How Long Does Approval Take? (What to Expect)

At FundLocal, we know that when small businesses apply for funding, speed matters. Our goal is to provide you with fast, reliable service while ensuring the funding process is smooth and efficient. Here’s an overview of how long the approval process takes and what you can expect at each stage.

Once you submit your application and provide the required documents, you can expect a decision on your funding within a few hours to the next business day. The exact timing depends on the complexity of your application, the completeness of your documentation, and whether any additional information is needed.

• Fast Decisions: Many applications receive an approval decision within a few hours.

• Next Business Day: More complex cases or those requiring further review may take up to the next business day.

Here’s a breakdown of the key steps in the application process and how long each step typically takes:

1. Submitting Your Application

• Time to Complete: Typically, 10-15 minutes.

• What Happens: You’ll start by providing basic business information and uploading your most recent business bank statements. For most states, 3 months of bank statements are required, while businesses in California, New York, and Utah must provide 4 months. Once you’ve submitted these documents, we’ll move on to reviewing your application.

2. Initial Review of Your Application

• Time to Complete: Within a few hours (or up to the next business day).

• What Happens: Once your application is received, our team will begin reviewing your business’s information and financial health. We’ll look at factors such as:

  • Revenue consistency (from your bank statements)

  • Cash flow management

  • Daily balance and overall financial health

During this phase, we may conduct a soft credit check (which will not affect your credit score) to verify the information provided.

3. Additional Information (If Needed)

• Time to Complete: Varies (dependent on how quickly you can provide any additional information).

• What Happens: In some cases, we may need additional documentation or clarification to complete the review. For example, we might ask for updated business financials, additional bank statements, or clarification on revenue patterns.

The faster you provide any requested information, the quicker we can proceed with final approval. Our team will be in touch quickly if anything else is needed.

4. Approval Decision

• Time to Complete: A few hours to the next business day.

• What Happens: After we review your application and any additional documentation, we will provide you with a formal approval decision. This will include the final funding offer, specifying:

  • Approved funding amount

  • Interest rate and fees

  • Repayment terms

You’ll receive a notification by email or phone once the decision is made.

5. Accepting the Funding Offer

• Time to Complete: Immediately (online signature).

• What Happens: If you decide to accept the funding offer, you’ll be prompted to sign the agreement electronically. This process is quick and paperless, allowing you to confirm the terms of the funding in just a few minutes.

6. Verbal Verification Call

• Time to Complete: 5-10 minutes.

• What Happens: After signing the agreement, you will participate in a short verbal verification call. This is a standard step to confirm that you understand the terms of the loan or line of credit and that your application details are correct.

7. Fund Transfer to Your Business Account

• Time to Complete: Within 1 business day.

• What Happens: Once the verbal verification is complete, the funds will be transferred directly to your business checking account. You can expect the funds to be available within one business day, depending on your bank’s processing times.

While many applications are approved within a few hours, there are a few factors that may impact how long it takes to receive an approval decision:

1. Completeness of Your Application

• The more complete your application and documentation are, the faster we can make a decision. Be sure to submit all required documents, including bank statements and business information, without missing any pages or key details.

2. Need for Additional Documentation

• In some cases, we may need additional documents to finalize your approval, such as more recent bank statements, business financial reports, or clarification of certain details. The quicker you provide these, the faster we can move forward.

3. Size of the Funding Request

• Larger funding requests may require additional review to ensure that we’re providing the right terms for your business. This may slightly extend the approval time, but we still aim to provide a decision within the next business day.

4. State-Specific Requirements

• Businesses in certain states, such as California, New York, and Utah, may have additional documentation requirements (such as submitting 4 months of bank statements). Be sure to provide all necessary documentation upfront to avoid delays.

Here are some tips to help you get approved as quickly as possible:

• Submit Complete Documentation: Ensure all requested documents, especially business bank statements, are accurate and complete. Make sure you provide the required number of months (3 or 4, depending on your location).

• Provide Clear Information: Double-check that your business and owner information is correct and up to date.

• Respond Quickly: If we reach out for additional documents or clarification, responding promptly will help speed up the process.

• Stay Available: Be accessible via phone or email in case we need to contact you during the application process.

Once your application is approved and the funds are transferred, you’ll receive clear details about the repayment schedule. This will include:

• Repayment amounts: Specific monthly or weekly payment details.

• Payment due dates: A schedule that aligns with your business’s cash flow.

• Flexible payment options: Various payment methods to make the process easier.

We will also provide support throughout the life of your loan or line of credit to ensure you’re well informed and able to manage your repayments effectively.

At FundLocal, we prioritize speed and simplicity without compromising on quality. Our streamlined process ensures that:

• Most approvals happen within hours.

• Funds are transferred quickly—typically within one business day of final approval.

• You get clear and transparent communication throughout the process.

Our team is dedicated to providing you with a smooth experience from start to finish, so you can focus on growing your business without delays.