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Term loans

How to get a business loan

How to get a business loan

Getting a business loan can seem so daunting. Between the difficult paperwork and complicated instructions, sometimes it feels like you need a lawyer and an accountant (and maybe a therapist) to make heads or tails of everything!

At Funding Circle, we think the process should be simpler. We won’t ask for your great-grandmother’s maiden name, your shoe size, your infant’s Social Security number, or any other assortment of seemingly random personal information. Our goals are simple: get to know you, and get to know your business.

Throughout the application process, we strive to be transparent and communicate next steps clearly to you. Plus, we believe you should have the right to evaluate an offer before you make any financial commitments, which is why we make sure you see what you’re approved for obligation-free. You don’t pay a cent until you accept your loan offer.

Here’s how to get a business loan with Funding Circle, in five simple steps:

1. Apply online.

Our online application is simple, and usually takes less than 10 minutes. In it, you’ll find some basic questions about yourself and your business, like the address, revenue, and entity type. This will help us begin to understand your business’ needs. Once you’ve filled it out, you’ll be sent to one of our expert account managers. Tip: Not sure how to answer some of the questions, or don’t know where to find the information you need? Don’t worry — our friendly staff is here to help! Feel free to give them a call if you have any questions about the application: (855) 385-5356.

2. We’ll give you a call.

Stick close to your phone! During business hours, we aim to follow up on applications within one hour. Your dedicated account manager will help explain next steps and what paperwork we need to finalize your application — you won’t need to talk to a different person every time you have a question. Here are a few things we typically look for:

  • The most recent two years of business tax returns
  • The most recent personal tax return
  • The most recent six months of business bank statements

3. You get a decision — fast!

Once you’ve included all of the documentation we need, your account manager will submit your application to our underwriting team, who will evaluate factors like your business’ stability and growth trajectory to assess your creditworthiness. Sometimes, an underwriter may reach out if they have additional questions — but whether or not you hear anything is no cause for worry. We’ll get you a decision on your application as quickly as we can — often in as little as 24 hours.

4. You evaluate your offer.

If you receive an offer, you’ll be able to review the rate and term you’re approved for and decide what’s best for your business. Talk to your account manager if you’re not sure, and they’ll be able to walk you through any last-minute questions you may have.

5. You get funded!

Once you accept your offer, we’ll need some final documentation to send you the money, like your bank information and a photo ID. We’ll send the wire transfer, your bank will process it, and you’re good to go!

Funding Circle

Tags: Term loans

Updated: Apr 30, 2018

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