eFund Solutions provides business owners with alternatives to funding through term loans or selling equity. They specialize in working with the credit the business, its owner, and its customers all may have accumulated. This is not asset-based lending. It carries a slightly higher risk and therefore commands a slightly higher premium; however, it is an excellent choice for the large number of sound businesses and business plans that would not otherwise qualify for funding. These funds can be used to start-up, acquire, or simply grow a business. While eFund Solutions has many programs, the very flexible Business Line of Credit will be used to illustrate one way they work.

A Business Line of Credit is an expanded version of the relationship you may already have with a credit card company. There is no monthly availability fees and you need to pay on only what you have borrowed. At closing, you will receive funds wired to a bank account for immediate use, plus a check book and a credit card for future expenses. eFund Solutions uses funding from available warehouse lines of credit to obtain this type of credit for a business owner much in the same way a mortgage company obtains the funds you may have used to purchase a house. In fact, those experienced in real estate will be surprised to see they use a simplified version of the same forms in the application process.

Like a credit card, these loans are personally guaranteed by the owner but unlike credit cards the activity does not appear as a part of their personal credit activity. It is in the name of the business. Since the line will be based on the credit-worthiness of the owner, the owner's credit score determines if a line of credit can be approved and how much the interest rate will be. eFund Solutions will quote an interest rate based on credit score, use of funds, and the maximum amount of credit required. Complete the form on the left to check for your rate.

If you need to obtain your current credit score, obtain a free annual credit report by clicking here.

After reviewing the information submitted, eFund Solutions will typically respond with an interest rate. If you wish to proceed, application instructions will be sent to you. Along with the completed application you will be asked to submit a deposit. This deposit is fully refundable if the application is not approved; however, if you decided to withdraw your application after eFund Solutions has begun working it, a charge of $75/hour for the time spent to date will be applied against the deposit and a balance returned. For example, the deposit for a $1,000,000 line of credit application is $7,500. You will receive a Letter of intent stating that your Line of Credit is being approved within 14 days of submitting the complete application. Actual funding may take an additional 30 to 90 days depending on current underwriting loads.

Costs for a Line of Credit are a one-time 4% origination fee and $1,295 processing fee. Interest rates will vary; but will be somewhat higher than fully secured term loans and much lower than typical business credit card rates.

There is no cost to determine your eligibility for any eFund Solution program.

Simply Submit the form on the left side of this page, or Contact Us to discuss further.