The small business funding process can be confusing and stressful. We totally understand. Our team of business funding specialists are here to help in this journey. We know you’re busy running your business. Our small business funding checklist breaks it all down more easily so you can identify what you need to get started:
1. Don’t worry about bad credit
We’ve financed hundreds of small businesses with a bad credit history. So don’t worry about your credit score and bad credit history. Business doesn’t always evolve how you plan and we’re here to help focus on the future with a range of business loan programs.
2. Calculate how much working capital you need
Using your cash flow forecast, sit down with your bookkeeper or accountant and work through what you will spend your working capital on. Is it new equipment, refurbishments, paying for inventory in advance to get better discounts or to cover gaps in cash coming in, maybe payroll?
3. Make a wish list with essentials and luxuries
Speak to your co-owners, senior management and accountant to determine what is really needed for your business. Seek out ideas and thoughts from others in your business on what is required. Of course, you as the business owner have the final say, yet making a list of essentials and luxuries will help crystallize what is really needed with the funding your business receives.
4. Business Details
For your business funding application have ready the correct company name, any DBA’s, date business was started, landlord name and contact details as well as Federal Tax ID Number and FICO Credit Score if you know it.
5. Your Monthly Gross Sales & Credit Card Volume
Depending on the business loan programs you apply for we will need bank and credit card statements to show monthly sales. As an example, for a merchant cash advance (which is an advance on credit card receivables) you’d need to provide us with 3 months of credit card statements and bank statements. If it’s over $75,000 you’re applying to borrow, we might need financials. If it’s a fixed payment loan, then we would need our application form filled out and about 6 months of bank statements.
6. Business Trade References
Think about 3 references names and contact details you will provide in the business loan application. These are typically suppliers you deal with that can provide a reference for your business payment history.
7. Bank Details
We’ll also need to have your business banking details and contact person along with their phone number listed on the business loan application form. If you have a bank manager or contact person, give them a heads up on your intention to fill out an application for business funding.
8. Owner Information
The application form requires the majority owners information. We typically ask for 2 owners along with their date of birth, ownership percentage in the business and Social Security Number for each owner.
9. Time to fill in the business loan application
After contacting us at 855.933.8638 (WE-FUND-U), we’ll send you a simple 1 page application form requiring the above information. Once you’ve filled it out, we’ll contact you to discuss the next steps in getting your business funded!