Application Process

Maximize your approval odds with these strategies:

Before You Apply:

1. Clean Up Bank Statements The last 3-6 months matter most:

• ●Avoid overdrafts and NSFs
• ●Maintain positive average balance
• ●Show consistent deposits
• ●Remove personal transactions

2. Time Your Application Apply when your business looks strongest:

• ●After a good revenue month
• ●When bank balance is high
• ●After depositing large payment
• ●Avoid applying during slowest season

3. Gather Complete Documentation Missing documents = delays or decline

• ●Bank statements (complete, all pages)
• ●ID (current, not expired)
• ●Business docs (EIN letter, articles)
• ●Processing statements (if applicable)

4. Know Your Numbers Be ready to answer:

• ●Monthly revenue
• ●Time in business
• ●Use of funds
• ●Current debt

Application Tips:

Be Accurate Lenders verify everything. Inflated numbers = automatic decline.

Explain Issues Proactively Recent overdraft? Declining month? Explain before they ask.

Start with Right Product Don't apply for SBA if you have 580 credit. Match product to profile.

Limit Applications Apply to 2-3 targeted options, not everyone. Multiple applications look desperate.

What Hurts Approval:

• ●NSFs in last 90 days
• ●Negative average balance
• ●Declining revenue trend
• ●Too-new business for product
• ●Unexplained large withdrawals
• ●Tax liens or judgments
• ●Multiple existing advances

A decline isn't the end. Here's your action plan:

Step 1: Find Out Why Lenders must tell you why. Common reasons:

• ●Insufficient time in business
• ●Revenue too low
• ●Credit issues
• ●Recent overdrafts/NSFs
• ●Industry concerns
• ●Too much existing debt

Step 2: Don't Panic Apply Resist the urge to apply everywhere else immediately.

• ●Creates multiple hard inquiries
• ●Looks desperate to lenders
• ●May result in more declines

Step 3: Address the Issue

If Time in Business: Wait until you meet minimum (usually 6-12 months)

If Revenue:

• ●Wait for stronger months
• ●Try product with lower revenue requirement
• ●Consider MCA (lowest revenue minimums)

If Credit:

• ●Work on credit improvement
• ●Try revenue-based products (MCA, invoice financing)
• ●Offer collateral

If Bank Statement Issues:

• ●Clean up statements for 60-90 days
• ●Reapply with cleaner history

If Industry:

• ●Find lender specializing in your industry
• ●Some industries are restricted (check first)

Step 4: Try Alternative Products

Step 5: Build and Return

• ●Take smaller amount if available
• ●Build payment history
• ●Reapply in 6-12 months with track record