The Innovator Term Loan
Apply online in as little as 10 minutes and get up to $200,000 - no hard credit pull or collateral required.
Let's Check Your Eligibility
Are you a Grasshopper Bank client?
At this time Grasshopper is only offering our term loan product to clients
Become a client by opening an account today
Innovator Business Checking
- Earn up to 1.55% APY & 1% Cashback
- No monthly fees or minimum balance requirements
- 24/7 access to powerful digital banking tools that help manage your cash flow
Innovator Savings
- Earn up to 3.3% APY
- Enjoy unrestricted access to your funds with unlimited transfers
- Your funds are protected with FDIC-insurance up to $250,000 and enhanced coverage up to $125 million.
Flexible funding solutions built for small businesses
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Quick Application Process
Applying is quick and easy. Submit an application in as little as 10 minutes.
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Loan Amounts up to $200,000
Receive a one-time lump sum of cash from $25,000 to $200,000.
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More Freedom and Flexibility
Your business, your choice – spend funds where they matter most.
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Fast Access to Funds
Once approved, your funds will be delivered within 1 business day
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Predictable Repayment, No Surprises
Enjoy a fixed 36-month term with no prepayment penalties—pay early without extra fees.
What can you do with a small business term loan?
Term loans provide a lump sum of cash that is often used for large, one-time purchases. Funds from the Innovator Term Loan can be used for almost any business purpose, such as hiring staff, purchasing inventory, upgrading equipment, managing cash flow, and renovating or expanding an existing location.
Ready to Grow with Grasshopper?
Apply in less than 10 minutes today!
Apply NowFrequently Asked Questions
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Your application is streamlined: most of the required information will be automatically pre-filled using details from your existing deposit account.
You will need to provide:
- Loan Amount Requested
- Business Annual Revenue
For larger loan requests, we may need to verify your annual business revenue. If prompted, you can confirm your revenue by uploading one of the following documents:
- Year-to-date business financials (P&L statement)
- Prior 12 months business financials (P&L statement)
- Prior year business tax returns
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There is no collateral required for an Innovator Term Loan but there is a personal guarantee required. A personal guarantee is a legal agreement that means the borrower is personally responsible for repaying a loan if the business defaults.
There are a few things to keep in mind if you are considering signing a personal guarantee for a business loan:
- Make sure that you understand the terms of the loan, including the interest rate, repayment terms, and any fees.
- Be aware of the potential risks involved in signing a personal guarantee, such as the possibility of losing your personal assets if the business defaults.
If you are comfortable with the risks involved, then signing a personal guarantee may be a good way to get the financing you need to grow your business. However, if you are not comfortable with the risks, then you may want to consider other financing options, such as loans that do not require a personal guarantee.
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An origination fee of 1% shall be deducted from any loan proceeds disbursed to you.
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Our application only requires a soft pull on your credit, meaning that your overall credit score won’t be affected by applying.
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Repaying your Innovator Term loan is hassle free. Repayments are fixed so you’ll pay the same amount every 30 days from the beginning to the end of your term length. This payment amount is based on your loan amount and term length. Rest assured, the Grasshopper team personalized your repayment plan based on your application info with the intention for it to be manageable.
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To be eligible, your business must meet the following minimum requirements:
- Have an active Grasshopper Bank account for 6 months or longer.
- Be in business for at least 1 year or longer.