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Grasshopper Bank Small Business Loans Review

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Grasshopper Bank positions itself as a technologically advanced, customer-centric financial institution focused on serving the needs of small businesses. Their SBA lending program is a key component of their service offering, designed to provide accessible financing solutions with streamlined processes.
 
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How Do We Rate Grasshopper Bank SBL?

Breakdown

Our Overall Rating: 0 / 5 (N/A)

Grasshopper Bank aims to bridge the gap between traditional banking and modern technology, offering a blend of personalized service and efficient digital solutions. As an SBA Preferred Lender (PLP), they have the authority to expedite the loan approval process, reducing the time and documentation hurdles typically associated with SBA loans. They offer pre-approvals for SBA 7(a) loans starting at $250,000.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

SBA Loans

Max Loan Amount
$5,000,000
Max Term Length
25 years

Loan Options - 0 / 5

Grasshopper Bank specializes in SBA loans, primarily focusing on the two most popular SBA programs:

SBA 7(a) Loans: The SBA 7(a) loan is the most versatile and widely used SBA loan program. It can be utilized for a broad range of business needs, including:

- Working capital
- Business acquisitions
- Partner buyouts
- Real estate purchases
- Debt refinancing

SBA 504 Loans: SBA 504 loans are designed for long-term, fixed-rate financing of real estate and equipment. These loans are specifically for:

- Acquiring commercial real estate
- Financing improvements to existing real estate
- Purchasing large equipment

Grasshopper Bank SBL Rates & Fees

Average Rates & Fees - 0 / 5

The Grasshopper Bank webpage does not explicitly list specific interest rates or fees associated with their SBA loan products. However, SBA loans generally offer competitive terms, including:

- Lower down payments
- Competitive interest rates
- Longer repayment periods

These favorable terms are possible because the SBA guarantees a portion of the loan, reducing the risk for the lender. To obtain specific rate and pricing information, potential borrowers will need to contact Grasshopper Bank directly or begin the pre-qualification process.

Application & Qualifications

Online Application

Application Requirements - 0 / 5

The information on the webpage outlines the initial steps of the application process:

- Pre-Screening: Grasshopper Bank offers a pre-screen process to gather preliminary information about the business and assess potential eligibility for an SBA 7(a) loan. This step helps determine if the business meets the basic qualifications before proceeding with a full application.

- Soft Credit Pull: As part of the pre-qualification process, Grasshopper Bank conducts a soft credit pull, which does not impact the applicant's credit score.

- Full Application: If the pre-screen is successful, the applicant will need to provide comprehensive documentation to support their loan application. While the specific documents required may vary depending on the loan type and business circumstances, typical requirements for SBA loans include:

- Business financial statements (balance sheets, income statements, cash flow statements)
- Personal financial statements of the business owners
- Tax returns (both business and personal)
- Business plan
- Information about the business's history, ownership, and management team
- Details about the intended use of the loan proceeds

Grasshopper Bank SBL Reputation

Customer Feedback

Trustpilot Score
4.1 out of 5
BBB Rating
A+
Date Collected
2025-02-10

Consumer Education - 0 / 5

Regarding financial strength, Grasshopper Bank is an established financial institution with the resources and expertise to offer SBA loans. As an SBA Preferred Lender, they have met the SBA's requirements for financial stability and lending experience.

Regarding customer satisfaction, the company currently holds an A+ rating from the Better Business Bureau and a 4.1/5 (Great) rating from TrustPilot.

Contact & Additional Information

Homepage URL
https://www.grasshopper.bank/lending-solutions/sba-lending/
Company Phone
(888) 895-9685
Headquarters Address
261 5th Ave Suite 610, New York, NY, 10016

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Top Rated
Our Partner

Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000
  • Average Yearly Revenue requirements: $100,000
  • Minimum Credit Score: 625 FICO
  • Minimum Time in Business to apply: 1 year
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