You have the right to transparent information that allows you to make educated financial decisions.
- Clear disclosure of fees, amount of funds provided, and the total amount owed.
- Plain-English terms. Clear and simple explanations of how the funding and repayment process works, the frequency of payments, and the amount of each payment.
- All terms clearly documented and signed by the small business.
- If an application is declined, make best efforts to explain what changes the small business owner might need to make in order to position itself for future financing.
- Provide direct access to a representative so that small business customers can receive detailed and accurate information about their account, the process, and the products
While taking note of the amount of funding a small business may request, Capify will only offer financing solutions that we believe the business can reasonably afford without putting unnecessary strain on the business.
- Analyse financial data during the underwriting process to determine whether the small business will likely be able to service all of its outstanding financing obligations without adding undue risk to its finances or operations.
- Require that small businesses only use the funds for business purposes.
- Mutually adhere to all terms of the agreement with the small business.
- Track and analyse loss rates to regularly verify underwriting practices are not resulting in unacceptably high rates of default.
- Follow policies to verify that funds provide value to the business and are not enabling the business to be stuck in a cycle of debt.
- Follow policies that do not enable “stacking” of multiple financing obligations. Follow policies and procedures to comply with all applicable laws
Capify will always protect sensitive business information and will not compromise small business owner security in return for providing a financing solution.
- Adhere to rigorous privacy standards that satisfy applicable laws.
- Always obtain the proper authorisation before sharing sensitive data.
- Implement and regularly review underwriting procedures to ensure verification of critical identifying information regarding the business that is receiving financing.
- Cease electronic payments after repeated failures to clear.
Be truthful and fair at all times.
- Provide information and promote sales practices that are clear, understandable and that do not employ aggressive or deceptive tactics.
- Remove customers from marketing lists immediately upon request.
- Treat every small business equally, determining creditworthiness based on the unique business case.
- Ensure that brokers and partners who refer business to Capify are aligned with these principles, act accordingly and are accountable for their actions.
- In the case of default, always treat the small business fairly and make a good faith effort to resolve the issue in a manner that is professional and respectful.
- Provide a process for small businesses to file complaints that will be promptly addressed.
- Give each small business the ability to cancel the transaction and return all funds with no penalties within 5 days of funding.
True Business Lending
No matter how fast the industry changes, we remain TRUE to our four key Business Lending principles outlined in the Capify Business Funding Bill of Rights.
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