clo•vest: community and locally oriented investing.

// Process and Timeline

Clovest provides low cost financing, but also lets you identify and connect with your business' most dedicated supporters! Here's how it works in a nutshell:

1. Submit

Provide us that details the project you're looking to fund and provides us with some info on your business history and financial standing.

2. Campaign

After we review your information, we'll set up a campaign page (view demo) and business profile (view demo) to provide prospective funders with information on your project and business. Once you're happy with these, we'll launch the campaign and allow funders to submit loans on your project.

3. Funding

If your project receives enough loans to meet its goal by the end of the pledging period, we'll have you sign a Funding Agreement, collect all the pledged funds, and then transfer the loan over to your business (less our fee).

4. Repay

During the repayment period, you send us quarterly repayments of your loan. We then credit your funders' acounts on Clovest with their owed portion of the repayment. We collect and distribute repayments of your loan (and cover all the associated transaction fees) at no additional cost to you!

// Fees

Funding Fee: If a project meets its fundraising goal by the end of the pledging period, we charge a fee of 10% of the total amount raised for helping your business obtain funding and facilitating repayment of your loan. We withold this fee from the funds raised during the initial funding. Note: This fee also covers all the transaction costs incurred during the funding and repayment process, including credit card processing, bank account transfers, and payouts to each of your funders.

Late Fee: If a business is five (5) or more days late on a quarterly principal repayment, they agree to pay a late fee of ten percent (10%) of the owed payment. In the event that a business defaults on their loan, we will assign it to a debt collection agency and relevant credit bureaus.


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