Applying through GoodTree Capital is fast, easy, and confidential.
Currently our loan and line of credit products allow for multiple people to serve as a Guarantor. The Guarantor is the individual person who is guaranteeing that the business financing will be paid off if something happens to the business.Back to Top
A line of credit lets you borrow (draw) the amount you need as you need it. There are no fees to open a Line of Credit through GoodTree Capital, and you make payments only on the credit you've actually used. A line of credit works best for periodic, short-term needs for an infusion of cash.
For example, if you have a $50,000 line of credit and withdraw $10,000, your credit limit will drop to $40,000. Once you repay that $10,000 (plus any applicable interest and fees), the amount of credit available returns to $50,000.
For more information on determining if a Line of Credit or Traditional Term Loan is better for you, call your Client Advisor at (206) 929-3164.Back to Top
To qualify for business financing through GoodTree Capital you must meet the following requirements, in addition to credit qualification criteria:
The applying business must:
Your business financing cannot be used for financial investing, lending, gambling or illegal activities. Cannabis companies duly licensed by their State and/or municipality are considered legal.Back to Top
No, applying through GoodTree Capital won’t affect your personal credit score.Back to Top
The whole application, approval, and funding process takes on average 10 business days. In some cases, it can take a longer.
To keep the process moving, complete the items on your To-Do List. We may need information or documents to help us verify the details of your application and business. Visit your Dashboard at any time to see the progress on your loan or call your Client Advisor at (206) 929-3164.
We sometimes require a blanket lien on business assets (a 'UCC lien') if your application is deemed risky. We do not require any personal real estate, vehicles, or other personal assets as collateral.
Filing these liens helps keep interest rates lower, and gives GoodTree Capital the confidence to invest in your business.Back to Top
A Personal Guaranty means that if the business is unable to repay, the burden of the debt is shifted to you as an individual guarantor of the line or loan.
Personal Guaranties are required on all small business financing. Personal Guaranties help keep interest rates lower, and they give GoodTree Capital the confidence to invest in your business. As a guarantor, late payments, missed payments, or other defaults on the account may be reflected in your personal credit report.Back to Top
We believe borrowing should be transparent and simple. Businesses receive customized offers based on their financial strength, the creditworthiness of the business and the guarantor, and the requested amount. Business loans through GoodTree Capital include the following terms:
For example, an applicant was offered a 36 month term for a $50,000 loan at an interest rate of 12.9% and a 1% origination fee ($500.00). The borrower would receive loan proceeds of $49,500.00 (loan amount of $50,000 less origination fee of $500.00) and pay 36 monthly payments of $1,682.29.
We give you access to the lowest rate we're able to, based on our understanding of your business.Back to Top
Interest is calculated daily on the basis of a 360-day year with 12 months, each of which is 30 days (or 30/360) long, regardless if a month has more or less than 30 days.
There are a few advantages of getting a loan through GoodTree Capital:
To process your application, we may ask you to provide documentation to help us verify your identity, business income, or business license. We’ll communicate any document requests to you via your Dashboard. The fastest and easiest way for you to send us documents that we’ve requested is to upload them directly in your Dashboard. Here’s how:
Before you start, make sure the documents you’re sending us show your name and aren’t expired. Also, be sure to gather all the pages you plan to send us. We accept GIF, JPG, PDF, PNG, and TIFF files.
Your document is added to your account, and we’ll be notified automatically. It may take up to three business days for us to review it. There’s no need to contact us to confirm that we’ve received your file. We’ll get in touch with you if we have any more questions or need additional information from you.
When we receive documents, we’ll sometimes request that you send them to us again if:
To prevent this from happening to you, please be sure your documents have your name, aren’t expired, are clear, and contain all the necessary pages.Back to Top
This form gives us permission to request a copy of your tax return from the IRS. We use it to verify the accuracy of the financial information you entered on the application. There’s no charge to you. Your Client Advisor will work with you to complete the form and ensure the signatures are valid.Back to Top
Once you've submitted your application, we may ask for additional information or documents to verify your business financial position, details about your business, or your personal identity.
We’ll notify you if there’s something we need, but you can also view the To-Do List in your Dashboard at any time to see what we're waiting for.
You can upload your documents through the online portal (quickest option) or email them to our secure inbox at email@example.com .
Here are some of the things we might request. Each request in your To-Do List shows the requested information:
Once you’ve uploaded all the documents we’ve requested, you’ll see a status update that your documents are in review. If we need additional information while your application is in review, we'll reach out to you by phone or email. It usually takes about two business days for us to review your documents.
You can partially or fully prepay your loan or line of credit at any time with absolutely no prepayment penalty or fee.
Any payments made in addition to your contractual monthly payment will be applied towards a reduction in the principal balance of your loan or line. Additional payments towards your principal balance allow you to repay your loan or line early by reducing the total amount of interest you'll pay. A full prepayment of your outstanding principal balance, plus any accrued interest or fees, will pay off your loan or line and bring an end to your monthly payments.Back to Top
Your payments are electronically deducted from your bank account each month. We'll email you a reminder a few days beforehand so you can make sure money is there.
You can also pay by check, if you prefer. Handling the mail costs more, so we charge a $7.00 processing fee for each check payment.
Your first payment
Your first payment is due 30 days after your funds are issued, even if your bank takes a few extra days to deliver the funds to your account.
Switching payment methods
If you are currently signed up for automatic payments, but would like to switch to check payments, email your Client Advisor at firstname.lastname@example.org or call us at (206) 929-3164.
We apply any one-time payments directly to your principal balance, reducing the total cost of financing. You can also fully prepay at any time. If you choose to pay off your account early, you won’t owe any additional interest and your monthly payments will end.
There are three easy ways to make additional payments:
If you're ready to pay off your loan, congratulations! That's a big achievement. Once you pay off your loan, you won’t owe any additional interest and your monthly payments will end.
Please call your Client Advisor at (206) 929-3164 to schedule the payoff details based on the day you want to pay off your loan and how you’ll send the payment. The simplest way to pay off your loan is through an ACH transfer from your linked bank account to GoodTree Capital.
If you prefer to pay by check, you can send us your check payment either by postal or courier mail. We’ll give you a payoff amount that is valid for the next 14 days, giving time for your check to reach us.
Mail a check with your loan number via standard mail to the following address. (Don't forget to write your loan number on your check):
GoodTree Capital LLC.
222 W. Merchandise Mart Plaza
P.O. Box 4071
Chicago, IL 60654-4071
When you apply through GoodTree Capital, we use a soft credit inquiry to understand your credit history. This type of inquiry doesn’t affect your credit score. Although you can see it on your credit report, rest assured that creditors and others who view your credit report won’t.Back to Top
At GoodTree Capital, you apply online and immediately find out whether you’re provisionally approved. We may ask you for documentation to verify your identity, business income or status. If you don’t send us the documentation, or if your documents don’t match the information on your application, this can mean that the application gets declined.
We understand that when that happens, it’s really frustrating. However, the trade-off is a streamlined, process where you get a decision quickly and don't waste time if you don't qualify.
If your business has multiple owners, your business may be able to obtain financing through GoodTree Capital if one of the other owners applies as the Guarantor. The Guarantor is the individual person who is guaranteeing that the business financing will be paid off if something happens to the business.Back to Top
Your Personal Credit Report
Although we don't share your credit report with you, you can get a free copy from a credit bureau:
If your application for credit is declined, the notice of adverse action you'll receive from LendingClub will include the contact information you'll need to obtain a copy of your credit report.