How To: Navigate the Financing Application Process

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Your journey to find a financing lender may have ended, but the application road is just beginning. It can be tough navigating from point A to point B when you’re staring at a financing application, but when you take a minute to look carefully at everything, you’ll realize it’s not as tough as it looks.

The first tip Direct Capital has for you is this: Complete the application accurately and only provide the lender with exactly what they ask for. If you give too much – or not enough – the process can get confusing and ultimately slow it down.

What do you need to know? Here are the main criteria the lender will learn from your application:

  • How long you’ve been in business
  • Your overall revenue
  • Your average bank balance
  • Your credit score

When you choose to finance with Direct Capital, this process – and those questions – are made easy.

Step-by-Step Guide to Financing Online with Direct Capital

Step 1: The Terms

  1. How much do you need to finance?
  2. What are your desired terms (30 days to 11 months, or 12 months to 72 months)?
  3. What are you using the financing for? Equipment, technology, inventory?
  4. Describe the equipment.

Step 2: Your Business

  1. We’ll need the legal business name, the business phone number, and the business address.
  2. Month and year of founding?
  3. What is the legal structure? Corporation, sole proprietorship, municipal, etc.
  4. How many employees do you have?

Step 3: Ownership

  1. Your name, email address, phone number, home address, and birthday (if you wish to provide it).
  2. Your social security number. (We need this to run a credit check).
  3. Percentage of Ownership you have in the business. If you own 50%, say, you can add the co-owner to the application as well.

Step 4: Review

Review the application to ensure that your information is accurate, feel free to go back to any section if you’d like to update anything. Once you think everything looks good, check that you agree to terms & conditions, and click submit!

Once you have submitted your application and it’s been approved by the credit team, we will begin to assess what options would best fit your needs. From there, it’s only a matter of time until you have the financing you need.

Direct Capital promises to work with you every step of the way until your financing package is finalized. To learn more about how Direct Capital can help your small business, or to discover your financing options, visit our website!