Any questions?

We’ve tried to answer as many of the important ones in the list below

Frequently asked questions:

Who is First Up Lending?

First Up Lending LLC was launched in 2018 and is based in Boca Raton, Florida. Discover more in About Us.

Why should I choose First Up Lending?

We know how challenging it can be to secure funding for your business. We designed and built our digital funding platform to make the process quicker, easier and more cost effective for you.

Banks and Credit Unions may offer lower rates on their lending products than us but getting a loan or line of product approved is difficult. Moreover the process is manual, paper-based, and often takes months to get funded.

Do you lend to companies in all U.S. States?

Due to State lending regulations we’re currently restricted from offering funding to companies in these U.S. States:

  • Nevada
  • North Dakota
  • South Dakota
  • Vermont

What industries do you serve?

We’re open-minded about the businesses we fund but we typically avoid these industries:

  • Agriculture
  • Cannabis
  • Construction
  • Public healthcare
  • Real estate

How do I qualify for a First Up Lending line of credit?

There’s two parts to getting approved for your line of credit:


Firstly, we need your business to meet these basic conditions:

  • Must be incorporated in the U.S.A
  • Legal entity must be a Corporation, LLC, or LP
  • Minimum of two years in business
  • Customers and trade debtors must be other businesses
  • Annual revenue greater than $2,500,000
  • No personal or business bankruptcies within the last three years

Secondly, your business has to meet minimum funding standards. We take into account a number of factors including:

  • Sales and profit trends
  • Size and quality of your customer base
  • If you make or sell goods, how well you turn your inventory into sales
  • The industry in which your firm operates
  • How well you’ve met any debt and tax obligations
  • The experience of your management team
  • The ownership structure of your business

Why do I need to connect my accounting software?

Two reasons. First, it saves you the time from having to collect and send us all your business records. Second, we’re more likely to fund you if we have up-to-date information about your business’s performance.

Is my business & personal data safe?

First Up Lending is committed to protecting and respecting your privacy. Please read our Privacy Policy for further detail regarding your personal data and how we will treat it. This policy (together with our Terms of Service and any other documents referred to on it) sets out the basis on which any data we collect from you, or that you provide to us, will be used by us.

Is there a fee to apply?

No, we never charge a fee to apply.

How long does it take to get funded?

Getting you funded quickly is a priority for First Up Lending. We break the application process down into three stages:

  1. Pre-qualification: The quickest part of the process. We check that you meet our basic suitability requirements
  2. Pre-approval: This is where we analyse the data you provided to us, together with complementary 3rd party data and make a preliminary funding decision. We provide a Proposal Letter to you that outlines the key terms, including the line size, cost and acceptable collateral. We try to do this within 24 hours
  3. Final approval & contract signing: Once you accept the proposed terms and we receive your $3,000 fee to cover searches and legal costs we conduct further due diligence, including UCC searches and background checks. At this point we may request a collateral audit to be conducted at your offices. This allows us to credential your business and the business assets you offer as collateral, in more detail. On receipt of satisfactory results we provide you with a funding agreement for you to review and sign online. This final part of the process is the longest, but can typically be completed in less than 10 business days

My application was declined, why?

Two main reasons. First, your business may not meet our basic suitability requirements (see above). Secondly, your business and business assets may not meet our minimum underwriting standards.

If I’m declined, can I reapply?

If you met our basic suitability requirements (see above), but were still declined, we would suggest reapplying only after three months has elapsed. Your business is more likely to be offered a line of credit if you’re seeing an improvement in sales and profits, and you’re A/R and inventory levels are rising.

How does your digital platform work?

We designed and built this platform with you the small business owner in mind. Key functionality includes:

  • Application – manage your funding application from start to finish through the platform
  • Key business data – no need to e-mail, mail or fax financial statements and tax returns to us. We simply ask that you allow access to connect with your accounting software so we can check your business records and make a quick and accurate funding decision
  • Online contract – both the proposal letter and funding agreement can be accessed and signed online. It’s a paperless process!
  • Funding requests – once your account is set-up you can make funding requests online 24/7
  • Account management – online account access to upload new purchase orders, invoices and shipping documents. You can also monitor incoming customer invoice collections, check your line balance and funding costs

What is the cost?

One of the benefits of First Up Lending is our transparent pricing policy. We have three charges:

  1. One-time $3,000 fee to cover due diligence expenses and legal fees. Once you become a customer we will provide an itemized receipt and any balance left over will be credited back to your line balance.
  2. Origination fee of between 1-3% of the value of your line of credit. This amount is collected at closing.
  3. For our invoice, PO and supplier credit products funding is charged as a % of the invoice or PO funded balance, typically between 1-3% every 30 days. For our ABL line of credit, interest is charged only on the drawn balance of the credit line. The overall funding cost is typically between 10-18%. We review pricing every year and we’ll always try to be competitive to keep your business.

What is the term for a First Up lending line of credit?

Our lines of credit have a twelve month term, with the option to renew on each anniversary.

Do you check my personal credit score?

No. As an asset-based lender First Up Lending is more interested in the quality of your business and the business assets you can offer as collateral.

Do I need to give a personal guarantee?

Yes, we do ask for the equity owners of your business to sign a personal guarantee.