Are You Looking at NUGROWTH-IBIS for Business Funding?
NUGROWTH-IBIS has been bought out by Ibis Capital Group, and they do not appear to be making business loans anymore. Therefore, our Nugrowth-Ibis review is out of date. Be sure to check out financing through Credit Suite.
Our NUGROWTH-IBIS review can help you make a smart financial decision.
NUGROWTH-IBIS is one of several lending companies in the online space. They provide working capital advances to companies in both the United States and Canada. We look at the specifics and drill down into the details. If you have been looking for an online lender, you have probably come across them.
NUGROWTH-IBIS Review: Background
The NUGROWTH-IBIS URL, at nugrowthcapital.com no longer works.Their physical addresses are in New York, NY and Toronto, Ontario. You can call them at: (845) 920-7572. You can email them at: [email protected]. They do not seem to have a contact page.
Working Capital Advances
Minimum annual revenue required is $120,000. You must have a personal credit score of 550 or better although it seems they will change terms if your credit is poor. However, it is unclear from their website just how the terms would change.
They will ask about your intended use for the funds you request. But that does not seem to have an impact with respect to your chance for getting funding.
Your company must be in business at least one year. NUGROWTH-IBIS will also want to see the most recent four months’ worth of your business bank account statements.
They offer $5,000 – $250,000, with flexible terms. The process takes as little as 72 hours.
Fees
“A small percentage of your daily sales revenue is withheld until the total amount is repaid.”
https://creditsuite.wistia.com/medias/tzam7150ub?embedType=async&videoFoam=true&videoWidth=640
NUGROWTH-IBIS Review: Advantages
Advantages include a quick turnaround and flexible terms. Few American online lenders will lend outside of the United States. However, OnDeck (https://www.ondeck.com/) also does so, and with a lower minimum personal FICO score requirement.
NUGROWTH-IBIS Review: Disadvantages
Disadvantages include the fees being based on sales revenue. NUGROWTH-IBIS’s variable fees make budgeting more difficult. In addition, the lack of clarity is troubling regarding different terms for poor personal credit.
A Word to the Wise Re: NUGROWTH-IBIS
Since the company doesn’t seem to be lending any more, the main thing is, of course, to do your due diligence no matter which company you decide to go to for funding.
In addition, consider alternative financing options that go beyond lending, including building business credit, in order to best decide how to get the money you need to help your business grow. Today, we want to hear from our audience! Share your voice with us about your experiences with online lenders, and what you think of our NUGROWTH-IBIS review.
