Periodically, the Review Team audits reviews for accuracy. At the last audit (February 2016), Funding Community does not appear to be in business.
All information contained in this review was the last known information that was able to be verified by the Review Team, but the Overall Score of the company reflects that they no longer offer crowdfunding services. There is no further information on Funding Community available.
Based out of Delaware, Funding Community is a crowdfunding platform with the goal of helping small business grow. Businesses can apply for a loan up to $10,000 utilizing their website. Individuals are then able to donate anywhere between $25 and $1,000 to fulfill the duration of the loan. By using this strategy, Funding Community hopes to support small business and help local economies grow.
Funding Community allows users to utilize a personal as well as rewards model. This allows a user to appeal to friends, family, and customers to invest in their campaign, strengthening the standing of their business in their community. They believe rewards are a vital component in helping small business foster a group of customers passionate about their business. They require members to create rewards for donors and offer suggestions such as discounts on products, buy one get one free during the term of the loan, or the gift of free products when the loan funds.
The fees required by Funding Community are fairly low. While other crowdfunding platforms may charge monthly fees to utilize their services, Funding Community only requires a 2.5% completion fee applied to the total amount of the loan and a .5% transaction fee applied to each investment made.
Funding Community’s platform functions on the basis of a loan meaning that business owners will be required to pay back investors over a period of time. All loans made are structured as 9 month secured loans. Users pay back investors during this 9-month period their investment plus interest.
Maximum Allowed Raise
Funding Community allows businesses to campaign for funds up to $10,000. This limits the potential funds businesses could campaign for using this platform. Many other crowdfunding platforms allow businesses to campaign for thousands more, providing businesses with much more earning potential than they could receive from Funding Community.
There is a 21 day deadline on campaigns. While there may be benefits to running a campaign quickly, several of the other crowdfunding platform we have reviewed allow campaigns to run for as long as 90 days. Funding Community allows a campaign to run for 21 days. Businesses can apply to run a second campaign once the initial campaign is completed as they pay off the first loan.
How a business accepts money raised at the end of a campaign is not available.
Administrative Work Options
Administrative Work options are not available. Currently they are limited to businesses based out of New York. They are looking to expand their reach soon, however, this significantly limits the businesses who are able to utilize this crowdfunding platform.