Frequently Asked Questions (FAQs)

If you're new to FundLocal, you may have some questions about our services, application process, and how we can help your business. Here are answers to some of the most common questions from business owners like you:

FundLocal is a funding provider that specializes in offering flexible financing options for small businesses. We help businesses access capital quickly and easily through products like Business Lines of Credit, Equipment Financing, and Working Capital Loans. Our goal is to provide fast, hassle-free funding to help businesses manage cash flow, invest in new equipment, and cover everyday expenses.

We offer three main types of funding:

• Business Line of Credit: A flexible option that allows you to borrow what you need, when you need it, and only pay interest on the amount you use.

• Equipment Financing: Designed to help businesses purchase or upgrade equipment without large upfront costs.

• Working Capital Loans: A short-term loan that helps you cover everyday operational expenses, such as payroll or inventory.

Applying with FundLocal is simple. Follow these steps:

1. Provide basic business information: Start by sharing some key details about your business.

2. Receive a no-obligation quote: Get a customized quote without affecting your credit score.

3. Submit your application: Provide business bank statements and other necessary documents.

4. Get approval: Receive an approval decision within a few hours to the next business day.

5. Receive funding: Once approved, the funds are transferred directly to your business checking account.

No. When you request a quote or apply for funding through FundLocal, we perform a soft credit check that will not affect your credit score. A hard credit check is typically not required for our process, so you can explore funding options with peace of mind.

Once you submit your application and upload your required documents, we aim to provide an approval decision within a few hours to the next business day. This allows you to access the funds quickly when you need them most.

To complete your application, you’ll typically need to provide:

• Basic business information: Business name, industry, annual revenue, and time in business.

• Recent business bank statements: 3 months of statements for most states, or 4 months for California, New York, and Utah. Other supporting documents, such as tax returns or personal information, may be requested in specific cases, depending on the funding type and amount.

While we aim to make our funding options accessible to as many businesses as possible, we generally require:

• A business that has been operational for at least 6 months.

• Annual revenue of less than $5 million.

• The ability to provide recent business bank statements.

Each funding product has slightly different criteria, so it’s a good idea to review the details of the product you’re interested in to ensure eligibility.

The amount of funding you can receive depends on several factors, including your business’s revenue, cash flow, and overall financial health. After you provide basic information and submit bank statements, we will offer a customized funding amount that fits your business needs.

We serve a wide range of industries, including but not limited to:

• Construction

• Restaurants

• Auto Repair

• Retail

• Manufacturing

• Professional Services We are open to working with most industries, but feel free to contact us if you have specific questions about your business type.

Once you’ve been approved and completed the necessary steps (such as signing the contract and verbal verification), funds are typically transferred to your business checking account within one business day.

The repayment process depends on the type of funding you receive. For business lines of credit, you will only pay interest on the amount you use, and repayments are typically flexible. For equipment financing and working capital loans, repayment schedules are usually fixed, with clear terms laid out in your agreement. We aim to provide flexible options that suit your cash flow and business needs.

No. There is no obligation to proceed with the funding offer once you receive your quote. You can review the offer and decide whether or not it fits your needs. If you choose not to proceed, there are no penalties or fees for declining the offer.

If your application is denied, our team will provide you with feedback on the reasons for the decision. We may suggest ways to improve your eligibility, such as providing additional documentation or adjusting the requested funding amount. You’re welcome to reapply in the future once the issues have been resolved.

If you have any questions or need assistance at any stage of the process, you can reach out to our support team via:

• Phone: [Insert phone number]

• Email: [Insert support email]

• Live Chat: Available on our website for real-time assistance.

We’re here to help with any questions you have, whether it’s about the application process, your funding options, or general inquiries about our services.

Absolutely! Whether you need additional funding down the line or want to apply for a different product (e.g., switching from a working capital loan to a business line of credit), you’re welcome to reapply. Simply follow the same process, and we’ll assess your current needs to provide the best funding solution.

We hope these FAQs help clarify the FundLocal process and make it easy for you to get started with our funding options. If you have any other questions or need more details, feel free to explore the rest of our knowledge base or get in touch with our support team!