Steps to getting business funding
First, you must know if you qualify for business funding before filling out an application & before submitting any statements. In order to qualify for business funding you must meet the minimum requirements:
- Must have a business bank account
- Must be in business at least 6 months
- Must have a minimum of at least $5,000.00 in monthly deposits in the business account
- And must have at least a 550 credit score
- Provide last 3 months of business bank statements (personal bank accounts do not qualify)
Second, you will need to fill out our one-page application through our secure portal. Once you fill out the application, there will be an “upload documents” screen. Once you reach the upload screen, you will need to upload the last 3 months of your business bank statements (personal bank statements do not qualify).
Once your application is pre-approved, you will receive an approval letter with a Soft Offer with the amount of funding that you are pre-approved for. The approval letter will provide you with details of payback info and terms.
Once you accept the funding offer you will need the following documents:
- Copy of a voided check from your business bank account (cellphone image or scanned)
- Copy of your photo ID or Drivers license front and back (cellphone image or scanned)
Once we receive your final documents, you will receive the final contract to accept the approval amount along with the terms and conditions in writing.
Once the contract is signed, you’ll receive a final bank verification link or call. What is bank verification?
Bank account verification is a necessary part of the ACH transaction process that ensures funds are coming from and going to legitimate bank accounts. Also known as funding source verification, this confirms that the account being attached is a valid bank account.
Once final bank verification is complete then you’ll receive funding the same day!