Checklist 5 min read Updated September 8, 2026
Five-minute prep checklist for any business funding application — documents, numbers, and questions to have ready before you click apply.
Frequently asked questions
What documents do I need to apply for business financing?
At minimum: 3-6 months of business bank statements (PDFs straight from your bank, not screenshots), a government-issued ID for every owner with 20%+ equity, and a voided business check or wire instructions for funding deposit. For larger requests, add your most recent business tax return. SSN and date of birth are used for an initial soft credit pull; a hard pull may apply later on certain products.
How long does a business funding application take?
The application itself takes about 5 minutes when you've gathered the documents above. From signed application to funded varies by product: 24-72 hours for working capital, 3-10 business days for non-bank term loans, 2-6 weeks for bank term loans, and 30-90 days for SBA. Actual timing is the lender's decision based on file completeness and underwriter questions.
Will applying hurt my credit score?
Most platforms run a soft credit pull at pre-qualification — that doesn't affect your FICO. A hard pull (which can drop FICO 5-10 points) applies later in underwriting on certain products. Your broker or platform should disclose before any hard pull happens.
What numbers do I need to know off the top of my head?
Average monthly revenue over the last 6 months, months in business (measured from when you started receiving customer revenue, not when you registered the LLC), current outstanding balances on any business debt (loans, MCAs, lines of credit, equipment financing), your owner FICO score, and your industry/NAICS code if you know it.
What are the red flags in a financing offer?
Aggressive pressure to sign today (legitimate offers are valid for at least a few business days), no clear APR-equivalent or total dollar cost of capital, vague or missing prepayment terms, a broker pushing stacking on top of an existing advance, or a request for upfront fees before any underwriting work has happened. Any one of these is reason to slow down.
Should I shop multiple lenders at once?
No. Multiple hard credit inquiries in a 30-day window can hurt your FICO and signal 'shopping under pressure' to underwriters, which triggers automated decline rules. The better approach: work with one platform that pre-evaluates your file and routes to the funding partner(s) best matched to it — one soft pull, one direct route, one decision.
Summary:
Five-minute prep checklist for any business funding application — documents, numbers, and questions to have ready before you click apply.
