There are two main types of loan options available through Torro. One of them is for more established businesses that have been operating for at least six months. You can get access to the likes of business capital, equipment financing, and expansion funding. The biggest loan of this kind you can get from Torro is $575,000. Monthly revenue of at least $10,000 is necessary, with typical term lengths being 3 to 24 months.
Startup companies can also get access to up to $125,000 in funding. These companies need to have been in business for no more than 6 months and their max revenue is $5,000 a month. Usually, Torro likes dealing with startup business owners whose credit score is at least 600. The typical term length is between 12 and 48 months.
For both types of business loans, there will usually be an origination fee of about 5% charged. Prepayment fees usually aren’t in place, but the other types of fees will depend on what lender you ultimately go with.
