FAQ


How to Apply?

Applying through GoodTree Capital is fast, easy, and confidential.

  1. Get an estimate at www.goodtree.capital
    
In just a couple minutes, you can see what your business qualifies for without affecting your personal credit score.
  2. Complete the online application.
    We ask for details about your business to complete the application. Your funds are deposited directly into your bank account, and if you choose to make payments automatically, then your payments are withdrawn from this same account.
  3. Verify your information and upload your documents.
    Your To-Do List shows the tasks we need you to complete, such as confirming your email address so we can communicate with you about your account. In some cases, we may also ask questions or request additional documents that help us verify your business and its financial position.
  4. Hold tight while we review your application. 
    You can visit your Dashboard any time to see the progress on your application.
  5. Receive your loan or open your line of credit.
    • Loans: Once a loan is approved, the funds are electronically deposited into your bank account. Depending on your bank, this can take a few days.
    • Lines of Credit:  Once your line is opened, it is immediately available for draws. Email support@goodtree.capital to request a draw of funds.
Back to Top
Applying with multiple business owners

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
What is a line of credit?

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
Initial qualifications for a business loan or line of credit

To qualify for business financing through GoodTree Capital you must meet the following requirements, in addition to credit qualification criteria:

  • Owned the business for at least 6 months
  • Currently be at least a 20% owner of the business
  • Be at least 18 years of age
  • Be a United States citizen or permanent resident, or living in the U.S. on a valid, long-term visa
  • Have a valid bank account and email address

The applying business must:

  • Have made at least $15,000 in sales in the last 6 months*
  • Operate in the United States

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
Will applying affect my personal credit score?

No, applying through GoodTree Capital won’t affect your personal credit score.

Back to Top
How long does it take to get approved?

The whole application, approval, and funding process takes on average 10 business days. In some cases, it can take a longer.

  • Loans: Once a loan is approved, the funds are electronically deposited into your bank account. Depending on your bank, this can take a few days.
  • Lines of Credit: Lines are available to be drawn immediately after approval.

Avoiding delays
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.

Back to Top
Collateral

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
Personal Guaranty

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
Loan amounts, rates, and fees

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:

  • Loan amounts from $1,000 - $250,000
  • Interest rates range from 12% - 35%
  • A one-time origination fee from 0.99% - 1.49% is taken out of the loan proceeds.

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.

  • Other fees may apply depending on your repayment method and you may be charged a fee on late payments.
  • You may pay off your loan early without any prepayment fees or penalties.

We give you access to the lowest rate we're able to, based on our understanding of your business.

Back to Top
How we calculate interest

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:

  • You aren’t charged a fixed cost for interest. The amount of interest you pay is related to the outstanding principal for your loan. (Fixed-cost interest, which many lenders use, is usually much more expensive than our approach to interest.)
  • You aren’t charged all of the interest on day one, regardless of how long you keep the money. (That practice, used by many alternative lenders, doesn't allow you to save money by paying your financing off early.)
  • You aren’t charged interest on the interest you owe, unlike a credit card.
Back to Top
Uploading your documents

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.

  1. If you don’t have an image or PDF of your document, you can scan or take a picture of the document and save it on your computer.
 If you’re taking a picture, be sure to place the document you want to send us on a flat surface that’s darker than the document and clutter-free.
  2. Make sure the image is clear, legible and not cut off.
  3. Click the Upload button for the document you’re sending us. Select the file you would like to upload and click Submit.
  4. If you want to submit additional pages or documents (for example, each month of bank statements), click upload another. 
You can upload up to 20 separate files for each document type you send us.
  5. Once you’re done, click Submit

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:

  • Your name isn’t included
  • The address listed on the document doesn’t match the address you provided on your application
  • The document is expired
  • Pages are missing
  • The document is blurry or cut off

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
Linking and verifying your bank account

Your funds, minus any origination fee, are deposited directly into the bank account you provide GoodTree Capital. If you choose to make automatic payments, we withdraw your payments electronically from this same account.

Linking your bank account
Linking your bank account allows us to confirm the right place to send the funds.

  1. Select whether the bank account you’re providing is for a checking or savings account.
  2. Enter your name as it appears on your bank account.
  3. Enter your bank name, routing number, and account number. For checking accounts, you’ll find this information at the bottom of your checks.
Example Check

Note: Credit unions sometimes use a different account number for automatic transactions, like the ACH process we use for withdrawing payments. If you have a credit union account, confirm that you have the account number for ACH deposits and withdrawals.

Verifying your bank account
We need you to verify the bank account that’s linked to your GoodTree Capital account. We initiate an electronic debit and a credit for the same amount (less than one dollar) from that account, which will post to the account within four business days.

To verify your bank account:

  1. Check your bank account online, by phone, or at a branch to determine the small amount GoodTree Capital has withdrawn and deposited to your account.
  2. Sign in to your Dashboard.
  3. In the To-Do List, click Verify Account
  4. In the Debit Amount field, enter the amount that was withdrawn and deposited to your bank account, and then click Submit.

Once you have successfully verified your bank account, a checkmark will appear next to that task in your To-Do List.

If you have trouble verifying your bank account, please contact your Client Advisor at (206) 929-3164.

Back to Top
Completing the 4506-T form

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
Document requests and verifications

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.

Requested Documents
You can upload your documents through the online portal (quickest option) or email them to our secure inbox at support@goodtree.capital .

Here are some of the things we might request. Each request in your To-Do List shows the requested information:

  • Business Tax returns. We use these to verify your income and sales. We may ask for copies of your recent tax returns, or for tax forms, such 1099s or Schedule K1s to verify all of the details.
  • IRS 4506-T form. We use this form to request copies of your tax returns, W-2, and 1099 forms directly from the IRS. A completed form can quickly help us verify your income. Your Client Advisor will work with you to complete the form and insure the signatures are valid.
  • Proof of income. We may ask for additional documents to verify your business income, such as recent bank statements or copies of invoices.
  • Proof of identity and address for you or your business. We may request a copy of your government-issued photo ID, recent utility bills, or other documents to verify your business and personal identity and current address.

Document Verifications
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.

Back to Top
No prepayment fees or penalties

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
Making payments

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 support@goodtree.capital or call us at (206) 929-3164.

Back to Top
Making additional payments

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:

  1. Easiest and fastest: Contact us via email at support@goodtree.capital or call us at (206) 929-3164 with the following information:
    • Your loan number
    • Payment amount
    • Date of payment
  2. 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
Back to Top
Paying off your loan

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.

Standard mail
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

Back to Top
Being declined doesn’t hurt your personal credit score

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
Why was I declined?

The specific reasons why your application was declined may be provided upon request via email at support@goodtree.capital or call us at (206) 929-3164.

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
Getting copies of your credit reports and correcting credit issues

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.

TransUnion LLC
2 Baldwin Place

P.O. Box 2000

Chester, PA 19022

1-800-916-8800

https://www.transunion.com

Experian
P.O. Box 2002

Allen, TX 75013


1-888-397-3742
https://www.experian.com

Equifax Information Services, LLC
P.O. Box 740256
Atlanta, GA 30374


1-800-685-5000
https://www.equifax.com/

Back to Top