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Up to $750,000
Up to 16 months
Min. credit score
Time to funding
As soon as 24 hours
Kalamata Capital Group specializes in revenue-based financing of up to $750,000 and offers funding within 24 hours. While the company’s credit score requirements are lenient, you need at least $250,000 in annual revenue to be considered, and the cost of borrowing can potentially be costly.
Kalamata’s revenue-based financing might make sense if your customers use debit and credit cards to pay you. You’ll receive the cash up front and pay it back with a percentage of your sales, plus any fees.
Overall, Kalamata can be a solid choice if you receive credit and debit card payments from your customers and need cash fast. The lender works with businesses in industries including retail, wholesale, e-commerce, medical, dental, pharmaceutical, trucking, construction, logistics, restaurant, hotels, and franchises.
While you don’t need the best credit to qualify, you do need at least $20,000 in monthly revenue, a business bank account with at least $1,000, and no more than five non-sufficient funds or overdraws per month. If you’d like to borrow more than $300,000, Kalamata requires that you’ve used accounting software for at least one year. Here’s how Kalamata compares to some of the other best business loans out there.
One of the greatest benefits of Kalamata is its speed. The lender states that you might be able to get a funding decision in as little as three hours. Upon approval, you may receive the funds in as little as 72 hours. If you can’t wait weeks or months for cash, Kalamata’s revenue-based financing can really come in handy.
Depending on where you live and the terms of your revenue-based financing, there may be some flexibility with repayment. Revenue-based financing typically requires you to give the lender a percentage of your daily credit card sales until you pay them off. With Kalamata, you can make daily or monthly payments through an automated clearing house.
When it comes to fees, Kalamata charges factor rates between 1.25 and 1.43. Plus there’s a $299 application fee and an origination fee of 2% of the total amount borrowed. While their rates are typical of a revenue-based financing product, they can be higher than rates for other loan products. These fees can add up quickly and make the cost of borrowing costly. That’s why it’s important to make sure you can comfortably afford them before you sign on the dotted line.
Oftentimes, lenders will report your payment history to the business credit bureaus. As long as you make your payments on time, every time, you’ll be able to build or improve your credit. Unfortunately, Kalamata doesn’t report payments, so it won’t help you with your credit report. However, you may be able to self-report to credit bureaus. If you’re a startup or new business, no credit reporting isn’t ideal.
Ready to compare Kalamata with other lender options? Check your eligibility on Lendio and get multiple financing offers for your small business in one place.
*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (October 24, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.
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California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through Lendio Partners, LLC, a wholly-owned subsidiary of Lendio, Inc. and a licensed finance lender/broker, California Financing Law License No. 60DBO-44694.