Contact@FreedomEquity.org

614.484.7075 341 S. Third St., #301, Columbus, OH 43215

FAQ

General Questions

Borrower Eligibility 

  • United States Citizen, over 18 years of age.  
  • Have owners with a minimum credit score of 550  
  • Have owners with less than $1.5M net worth (individually)  
  • Business must be registered with the State of Ohio as an entity* 
  • Business must have an employer identification number (EIN)**  
  • Business must have applicable certifications and/or licenses to operate in their respective industry 

* – Sole proprietors can operate without registration if they can provide applicable business revenue information. 

** – Sole proprietors can provide their social security number if applicable 

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. 

What is the maximum amount of a loan that I can borrow?

Freedom Equity Inc. currently offers loans up to $50,000. 

Does Freedom Equity provide funding to purchase real estate?

No, not currently.

Does Freedom Equity provide funding to purchase a business?

We will consider it on a case-by-case basis.

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.

What documents are required to get started?

Our Upfront Documents are:

  1. Current Drivers License or Picture ID
  2. Resume or Bio
  3. Business Plan
  4. Profit and Loss (last 3 years or time in business)
  5. Balance Sheet (last 3 years or time in business)

**More Documents will be requested throughout the process to complete your package.

Get Started
Do I really need a business plan to apply for a loan?  

Yes. Our team will need to understand what your business can and will do.

Your business plan 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? Reach out and we’ll refer you to an organization to assist! 

Do I need to provide my taxes?  

Yes. We will need to see three years of personal tax returns and three years of business tax returns. If you have been in business less than three years, we will need to see all available tax returns.

What would make an applicant INELIGIBLE?
  • Outstanding tax liens (If you are on a payment plan, please mention this to your Relationship Manager)  
  • Active bankruptcy or a bankruptcy that has been discharged less than 12 months prior to the application  
  • Business involved in lending, adult entertainment businesses, firearms, multi-level marketing programs, and other ineligible businesses.  
  • Delinquent mortgage, rent, or child support, or multiple recent charge-offs and delinquencies that have not been addressed.  
  • Making false statements or claims on your application. 
What happens after I submit my business inquiry form?  

Once we receive your form, a member of our team will follow up with you to discuss your request and ask for any additional information that is necessary to process your application.  

How long does it take to process my loan application?  

45-60 days.

Does my credit score matter? 

Yes, but not how you think. We check your personal credit as the final step in determining your ability to take on our debt. If you have specific questions regarding your business’ ability to apply, contact questions@freedomequity.org. 

Does the loan report on both personal and business credit?

Yes.

What are the fees for taking loans from Freedom Equity?
  • $100 Application Fee
  • 1% Origination Fee
  • Late Payment Fee: Sliding fee scale depending on loan amount, between 3-5% of remaining balance.
  • Returned Check Fee: $30.00

All fees, except late & returned check fees, can be paid upfront or during the course of the loan. Late and Returned Check Fees will be deducted from the next received check BEFORE anything is applied to the principal balance due. Current fee schedules will be provided for your review prior to loan closing.

Where can I find More Information about your loan process? 

If you have additional questions regarding your business’ ability to apply, contact questions@freedomequity.org. 

I am not looking for funding at this time, what other resources are available. 

Freedom Equity Inc. offers workshops, coaching and connection to regional resources. If you have specific questions, please contact questions@freedomequity.org. 

Repayment Questions

What are the interest rates charged?

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.  

How much are your fees for applying for a loan?

Our loans typically have 1.25% fees associated with loan processing. In order to reduce the amount of out-of-pocket expenses, for most programs, borrowers are given the option to finance this origination fee to the loan principal at origination. 

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.  

Are there fees for paying off loans early?  

No. In fact, we encourage early prepayment if your business (especially if your cash flow can accommodate it). 

Will I be required to pledge collateral for the loan?  

No. 

Do I qualify for a loan if I have a poor credit score?  

Bad is relative – the average credit score of Ohioans is 687.

Freedom Equity does not base our decisions on your score. However, your credit score will affect your terms and potential loan amount.

Credit is reviewed on a case-by-case basis. 

Will I need a co-signer/co-borrower?  

After an initial review of your loan request, our team will determine if a co-signer is necessary to enhance your request. Co-signers are often needed to strengthen the request by either providing additional income necessary to support the debt. 

Freedom Equity does not base our decisions on your score. However, your credit score will affect your terms and potential loan amount.

Credit is reviewed on a case-by-case basis. 

Loan Types and Uses

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. 

Can a loan be used to consolidate other personal debt?  

Yes – 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.  

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.  

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 eligible for Elevate Loans.