I recently applied for startup funding for my business and initially worked with Gustavo Flores (Startup Funding Manager) and Manny Trevino (Funding Coordinator). Unfortunately, my experience has been extremely frustrating and unproductive.
After submitting all requested documentation, including a financial backer with a 760+ credit score, I was repeatedly told that the application was declined due to a “lack of active history with major banks.” Despite the strong credit profile, I was informed that I would need to find a different person to back the application.
What’s most concerning is the lack of transparency. I sent multiple emails requesting clarification on underwriting benchmarks, including:
• Minimum credit score requirements
• Required number of major bank trade lines
• Length of time accounts must be open
• Revenue or time-in-business thresholds
• Whether requesting a smaller funding amount would impact the decision
I also expressed that I was open to adjusting the funding amount, modifying terms, providing additional documentation, or exploring alternative programs. Unfortunately, I never received clear answers to these questions.
Additionally, when I called to try to get clarification, I was hung up on multiple times while asking reasonable questions about the process. That level of customer service is unacceptable, especially when someone is trying to start a business and is seeking professional guidance.
If there are specific underwriting criteria, they should be clearly communicated upfront instead of giving applicants the runaround. Transparency and professionalism go a long way, and unfortunately, that was not my experience here.
I would not recommend this company based on the lack of communication, clarity, and professionalism I encountered.
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Founded in 2015, Torro Funding is a Fintech direct funder that provides working capital to U.S.-based startups, small, and medium-sized businesses.
Unfortunately, many entrepreneurs have been denied traditional funding by their banks. Many merchants turn to Torro because we think differently from banks. We consider several historical factors, and our decision is not solely based on credit.
In as little as 24 hours, your existing business could receive up to $500,000 in funding to cover various expenses such as meeting payroll, purchasing inventory, consolidating outstanding debts, and expanding.
Could your business benefit from some extra money in the bank? If so, fill out our quick and easy application at www.torro.com or call 1-866-858-2404. You’ll typically receive a pre-approval in under 24 hours.See more
