About lender
Corl is a Canadian company providing loans to small businesses and start-ups. It was established in 2016 to alter the way enterprises raise capital eliminating the obstacles that hinder their growth. Corl has already invested in more than 60 start-ups and reached more than $35 million in capital investments.
The company provides lending services, but not conventional loans that customers must pay back in installments. Instead, Corl provides investments to small and new businesses free of high-interest rates or equity dilution prospects.
Unfortunately, Corl invests only in businesses with limited specialization. Corl's services are directed to technology, automation, or digital processes companies or businesses that have their revenue generated online.
Features
Corl is not a conventional lender. The company operates differently. It finances small businesses and start-ups on an interest-free basis to propel revenue generating.
Corl does not charge interest rates at all. Instead, 1-10% of a business's monthly gross revenue is shared with Corl, and the business keeps the remaining 90-99%. In addition, companies can end the agreement at any time by paying Corl a Buyout Amount between 1-3x the initial investment. However, if a business does not generate revenue, there will be no revenue-sharing payments to Corl.
In addition, on a case-by-case basis it also considers fixed loan agreements.
Another essential feature is that Corl will fund businesses that are not currently profitable.
Pros and cons
Corl has pros and cons that must be considered to help clients make balanced decisions.
Pros
Corl provides services that help small businesses raise capital;
Corl doesn’t offer conventional loans; instead, they invest in start-ups without charging interests;
The company’s eligibility requirements are not very strict;
Quick application and pre-approval;
Corl even finances companies that are not currently profitable;
If a business does not generate revenue, it is not obliged to pay Corl.
Cons
The company finances only the businesses that operate in technology and generate their revenue online, so not all start-ups can apply;
If a customer wants to end the cooperation with Corl, they will have to pay back 1-3x of the initial investment.
The company’s services will benefit small businesses and start-ups that need a primary investment. Also, the company doesn’t charge interest rates and is disposed to invest in companies that are not currently profitable.
However, there are some disadvantages. Not all companies can count on Corl’s investment. Finally, if a customer wants to finish the cooperation with Corl, they will need to pay back 1-3x of the initial investment.
Loan conditions
To apply, a customer must fill out the application form on the company's website. . Usually, filling it out takes less than 10 minutes, and pre-approval can be done within 24 hours. First, a customer will need to provide information about their business, and then they must wait for the company’s response.
The company invests in start-ups amounts from $10,000 to $1,000,000. It charges no interest rate but takes 1-10% of a business's monthly gross revenue.
A customer must be older than 18 years old and be a Canadian citizen to be approved. They also must provide Corl with the necessary personal data and information about their business. The client’s business must have a minimum of $20,000 in monthly revenue and a minimum of 6 months of revenue history.
Usually, the requested funds are received in 1-4 weeks. It is also important to note that if customers want to give up cooperating with Corl, they will have to pay back 1-3x of the initial investment.
There are fixed terms, no minimum payments, and no fees.
Methods of loan funding
The approval process starts as soon as a customer completes the application form. Upon approval, Corl will invest in the customer’s start-up. Corl does not specify its funding method.
