Lift Fund

• Loans Up to $1 Million
• Simple Application Process
• Past Success
• Educational Resources

Loans Up to $1 Million

For borrowers, the maximum amount for loans is $1 million. When it comes to independent lenders, this amount is higher than many other providers can offer. This loan amount gives businesses the opportunity to get established or to expand their business.

Simple Application Process

All applications can be completed online, and even companies without good credit scores will be considered. While LiftFund mentions that the average credit score they approve is 575, they say that they will not make their decisions based on credit score. All credit scores will be considered, and provided that the rest of the business's qualifications warrant trust, even those with bad credit scores can be approved for a loan.

Past Success

LiftFund's website offers many success stories and testimonials of current and past borrowers who found what they were looking for from LiftFund. These success stories are divided by state and/or city, and they give good indication of the types of businesses who have borrowed from LiftFund. Reading these success stories gives a prospective borrower the opportunity to familiarize themselves with LiftFund's business practices.

Educational Resources

LiftFund also positions themselves as a thought-leader in the entrepreneurial industry. They offer online resources such as templates for business plans, financial templates, as well as instructional videos and a blog. In addition to these online resources, LiftFund offers events and seminars to help educate and boost the entrepreneurial community. There is also a specific webpage dedicated to what LiftFund calls the Women's Business Center. This resource gives women specific events geared toward their unique struggles in entrepreneurship as well as the opportunity to consult with LiftFund about their business plans. To summarize the benefits of borrowing from LiftFund, please see the following list:

• Maximum loans of up to $1 million
• Good credit not required
• Case studies and other testimonials online
• Excellent instructional resources online
• Women's Business Center resources

• Lacking Information
• Funding Time
• Limited Service Area
• Collateral

Lacking Information

Unfortunately, LiftFund's website does not offer enough information to fully evaluate the good and the bad. We will however, try to provide you with the information that we were able to find, and hopefully give you a good indication if you would like to contact them for further evaluation or to apply for a loan. There are many things we wish the LiftFund website would have included. Here is a list of the items that are not included on the LiftFund website that any prospective buyer should make sure they find out:

• Interest rates
• Qualifications for applying for a loan
• Prepayment penalties
• Origination fees
• Closing fees

While LiftFund's website is relatively bare in specific information, they do provide some information that compares negatively to some of the other lenders we have reviewed.

Funding Time

LiftFund's turnaround time looks more like a big bank than an independent lender. Whereas other lenders are able to offer approval times of one to three days, LiftFund claims it will take around one month for them to approve a loan. This approval time is a drawback for LiftFund, and prospective borrowers should know that there are other lenders who will disburse the loan money more quickly.

Limited Service Area

LiftFund also only serves 13 states. These states are all located in the southeastern region of the United States and they include the following:

• New Mexico
• Texas
• Oklahoma
• Missouri
• Arkansas
• Louisiana
• Mississippi
• Kentucky
• Tennessee
• Alabama
• Georgia
• South Carolina
• Florida

Borrowers outside of this states cannot consider LiftFund as an option.

Collateral

Prospective borrowers must also be prepared to offer some sort of business or third-party collateral in order to accept the loan. The loans that LiftFund offers are all secured loans and require some collateral by the borrower.