Contact@FreedomEquity.org
614.484.7075 341 S. Third St., #301, Columbus, OH 43215
Frequently Asked Questions
We know that you may have many questions as you approach us for financing. Take a look at these frequently asked questions and once you’re ready reach out to our team, providing us with your vision, and we will work with you to develop a plan that will transform your dreams into lasting memories.
What documents are required to get started?
Business Plan, Business Financials (last 3 years or time in business), and business and personal tax returns will be required to get started. Additional documents will be requested to complete your package depending on your business structure and industry.
Business plans are required for our team to understand what your business can and will do. It does not have to be fully completed to begin our conversations. We do however need to see: your market analysis, your sales & marketing strategy, your financial plan/projections, and a current SWOT analysis.
Haven’t started your plan just yet or not ready to share it? Still reach out and we’ll refer you to an organization to assist!
What is the maximum amount of a loan that I can borrow?
Generally, Freedom Equity makes loans up to $50,000.
What geographic area does Freedom Equity serve?
Freedom Equity serves the Central Ohio region with a focus on Franklin County and the City of Columbus.
How long does it take to process my loan application?
It can take anywhere from 45-90 days depending on your preparedness when you inquire for funding.
What happens after I click “Get Started?”
Once we receive your inquiry, you’ll be encouraged to attend an information session. Then a member of our team will follow up with you to discuss your request and ask for any additional information that is necessary to determine next steps.
What are the interest rates charged for a loan?
Currently, FEI’s rates vary from 4.00% to 6.75% and are determined by our source funding, the product you are applying for, term of the loan, and other factors
Are there additional fees for taking loans from Freedom Equity?
Yes, we charge a $100 Application Fee + 1% Origination Fee for all applicants.. Fees can be paid upfront or during the course of the loan. Current fee schedules will be provided for your review prior to loan closing.
How long will I have to repay my loan?
Freedom Equity offers loan terms for up to 60 months (about 5 years). The term of your loan will be determined by specific product, your business, and other factors. Also note, there are no pre-payment penalties if you decide to pay your loan off early.
Frequently Asked Questions (Continued)
I have multiple businesses, can I get multiple loans?
Not at this time. We ask that you assess your businesses and determine which would benefit most immediately from this investment.
Does Freedom Equity provide funding to purchase a business?
We will consider it on a case-by-case basis.
What are some typical uses of loan funds?
All loan funds must be used for business purposes only. Some examples of business use include but are not limited to working capital, equipment purchases, inventory purchases, leasehold improvements, or purchase an existing business.
Does Freedom Equity provide funding to purchase real estate?
We will consider it on a case-by-case basis.
Will I be required to pledge collateral for the loan?
Not necessarily – Freedom Equity submits UCC filings attached to business assets for working capital and debt consolidation loans. However, we may collateralize loans associated with large equipment or real estate.
Can my Non-Profit organization obtain a loan?
Not-For-Profit organizations are reviewed on a case-by-case basis
I am a start-up with no business activity, am I eligible to apply?
Yes, new and start-up businesses are encouraged to inquire – ESPECIALLY if they have started a business plan.
Does Freedom Equity provide funding to purchase a business?
We will consider it on a case-by-case basis.
I have a home-based business. Am I eligible to apply for a loan?
Yes! Additionally, you do not need a physical location to be eligible for our products.
Frequently Asked Questions (Personal)
What is the basic personal eligibility for a Freedom Equity loan?
Freedom Equity seeks loan applications from businesses whose owners/guarantor(s) are United States citizens or permanent residents, have a minimum credit score of 550, and have less than $1.5M net worth (individually).
Will I need a co-signer/co-borrower?
After a review of your loan request, our team will determine if a co-signer is necessary to enhance your request. Co-signers may be needed to strengthen the request by either providing additional income necessary to support the debt.
Can a loan be used to consolidate other personal debt?
We will consider it on a case-by-case basis – if and only if the personal debt was used for business purposes. You must be able to provide documentation showing the debt and use of funds.
Does Freedom Equity provide funding to purchase a business?
We will consider it on a case-by-case basis.
Not necessarily – Freedom Equity submits UCC filings attached to business assets for working capital and debt consolidation loans. However, we may collateralize loans associated with large equipment or real estate.
Need further assistance?
Need help finding the answers you need? Let’s have a conversation.