Submitting an Application

Once you’ve reviewed and accepted your no-obligation quote, the next step is to submit your formal application. At FundLocal, we’ve streamlined the application process to make it as fast and straightforward as possible, so you can focus on running your business while we take care of the funding. Here’s a step-by-step guide to submitting your application.

Before submitting your formal application, we will ask you to confirm the basic business information you provided when requesting a quote. This ensures that all the details are accurate and up to date. You’ll need to verify:

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

• Industry and the type of work your business does (e.g., construction, retail, restaurant).

• Annual revenue: Confirm the most recent annual revenue figures for your business.

• Business address and contact information.

This step is a quick confirmation and ensures that we have everything we need to move forward with the application.

To proceed with your application, we will need to review your business’s recent bank statements. These documents give us a clear picture of your cash flow, allowing us to assess your financial health and finalize your funding.

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

• For businesses in California, New York, and Utah: You’ll need to provide the most recent 4 months of business bank statements.

These statements should reflect your business’s revenue, deposits, and withdrawals, helping us confirm your eligibility for the funding amount offered.

In addition to your business details, we’ll need to gather some personal information about the business owner(s). This information helps us verify the individuals behind the business and assess the overall risk of the funding.

You’ll be asked to provide:

• Full legal name: As it appears on your government-issued ID.

• Home address: The personal address of the business owner(s).

• Social Security Number (SSN): In some cases, this may be required for verification purposes.

• Contact information: Phone number and email address to keep you updated on the status of your application.

Rest assured that any personal information provided will be used solely for the purpose of verifying your application, and we maintain the highest standards of data security.

As part of the application process, we may conduct a soft credit inquiry to review your credit profile. A soft inquiry does not affect your credit score and is simply a way for us to verify your financial history without performing a hard pull on your credit.

• No impact on your credit score: This step is risk-free and won’t affect your credit rating in any way.

• Quick verification: The soft credit check allows us to verify your information and approve your application without unnecessary delays.

Once you’ve submitted your business bank statements and owner information, we will begin reviewing your application. This process is typically fast, and you can expect an approval decision within a few hours to the next business day.

During the review process, we will:

• Verify your business’s financial health based on the bank statements.

• Ensure that your business meets the eligibility criteria for the funding amount requested.

• Confirm that all owner information is accurate and complete.

If your application is approved, you will receive an official approval notification outlining the final terms of your funding. This document will include:

• Final funding amount: The total amount of funding you have been approved for.

• Interest rate and fees: A breakdown of the interest rate, any applicable fees, and the repayment terms.

• Repayment schedule: Clear details about when and how repayments will be made.

You’ll have the opportunity to review these final terms before moving forward. If everything looks good, you can proceed to the next step.

Once you’ve reviewed and accepted the final terms, you will be required to sign the funding agreement. This step is completed electronically for your convenience, allowing you to finalize the paperwork quickly without the need for in-person meetings or physical documents.

• Electronic signature: The agreement can be signed online, making the process fast and easy.

• Clear terms: The contract will clearly outline the loan terms, ensuring you understand the repayment schedule, interest rates, and any applicable fees.

After signing the agreement, you’ll need to complete a brief verbal verification call with a member of our team. This is a standard security procedure to confirm that you understand the terms of the funding and to verify your identity.

• Quick and simple: The call typically takes just a few minutes to complete.

• Verification process: We’ll review key details about your funding and confirm that you agree to the terms outlined in the contract.

Once the verbal verification call is complete, your funds will be transferred directly to your business checking account. In most cases, the funds will be available within one business day after final approval, allowing you to access the capital quickly and begin using it for your business needs.

• Fast transfer: We ensure that funds are deposited promptly, so you can get started on your projects or cover operational costs without delay.

• Use funds as needed: The funding is now available for any business-related expenses, such as working capital, equipment purchases, or cash flow management.

After your application is approved and you receive your funds, you will also receive details about your repayment schedule. This will include:

• Repayment amounts: Clear information on how much you need to repay and the due dates for each payment.

• Payment methods: Flexible options to help you manage repayments in a way that fits your business’s cash flow.

Our support team is available throughout the life of your loan or credit line to answer any questions and provide assistance with managing repayments.

• Fast and Simple Process: Our streamlined application process ensures that you can apply for funding quickly and receive an approval decision within hours.

• No Hard Credit Check for Quotes: Explore your funding options without affecting your credit score.

• Transparent Terms: We pride ourselves on providing clear, easy-to-understand terms with no hidden fees.

• Personalized Support: Our team is here to guide you through every step of the application process and beyond.

If you're ready to submit your application, head to our application portal or reach out to our support team for personalized assistance. FundLocal is committed to helping small businesses grow and thrive with quick, hassle-free funding solutions tailored to your needs.