Five Things to Prepare Before You Apply for Business Funding

Approval speed is mostly a function of preparation. The files that fund fastest are the ones that answer an underwriter's questions before they are asked.

1. Clean up your bank statements

Underwriters read the last three months of business deposits closely. Consistent deposits, few negative days, and no unexplained transfers make a file easy to approve.

2. Know your average monthly revenue

Average your last three months of deposits. Most programs size an offer as a percentage of that figure, so knowing it up front tells you what range to expect.

3. Separate business and personal accounts

Mixed accounts make revenue hard to verify and slow everything down. A dedicated business checking account is the single highest-return fix for most applicants.

4. Document existing positions

If you already have financing in place, disclose it. Existing positions rarely disqualify a business, but a surprise discovered in underwriting almost always delays funding.

5. Have your paperwork ready

Most applications need very little to start.

• Completed application
• Last four months of business bank statements
• Government-issued ID
• Voided business check