GoKapital was founded in 2013 and offers six different types of loans, in addition to commercial loans. The online application takes just a few minutes to fill out and you should receive a lending decision within 24 hours. If you decide to move forward with the loan, funds can be in your account as soon as the same business day.
GoKapital offers business term loans, business lines of credit, merchant cash advances, equipment financing loans, startup loans, and SBA loans ranging from $5,000 to $5 million. Terms depend on the type of loan you choose, but most range from one year up to 25 years. Rates start at 5% for SBA loans and 25% for business term loans. Of course, the higher your credit score, the better the rate you’ll receive.
To qualify for a loan from GoKapital, you need to have a minimum credit score of 500, one year in business history, and $240,000 or more in annual revenues. Startup loans require just $50,000 in annual revenues, though, so that is worth looking into if your income isn’t as high as you’d like. Funds can be used to update your self storage space, pay for marketing expenses, purchase a new location, and more.