Troubleshooting Common Issues with Applications

Applying for financing with FundLocal is designed to be a simple and straightforward process, but sometimes applicants may encounter challenges along the way. Whether you’re having trouble uploading documents, completing your application, or checking your application status, FundLocal’s support team is here to help.

This guide addresses some of the most common issues you might experience during the application process and provides step-by-step instructions for troubleshooting and resolving them.

Here are some common issues applicants face, along with solutions to help you resolve them quickly:

1. Difficulty Uploading Documents

Uploading the necessary documents (e.g., bank statements, tax returns, or profit and loss statements) is a critical step in the application process. If you're having trouble uploading these files, follow these tips:

Possible Causes:

• File Size: The document may be too large to upload.

• File Format: The file may not be in an accepted format (e.g., PDF, JPEG, PNG).

• Internet Connection: A slow or unstable internet connection may cause the upload to fail.

Solutions:

• Check File Size: Ensure that your document is within the accepted size limit (typically 10MB). If it’s too large, try compressing the file or splitting it into multiple parts.

• Convert to Accepted Format: Ensure that your documents are saved as PDF, JPEG, PNG, or Excel/CSV formats. If not, convert the file to one of these accepted formats and try uploading again.

• Test Your Internet Connection: Make sure you have a stable internet connection. If your connection is slow or intermittent, try switching to another network or uploading the file at a different time.

• Tip: If you continue to experience issues, you can contact FundLocal support for assistance with document uploads.

2. Incomplete or Missing Application Information

If your application is flagged as incomplete or missing information, it may delay the review and approval process. It’s important to provide all the required details in your initial submission.

Possible Causes:

• Missing business information, such as legal name, business structure, or time in business.

• Missing financial documents, such as bank statements or revenue reports.

Solutions:

• Double-Check Required Fields: Go back through the application and make sure all fields are completed. Look for any sections marked with an asterisk (*required) to ensure no information is missing.

• Submit All Required Documents: Make sure you’ve uploaded the correct documents, such as bank statements (3 months for most states, 4 months for California, New York, and Utah), and other financials as requested.

• Tip: If you're unsure about which documents are required or which fields are incomplete, refer to the application checklist or contact support for clarification.

3. Incorrect Information Submitted

If you accidentally submit incorrect information (e.g., wrong business name, tax ID, or financial data), it’s important to correct the details as soon as possible to avoid delays or issues with approval.

Possible Causes:

• Typing errors in the business or personal information fields.

• Incorrect financial data or uploaded wrong documents.

Solutions:

• Edit the Application: If you realize that you've entered incorrect information before submitting the application, go back and edit the fields.

• Contact Support: If the application has already been submitted, contact FundLocal’s support team to correct any errors. In many cases, the support team can update your application with the correct details.

4. Application Status is Pending or Stalled

Sometimes, your application may seem to be stalled in pending status, which could be due to missing documents, the need for additional information, or a delay in processing.

Possible Causes:

• Missing or incomplete documents.

• The application is under review, but additional verification is required.

• A delay due to high application volume.

Solutions:

• Check for Notifications: Log into your FundLocal account and check for any notifications or requests for additional documents or information. If something is missing, upload it as soon as possible.

• Contact Support: If your application has been pending for longer than expected, reach out to FundLocal’s support team to inquire about the status and find out if any further action is needed.

• Tip: Ensure all requested documents have been uploaded and are in the correct format to avoid delays.

5. Trouble Accessing Your FundLocal Account

If you’re unable to log into your FundLocal account, it could prevent you from completing your application or accessing important information about your loan.

Possible Causes:

• Forgotten password or incorrect login credentials.

• Account locked after multiple failed login attempts.

Solutions:

• Reset Your Password: If you’ve forgotten your password, click on the “Forgot Password” link on the login page and follow the prompts to reset it.

• Check Your Login Credentials: Ensure that you’re using the correct email address and password associated with your account.

• Contact Support: If your account is locked or you still can’t access it, contact FundLocal’s support team for assistance in regaining access.

• Tip: Make sure to check your spam or junk folder if you're waiting for a password reset email.

6. Application Declined Due to Eligibility

Occasionally, applications may be declined because the business doesn’t meet the minimum eligibility criteria, such as being in business for at least 6 months or generating the required annual revenue.

Possible Causes:

• The business is less than 6 months old.

• Annual revenue does not meet FundLocal’s minimum requirement ($100,000).

• Insufficient financial documents to verify the business’s financial health.

Solutions:

• Review the Eligibility Requirements: Ensure your business meets the minimum criteria (e.g., 6 months in business, $100,000 in annual revenue).

• Improve Business Financials: If your application was declined due to revenue or cash flow issues, consider improving your business’s financial health and reapplying in the future.

• Contact Support for Clarification: If you’re unsure why your application was declined, reach out to FundLocal support to understand the specific reason and any steps you can take to improve your eligibility.

• Tip: Use the information provided by the support team to improve your application and reapply once you meet the necessary criteria.

1. What should I do if I can’t upload my documents?

• First, check the file size and format. If the file is too large or in an unsupported format, try compressing it or converting it to PDF, JPEG, or PNG. If issues persist, contact FundLocal support for assistance.

2. How long does it take to review my application?

• FundLocal typically reviews applications within a few hours to 1-2 business days. If your application is pending longer than expected, check for any notifications or contact support for an update.

3. Can I edit my application after submission?

• If you’ve already submitted your application and realize there’s an error, contact FundLocal support as soon as possible to correct the information.

4. What happens if I don’t submit all the required documents?

• Your application will likely remain in pending status until all required documents are submitted. Ensure you upload complete and accurate documents to avoid delays.

5. Can I reapply if my application is declined?

• Yes, you can reapply after addressing the reason for the decline. For example, if your business wasn’t yet eligible, you can reapply once it meets the necessary criteria.

If you continue to experience issues with your application, FundLocal’s support team is ready to assist you. Contact us today for personalized help with completing your application and securing the financing your business needs!