How to Accept or Decline a Funding Quote

Once you’ve received a no-obligation funding quote from FundLocal, the next step is deciding whether to accept or decline the offer. We’ve designed the process to be as straightforward and transparent as possible, so you can make the best decision for your business. Whether you're ready to move forward or want to explore other options, here’s a guide on how to accept or decline your funding quote.

After submitting your basic business information and receiving your funding quote, the first thing you should do is carefully review the details of the offer. The quote will include key information that will help you understand the terms of the funding:

What Your Funding Quote Includes:

• Approved funding amount: The total amount of capital you’re eligible to receive.

• Interest rates: The interest rate applied to the loan or line of credit.

• Fees: Any applicable fees (e.g., origination fees or administrative fees) will be clearly outlined.

• Repayment terms: A breakdown of how long you have to repay the loan, the frequency of payments (monthly, weekly, etc.), and the total amount to be repaid, including interest.

Once you’ve reviewed the funding quote, you’ll need to decide whether to move forward with the offer or decline it. Here’s how to make the decision:

When to Accept the Funding Quote:

• The loan amount, interest rate, and repayment terms fit your business needs.

• You need quick access to capital to cover operational expenses, manage cash flow, or invest in growth opportunities.

• The repayment schedule aligns with your business’s cash flow, ensuring you can make payments comfortably.

When to Decline the Funding Quote:

• The funding amount is higher or lower than what you need.

• The interest rates or fees don’t align with your financial expectations.

• You’re unsure about the repayment schedule or have concerns about managing the loan within the given terms.

If you’ve decided to move forward with the funding, accepting the quote is a simple process. Here’s what you need to do:

1. Review the Terms One More Time

Before finalizing, take a last look at the funding offer to ensure you’re comfortable with the loan amount, repayment schedule, interest rates, and any fees.

2. Sign the Loan Agreement Electronically

Once you’ve decided to accept the offer, you will be prompted to sign the loan agreement electronically. This agreement formalizes the terms of the funding and outlines your responsibilities as the borrower.

• Electronic Signature: You can sign the agreement digitally, saving time and avoiding the need for in-person meetings or mailing documents.

• Confirmation: After signing, you’ll receive a confirmation that the agreement has been accepted.

3. Complete the Verbal Verification Call

After signing the loan agreement, you’ll need to participate in a brief verbal verification call. This is a standard procedure to verify your identity and confirm that you understand the terms of the funding agreement.

• Quick Process: The call usually takes 5-10 minutes and is meant to ensure everything is correct and that you are ready to proceed.

4. Receive Your Funds

Once the verbal verification is complete, your funds will be transferred directly to your business checking account. In most cases, you’ll have access to the funds within one business day.

If you’ve decided that the funding offer isn’t the right fit for your business, declining the quote is just as simple as accepting it. You are under no obligation to move forward, and there are no penalties for choosing to decline.

1. Notify FundLocal

To decline the offer, simply notify FundLocal that you’ve decided not to move forward. This can usually be done via email or through the online portal where you received your quote.

2. No Fees or Penalties

Rest assured, declining the offer comes with no fees, penalties, or obligations. You are free to explore other funding options, and there will be no negative impact on your credit score from declining the quote.

3. Explore Other Options

If you feel that the terms of the quote aren’t quite right, you can explore other financing options with FundLocal. We offer a range of products, including Business Lines of Credit, Equipment Financing, and Working Capital Loans, so we may be able to provide a different solution that better fits your needs.

Once you’ve accepted the funding offer and signed the agreement, you’ll enter the final steps of the funding process:

• Verbal Verification: Complete the verification call to confirm your identity and agreement to the terms.

• Fund Disbursement: Your funds will be deposited into your business checking account, typically within one business day.

• Repayment: You will begin making repayments according to the terms outlined in the agreement, with clear instructions on due dates, payment amounts, and methods.

If you decide to decline the quote, there are no negative consequences, and you can:

• Reapply in the Future: If your funding needs change, you are welcome to apply again for a new quote.

• Explore Other Options: FundLocal offers a variety of financing solutions, so if the original quote doesn’t meet your needs, we can discuss other funding products that might be more suitable.

1. Loan Amount: Is the funding amount in line with what your business needs? Too much or too little can impact your cash flow and financial stability.

2. Repayment Terms: Can your business comfortably handle the repayment schedule, given your cash flow and expected revenue?

3. Interest Rates and Fees: Are the interest rates and fees competitive and manageable within your financial plans?

4. Future Funding Needs: Consider how accepting or declining the quote may affect your ability to access future financing. Repaying loans on time can build your business credit, while declining offers keeps you flexible for future options.

At FundLocal, we’re committed to providing fast, transparent, and flexible financing solutions for small businesses. Whether you’re accepting a funding offer or exploring other options, we’re here to guide you every step of the way. Our goal is to help you find the right funding solution for your business—without pressure or obligation.

If you have any questions about accepting or declining your quote, or if you need more information about the next steps in the process, our support team is here to help. Reach out to us, and we’ll ensure you get the answers and support you need.