Our Funding Process: Step-by-Step Guide

At FundLocal, we make it easy for small business owners to access the funding they need quickly and with minimal hassle. Our simple and transparent process is designed to help you focus on what matters most—running your business—while we take care of the financing. Here’s a breakdown of our step-by-step funding process:

1. Provide Basic Business Information

The first step is simple—just give us some basic information about your business. We need to understand your business’s general profile to provide you with the best funding options. The information required includes:

• Business name and contact information

• Nature of your business (industry, size, etc.)

• Basic financial details (annual revenue, time in business)

This initial step is quick and doesn’t require a lot of paperwork or detailed documents.

2. Receive a Quote with No Obligation and No Hard Credit Check

Once we have your business information, we will provide you with a funding quote. This quote is completely free, and there’s no obligation to move forward unless you're ready. Additionally, receiving the quote will not affect your credit score, as we do not perform a hard credit check at this stage.

Our goal is to give you clear, transparent information upfront so you can make an informed decision.

3. Accept the Quote and Submit Your Application

If you’re happy with the quote, the next step is to formally submit your application. This part of the process is simple, and we ensure it’s as streamlined as possible.

You’ll be asked to complete a short application form, confirming details about your business. Once submitted, we move on to the document verification phase.

4. Upload Your Business Bank Statements

To assess your business’s financial health, we’ll need to review your recent business bank statements. The required documents are straightforward:

• 3 months of business bank statements (for most states)

• 4 months of business bank statements if you're located in California, New York, or Utah

These statements give us insight into your revenue, cash flow, and overall financial stability, which helps us make a faster and more accurate decision.

5. Get an Approval Decision (Typically within a Few Hours to the Next Business Day)

Once we receive your bank statements and review your application, we aim to provide an approval decision quickly. In most cases, you’ll receive a decision within a few hours, though it could take until the next business day, depending on the complexity of the application.

Our team works diligently to ensure a fast and efficient review process, so you don’t have to wait long for the funding decision.

6. Accept or Decline Funding

After receiving your approval, you’ll have the option to either accept or decline the funding offer. We want to make sure the decision is entirely in your hands, with no pressure to proceed if it doesn’t feel like the right fit.

If you decline, no further action is required, and there are no penalties or fees. If you accept, we’ll move forward with finalizing the funding.

7. Sign the Contract

If you decide to move ahead with the funding, the next step is to electronically sign the contract. The contract outlines the loan or credit terms, repayment schedule, and other key details. We ensure all terms are clear and easy to understand, so there are no surprises down the road.

The signing process is quick and paperless—allowing you to finalize everything online and save time.

8. Complete a Verbal Verification Call

To confirm your application and funding terms, we’ll schedule a quick verbal verification call. This is a standard procedure to ensure that all details are correct and that you understand the agreement before the funds are disbursed.

The call is brief, and our team will guide you through it step by step. It’s one final security check before releasing the funds.

9. Funds Transferred to Your Business Checking Account

Once the verification call is complete, the funds will be transferred directly to your business checking account. In most cases, you’ll have the funds available within one business day after approval. Whether you need capital to cover operational expenses, invest in new equipment, or manage cash flow, you’ll have the funds ready to use quickly.

Our process is designed with small business owners in mind, offering:

• Speed: Fast decisions and funding, so you can focus on growing your business.

• Simplicity: Minimal paperwork and a clear, easy-to-understand application process.

• No Surprises: Transparent terms with no hidden fees, and the option to accept or decline the offer with no obligation.

• Support: A dedicated team ready to help you every step of the way.

At FundLocal, we’re committed to helping you secure the funding you need quickly and efficiently, with as little hassle as possible. If you have any questions about the process or need help at any stage, our support team is always available to assist.

Ready to get started? Visit our application page or explore more topics in our knowledge base for additional details!