Frequently Asked Questions about Business Funding

Who is Funding Wizards?

Funding Wizards was founded in 2015 and helps small businesses to obtain the right financing for their needs. Funding Wizards provides small business loans matching services and act as business lending marketplace.

What type of business funding options do you provide?

We work with funding partners offering following products:

  • Business Term Loans
  • Revenue-based Financing
  • Merchant Cash Advances
  • Business Line of Credit
  • Equipment Financing
  • Working Capital Loans
  • Short-term Loans
  • Personal Loans for Business
  • Asset-based Loans
  • Invoice Financing
  • SBA Loans
  • Business Credit Cards
  • Inventory Loans
  • Commercial Real Estate Loans
  • Business Acquisition Financing
  • Purchase Order Financing
  • Account Receivable Financing

Why you, instead of a typical bank?

Banks make it difficult, if not impossible, for small businesses to qualify for a bank loan. So you are more likely to obtain funding using our service.

Funding Wizards offers these advantages:

  • Save time with our simple and secure online application process
  • Reach multiple lenders at once
  • Applying here won’t affect your credit score
  • No paperwork is needed to apply now and qualify
  • Access to funding with repayment options that work for your business
  • More than 80% of our customers get approved once they are matched to the lender
  • No personal guarantee or collateral needed

How much can I borrow?

Funding Wizards offers funding in amounts up to $500,000.

What is the chance my business will qualify?

These are the requirements for qualification with most of our funding partners:

  • Minimum of 6 months as an active, revenue-generating business
  • Gross monthly revenue of at least $10,000 monthly
  • Personal credit score of 500+

Other qualifications may apply depending on your situation.

Why do you offer several forms of funding?

We offer a range of funding options to improve the chance funding will be available when you need it. Examples of our funding options include Business Term Loans, Revenue-Based Financing and Merchant Cash Advances.

How are the fees structured?

Our funding partners add a fixed cost to the funding amount. Here’s an explanation: Our partners provide funds in return for the rights to a portion of your future business revenue. In return for funding today, the funding partner receives a discount, which is the difference between the amount funded today and the amount repaid in the future. This discount is a fixed cost that does not increase the way interest on a traditional bank loan increases.

What can I do with the funds?

You can do anything you want. Some examples of what our funding might pay for are remodeling, equipment, repairs, inventory, marketing, and staffing — to name just a few.

Can a startup or new venture receive funding?

Unfortunately, no, funding isn’t available to startups. Our funding partners need a track record of revenue and performance in order to figure out how much funding your business can repay and still remain viable.

Our funding partners consider you a startup if you’ve been in business for less than four (4) months. Please return to Funding Wizards after you’ve had a few months to get up and running, and we will be happy to review your application if you qualify.

If I've already been denied bank funding, can I apply for a loan with you?

Absolutely! The main reason Funding Wizards was created is to help businesses that don’t qualify for traditional bank financing.

If I have a tax lien, can I still get funding?

Yes you can. Funding Wizards may still be able to help you even if you currently have a payment plan with the IRS. We understand every situation is different, so contact us to find a funding option that works for you.

Does a former bankruptcy, disqualify me?

As long as your bankruptcy has been discharged, you may qualify for a business loan.

Do you require personal collateral to offer funding?

Nope. Our funding partners provide funding based on the strength of your business.

What documentation is required to start the process of securing a loan?

When you’re already matched to the lender, they may ask for the last 6 months of your business bank account statements to begin the loan process.

Will my credit report be checked?

Not at this stage. We don’t run credit checks. After you’re matched with a lender, they may ask you for credit report.

Our funding partners base lending decisions on multiple factors including your credit history and other factors. Each lender has their own policy about pulling your credit. Some may pull your credit before they make you a loan offer; others may pull your credit after you have accepted their offer.

What is your application fee?

Zero, nada, zilch! We don’t have one. You apply for free, no strings attached. Our fees are paid by lenders, not business owners.

Does pre-qualification take a long time?

Pre-qualification is often instant, but sometimes it can take as little as 24 hours after your information is received and verified.

How long will it take to receive my funds?

Depending on the day of the week that your loan is approved, funding can occur in as little as 48 hours after the underwriting process has been completed.

What are the ways in which to repay loans?

Our funding partners will work with you to set up a repayment plan that will work best for your company. Business Term Loans and Revenue-Based Financing are repaid via ACH transfers, with a fixed amount paid each weekday during a pre-determined repayment term. Repayment terms can last from 4 to 18 months. With Revenue-Based Financing, the daily payment amount might be adjusted during the repayment term depending on revenue received by your business.

A Merchant Cash Advance is repaid directly from your merchant account, with a fixed percentage taken from your credit/debit card sales each weekday. Because the amount repaid adjusts with your daily sales, a Merchant Cash Advance does not have a fixed repayment term.

Do you offer renewal services?

Loan renewals and extensions may be offered by your lender however, they are subject to state laws and your lender’s policies. Only your lender can provide your specific renewal options and details if you need to extend your loan. Please note, loan renewals and extensions typically include additional fees.

How secure is my information?

We are dedicated to security, so we use encryption whenever sensitive information is transmitted. Our servers offer a high level of security and we use Thawte and other advance security protocols to protect our site – and you – from malware and suspicious activity.

How is the information I provide you used?

We use your information to help find the right funding opportunities for your business. For more details, please read our privacy policy.

Do you have funding partners?

Funding Wizards partners with responsible, experienced lenders to offer a variety of funding options to help take your business to the next level.