Our Funding Process: Step-by-Step Guide to Applying for Funding

At FundLocal, we understand that small business owners have limited time and need access to funding quickly. That's why we've designed a streamlined, easy-to-follow application process that allows you to apply for funding with minimal hassle. Below is a step-by-step guide on how to apply for a Business Line of Credit, Equipment Financing, or a Working Capital Loan with FundLocal.

The first step in applying for funding is to provide us with essential information about your business. This helps us evaluate your eligibility and tailor a funding solution that meets your business's unique needs. You’ll need to submit the following details:

• Business name and legal structure (e.g., LLC, Corporation, Sole Proprietorship).

• Industry: The type of business you operate (e.g., restaurant, construction, retail).

• Annual revenue: Your approximate or actual annual revenue.

• Time in business: How long your business has been operating.

• Business address: The physical location where your business is based.

This process is quick and easy—typically taking just a few minutes to complete.

Once we have your basic business information, you’ll receive a no-obligation quote. This quote includes key details about your potential funding, such as the maximum amount, estimated interest rates, and repayment terms.

• No Hard Credit Check: At this stage, we do not perform a hard credit check, meaning your credit score will not be affected.

• Tailored Quote: Your quote is personalized based on your business’s financial information, ensuring that it reflects the best funding solution for your needs.

You are free to review the quote and decide whether to move forward without any pressure or obligation.

If you’re happy with the funding quote, you can proceed by formally submitting your application. This step involves confirming the details provided earlier and supplying additional information and documentation needed to finalize the funding process.

You’ll be asked to provide:

• Business bank statements (typically 3 months for most states, or 4 months for California, New York, and Utah).

• Owner details: Basic personal information about the business owner(s), including name, contact information, and possibly a soft credit inquiry (this will not affect your credit score).

This step is essential for verifying your business’s financial health and ensuring that you qualify for the funding amount offered.

After submitting your formal application, you’ll be asked to upload your recent business bank statements. These statements allow us to assess your cash flow and financial stability.

• For most states: Provide the most recent 3 months of business bank statements.

• For businesses in California, New York, or Utah: Provide the most recent 4 months of business bank statements.

These statements help us evaluate your business’s ability to manage loan repayments and determine if any adjustments need to be made to the initial quote.

Once your application and bank statements are submitted, our team will review the details and provide an approval decision. In most cases, you can expect a decision within a few hours to the next business day. We pride ourselves on a quick turnaround time to ensure you get the funding you need without delays.

• Fast Approval: Most decisions are made within hours, allowing you to access the capital you need promptly.

• Personalized Service: Our team will notify you if additional information is needed or if there are any adjustments to the funding terms.

Once you receive your approval decision, you will have the option to either accept or decline the offer. You are under no obligation to proceed, so if the terms aren’t right for your business, you can walk away with no penalties or fees.

• Accepting the Offer: If you choose to move forward, you’ll be prompted to sign the funding agreement and proceed with the next steps.

• Declining the Offer: If you decide not to move forward, there’s no obligation or cost for declining the offer.

After accepting the funding offer, you’ll need to sign the formal agreement outlining the terms of the loan or line of credit. This process is typically completed online and is designed to be quick and convenient.

• Electronic Signature: The contract can be signed electronically, eliminating the need for paperwork.

• Clear Terms: The agreement will clearly outline repayment terms, interest rates, and any fees, ensuring you understand the commitment before proceeding.

Once the contract is signed, you’re one step closer to receiving your funds!

For added security and to confirm the details of your funding, you will be required to participate in a brief verbal verification call. During this call, a member of our team will review key aspects of the agreement and confirm your understanding of the loan terms.

• Quick Process: The call is typically very short and is meant to verify key details.

• Verification Step: This ensures both parties are aligned before finalizing the funding.

Once the verbal verification call is complete, your funds will be transferred directly to your business checking account. Depending on your bank, the funds are typically available within one business day after final approval.

• Fast Fund Transfer: After the contract is signed and verification is complete, you can expect to receive the funds promptly.

• Flexible Use: The funds are now available for your business to use, whether it’s for managing operational costs, purchasing new equipment, or supporting business growth.

After receiving your funds, you can begin using them as needed to support your business. You will also receive information about your repayment schedule, including:

• Repayment amounts: Clear and transparent terms on how much you need to repay and when.

• Payment options: We offer flexible options to help manage repayments in a way that fits your business’s cash flow.

If you have questions or need assistance with managing your loan or line of credit, our support team is always available to help.

FundLocal offers a simple and straightforward funding process designed for busy business owners. Here’s why we’re different:

• Fast Approval: Most funding decisions are made within hours, and funds are transferred within one business day.

• No Hard Credit Check for Quotes: Get a quote without affecting your credit score.

• Flexible Funding Options: Whether you need a business line of credit, equipment financing, or working capital, we offer solutions tailored to your needs.

• Transparent Terms: We pride ourselves on providing clear and understandable terms, with no hidden fees.

If you’re ready to get started, visit our application page or reach out to our support team for assistance. FundLocal is here to help you access the funding your business needs to grow and thrive!