE IT MAKES SENSE

FOR YOUR BUSINESS

PAY ATTENTION TO WHAT THE MINIMUM PAYMENT IS WHEN YOU

APPLY
03
THESE LOANS DO NOT BUILD YOUR BUSINESS CREDIT

BEWARE OF PREDATORY LENDERS, IF THE FEE IS SIGNIFICANTLY

HIGHER THAN OTHER LENDERS OR THEY WANT TO TAKE A HIGH
PERCENTAGE OUT OF EACH SALE,04STAY AWAY.
QUESTIONS