Torro is an alternative financial service provider offering business loans to established small businesses as well

Torro is an alternative financial services provider. Its propriety QuickWrite system matches small businesses and startups with lending partners and investors. Even in unconventional cases, Torro can offer your business funding, often within hours. If your application is approved, you could receive your capital within one business day.

Torro understands that traditional lenders often aren’t able to fund new businesses or small businesses. So it’s worked to build a system to fill that gap, connecting small and new businesses with funding options they might not find anywhere else.

How Does Torro Work?

Whether you’re a business owner or have an excellent idea for a new business, you can fill out an application on Torro and receive funding options to review. Torro will ask for the amount of funding you’re requesting, information about your business or business idea, and your credit scores.

Then Torro will run your information through its QuickWrite system to find the funding options your business qualifies for.

You’ll submit additional documents through Torro’s secure system. What is needed will depend on the type of funding program you qualify for. If your funding request is approved, your lender will deposit your capital directly into your bank account.

Sometimes, you can finish your application and secure and receive funding all in a single business day.

What Types of Business Does Torro Help?

Torro helps small, established businesses and startup companies with their financing needs.

  • For established businesses, Torro can match you with short-term, fixed-rate business loans or business lines of credit. They offer business loans up to $575,000 with terms ranging between three and 24 months. If you secure a business line of credit through Torro, it could be for as much as $125,000. Business lines of credit allow you to draw the funds you need and only pay interest on the funds you use. In addition, you can pay back funds and then use them again later if needed.
  • For startup businesses, this company can help you get your business idea off the ground. It can provide funding for business development costs, equipment purchases, or licensing and patent fees.

If your business is up and running but still in the startup phase, Torro can also provide financing for advertising, marketing, staffing, and technology. You could even get funding to purchase a franchise or make a down payment on an existing business.

What Does Torro Offer?

Torro offers a way for small businesses and startup businesses to receive financing. It connects borrowers to nontraditional lenders, including a network of investors.

Torro offers startup capital to new business ventures. Getting funding for a new business is one of the hardest things to do. Without a business history, consistent revenues, or assets to use as collateral, traditional banks and lenders view start startups as too high of a risk. That is why Torro has developed a system to help new businesses get the financing they need when they need it.

This company also helps established small businesses get the working capital they need to cover day-to-day operational costs. You can seek a business loan for as little as $3,000. While a personal credit score of 600 or more will help ensure you get approved for a funding option, this company works with people with credit scores as low as 400.

What are the Benefits of Torro?

Torro offers several benefits to its customers.

  • Flexible Lending: Torro specializes in helping businesses that would have difficulty securing funding through traditional lenders. Its network of investors and lending partners means it has access to hundreds of lending programs and can help you find a solution you can get approved for.
  • Personalized Service: When you start your application process, Torro assigns you an account specialist. This person can answer your questions, review your options, make recommendations, and help you complete your application.
  • Fast Approvals: When your business needs capital, it often needs it immediately. In many cases, you can finish your application, earn approval, and receive funding, all within 24 hours.

Are There Any Drawbacks to Torro?

Because Torro has access to so many funding programs, you won’t know what rates and terms your business qualifies for until you begin your application process. While it will work to match you with a financing solution, even if you have a low credit score, you may not be able to get approved if your credit rating is below 600.

How Does Torro Compare?

The primary thing that sets Torro apart from other business lending platforms is its access to a breadth of nontraditional lending programs. Because it works with banks and investors, your business can be approved for financing even if you’re a startup or don’t have high annual revenues yet.

This is a good option to explore if your business is a weak candidate for a traditional business loan.

Is Torro Right for You?

Suppose you need capital to launch a new business, expand a young company, or purchase an existing business. In that case, Torro may be able to provide you with funding where traditional lenders would turn you down.

It is also worth exploring if you have a small business with lower annual revenues. You may be able to get a working capital loan or a business line of credit to help you manage your business cash flow.

Finally, while this company typically secures funding for people with a credit rating of 600 or higher, it will help you explore what’s possible even if your credit score is much lower.

How To Get Started with Torro

Getting started is simple. Visit the company website and complete the short application to create an online account. You’ll indicate the amount of funding you need and the type of business you need it for, along with a few other details about yourself and your business.

Once your account is created, you’ll receive a list of financing options that you qualify for. Then, you can work with your assigned account specialist to complete your application, submit the necessary documents, and secure your capital, often within 24 hours.